IPS Exam Interpret the Question

After reading a question, you must interpret it. What does it ask of you? Does it have more than one part? If so, break it into simple parts and deal with each one separately. The result will be a clear and concise answer. By doing this, you are less likely to forget to deal with some important aspect of the question.
Example:
Discuss fully the need for and importance of properly completed insurance applications, the information they should contain and the purpose for which they are used. Use examples to illustrate your answer.
What is expected in an answer to this question?
You are asked to discuss, which means you are looking at a number of different issues relating to insurance applications. The question gives further guidelines. You could break it down as follows and deal with each item separately. The outline identifies the main points around which your answer could be constructed.
- the need for properly completed applications;
- identifies the applicant and the subject of the desired insurance
- provides underwriting and rating information
- the importance of properly completed applications;
- speeds up the issuing of the policy
- helps avoid mistakes and misunderstandings
- serves as an exact record of the coverages requested by the applicant
- the information that should be contained on an application
- outline in general terms the type of information that is included in insurance applications. In general questions such as this one, the answer should be in general terms, and not related to a specific type of application such as automobile or property.
- the purpose for which applications are used;
- underwrite, rate, and issue the policy
- as evidence in case there is a misunderstanding or dispute between the insured and insurer later on
- to prove a misrepresentation or non-disclosure after the policy has been issued, if one comes to light
- examples to support the discussion.
- give examples of what could happen if no application exists or it is improperly completed
We trust you will utilize these tips and wish you every success in your examinations.

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