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FA1 > Medical Underwriting & Limits Of Authority > Flashcards

Medical Underwriting & Limits Of Authority Flashcards

1
Q

When does the duty of disclosure usually cease?

A

Upon completion of the contract.

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2
Q

What is a non-medical limit?

A

Proposals to be considered without a medical report automatically being required.

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3
Q

If a life insured wishes to see their medical report, how long must the doctor keep the report before sending it to the life office?

A

21 days

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4
Q

Roughly what proportion of proposals are accepted at ordinary rates?

A

About 76%

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5
Q

What is underwriting?

A

Assessing the proposal and deciding whether to accept the risk and if so at what premium

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6
Q

What types of medical factors will the underwriter look for on a life insurance proposal?

A

Factors affecting longevity

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7
Q

What is an exclusion?

A

When a proposal is accepted at ordinary rates but death from the extra risk is excluded

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8
Q

What is rating up?

A

Treating a life as X years older than the actual age and charging the premium for the rated up age.

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9
Q

If the life office requires a proposer to undergo a medical examination who pays for this?

A

The life office

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10
Q

Specify 5 occupations with above average risk of death by accident

A

Scaffholders, steeplejacks, steel erectors, trawlermen, underground miners, divers, oil rig workers, bomb disposal workers, professional boxers and handlers of radioactive materials.

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11
Q

What is tele-underwriting?

A

When an underwriter phones an applicant to ask them medical or other questions

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12
Q

What is tele-underwriting?

A

When an underwriter phones an applicant to ask them medical or other questions

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13
Q

How is a minor defined in England and Wales and in Scotland?

A

England and Wales under 18, Scotland under 16.

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14
Q

If a contract is made with a person with a mental health condition, in what circumstances can that contract not be repudiated?

A

If the other party was not aware they had a medical condition

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15
Q

Who can appoint a deputy to take care of someone who is lacking capacity where there is no EPA or LPA in place?

A

The court of protection

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16
Q

If a policy holder goes bankrupt, who now owns their life policy?

A

The trustee in bankruptcy

17
Q

Does the data protection legislation apply to manual records?

A

Yes

18
Q

What is the name of the document used to prove an advisor knew their customer?

A

A fact- find

19
Q

When must the suitability report be sent?

A

At the latest, with the cancellation notice

20
Q

What English Act sets the age of majority?

A

The family law reform act 1969

21
Q

Under what act could a receiver be appointed for a patient suffering from a mental health disorder?

A

The mental health act 1983

22
Q

What does an insurer wishing to transact and new class of business need to do?

A

Get permission from the PRA

23
Q

What effect does mental incapacity have on the general power of attorney?

A

It is automatically revoked

24
Q

What special type of attorney was created in 1985?

A

An enduring power of attorney (EPA)

25
Q

What act sets out the law on bankruptcy?

A

The insolvency act 1986

26
Q

Why do most advisors inisit their clients make payments directly to the life office rather to the themselves?

A

Because the advisor would need specific regulatory permission to handle client money and a client money bank account.

27
Q

Who oversees data protection legislation?

A

The information commissioner

28
Q

What is an execution only sale?

A

A sale where the client knows exactly what they want and does not request or need any advice.

29
Q

How long does those new to the industry have to complete the investments level 4 examinations?

A

48 months

30
Q

A short medical questionnaire plus basic tests, such as measuring blood pressure undertaken by a nurse, is known as

A

A Paramedical

FA1 (12 decks)

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