Questions: Question 15 of 15 What process do insurance companies use to determine whether or not a particular applicant is insurable? A. Marketing B. Adverse Selection C. Solicitation D. Underwriting

Question 15 of 15 What process do insurance companies use to determine whether or not a particular applicant is insurable? A. Marketing B. Adverse Selection C. Solicitation D. Underwriting
Transcript text: Question 15 of 15 What process do insurance companies use to determine whether or not a particular applicant is insurable? A. Marketing B. Adverse Selection C. Solicitation D. Underwriting
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Solution

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Answer

The answer is D. Underwriting

Explanation
Option A: Marketing

Marketing is the process of promoting and selling products or services, including market research and advertising. It is not directly related to assessing the insurability of an applicant.

Option B: Adverse Selection

Adverse selection refers to a situation where an insurance company is at risk of attracting a disproportionate number of high-risk individuals. It is a concept that insurers try to manage through underwriting, but it is not the process used to determine insurability.

Option C: Solicitation

Solicitation involves the act of seeking or trying to obtain business, often through advertising or direct contact. It is not related to the assessment of an applicant's insurability.

Option D: Underwriting

Underwriting is the process used by insurance companies to evaluate the risk of insuring a particular applicant. It involves assessing the applicant's health, lifestyle, and other factors to determine whether they are insurable and at what premium rate. This is the correct process for determining insurability.

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