Tennessee Insurance Practice Exam

Information from a phone conversation with the proposed insured can be found in which report?

1. Credit report

2. Inspection report

3. Medical report

4. Underwriting summary

The correct answer is: Inspection report

The inspection report is the document that typically contains information gathered from conversations, interviews, and observations related to the proposed insured. These reports are designed to give insurers a comprehensive view of the applicant's background, lifestyle, and habits, which helps in assessing risk. During the underwriting process, insurance companies often conduct inspections that may include phone calls with the proposed insured. The insights obtained from these conversations are essential for underwriters to evaluate the insurability of the applicant more accurately. This can include aspects like the individual's character, driving habits, occupation, and any other factors that could influence the underwriting decision. In contrast, a credit report primarily focuses on the financial history of the proposed insured, while a medical report contains specific health information relevant to assessing life or health insurance risks. An underwriting summary consolidates various pieces of information but does not specifically originate from direct conversations with the applicant. Thus, the inspection report is the most fitting choice as it includes those personal interactions and insights.