New Jersey Life Insurance Exam Practice Question
Which of the following is MOST likely used for underwriting purposes that includes an applicant's character and personal habits?
Correct Answer: A
Rationale: An investigative consumer report is designed to assess an applicant's character and personal habits, making it highly relevant for underwriting purposes. This report provides detailed insights into an individual's background, including interviews with acquaintances, which help underwriters evaluate risk.
The Medical Information Bureau (MIB) report focuses on an applicant's medical history and is not concerned with personal character traits. An agent report typically summarizes the agent's observations and recommendations, lacking the comprehensive personal assessment necessary for underwriting. A buyer's guide provides general information about insurance products but does not include specific applicant evaluations.
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