Life & Health Insurance Practice Exam

What is the primary source of information about an applicant's identity and marital status?

1. The insurance producer's knowledge

2. A completed application

3. Medical records obtained during underwriting

4. Credit reports submitted during the application

The correct answer is: A completed application

The completed application serves as the primary source of information about an applicant's identity and marital status. This document is crucial because it is specifically designed to gather comprehensive information from the applicant, including personal details such as their name, date of birth, and marital status. The application typically includes questions that require the applicant to provide truthful and complete information, which is essential for the insurer to assess the risk involved in providing coverage. While the insurance producer's knowledge may provide some insights, it is not a formal source of information like the application. Medical records, while important for assessing health risks, do not contain details about identity or marital status. Credit reports, primarily focused on financial history, also do not provide personal information regarding marital status. Thus, the application is the most reliable and structured means for collecting this critical information to ensure accurate underwriting and policy issuance.