Certified Financial Consultant (CFC) Practice Exam

What role does a producer assume when gathering information about an applicant for health insurance?

1. Insurance Agent

2. Field Underwriter

3. Claims Adjuster

4. Risk Examiner

The correct answer is: Field Underwriter

The role a producer assumes when gathering information about an applicant for health insurance is that of a field underwriter. In this context, a field underwriter is responsible for collecting vital details such as medical history, lifestyle factors, and any other relevant data that will help assess the risk associated with insuring the applicant. This process is crucial as it directly impacts the underwriting decision, premium rates, and coverage options for the applicant. Field underwriters are typically involved in direct interactions with applicants, which differentiates them from other roles. For example, an insurance agent primarily sells policies and may provide information about products but does not focus as specifically on risk assessment and gathering detailed applicant data. Similarly, claims adjusters deal with claims after a policy is in effect and do not gather information for underwriting purposes. Risk examiners engage in broader evaluations of risks for insurance purposes, but they do this from a more analytical perspective rather than directly interacting with applicants for personal health insurance policies.