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What is the purpose of the buyer's guide? {Ans: To allow the consumer to compare the costs of different policies.}What report includes information regarding a person's credit, character, reputation, & habits? {Ans: Consumer Report}What describes the specific information about a policy? {Ans: Policy Summary}Which of the following is a risk classification used by underwriters for life insurance? -Poor -Normal -Excellent -Standard {Ans: Standard}Contracts that are prepared by one party & submitted to another party on a "take it or leave it" basis are classified as {Ans: contracts of adhesion.}An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. What insurance principle has the insured violated? {Ans: Consideration}If an applicant for a life insurance policy & person to be insured by the policy are 2 different people, the underwriter would be concerned about: {Ans: Whether an insurable interest exists between the individuals.}When Y applied for insurance & paid the initial premium on Aug 14, he was issued a conditional receipt. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than standard. Y was killed in an automobile accident