To comply with Fair Credit Reporting Act, when must a producer notify an applicant that a credit report may be requested?

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To comply with Fair Credit Reporting Act, when must a producer notify an applicant that a credit report may be requested?

A. When the applicant's credit is checked
B. When the policy is delivered
C. At the initial interview
D. At the time of application

Answer: D. At the time of application

Accident and Health Insurance Basics

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

Jim has been arrested for drunk driving. In order to be allowed out of jail before his court date, Jim will most likely need:

Jim has been arrested for drunk driving. In order to be allowed out of jail before his court date, Jim will most likely need: Answer: A bail bond Jim will most likely need to post bail to be allowed out of jail before his court date. Bail is a set amount of money an arrested individual must pay the court to guarantee they will appear for their scheduled hearings and trial dates. By posting bail, Jim can secure his release from jail pending his court appearances. There are several options for posting bail: Cash Bail : Jim or someone on his behalf can pay the total bail amount in cash directly to the court. Once the case is resolved, the bail money is returned minus any fees or fines imposed by the court. Bail Bond : If Jim or his family cannot afford to pay the full bail amount, they may use a bail bond service. A bail bondsman typically charges a non-refundable fee, usually a percentage of the total bail amount, in exchange for posting the full bail amount on Jim's behalf. Th...

James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount?

James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount? a) The original face amount will be paid to the beneficiary b) The policy will be voided with no death benefits paid c) The death benefit paid will be what the premium would have purchased at the correct age d) The amount of premiums paid will be returned with interest Answer: c) The death benefit paid will be what the premium would have purchased at the correct age

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Fixed annuities provide each of the following EXCEPT
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A domestic insurer issuing variable contracts must establish one or more
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No existing agent's license will be revoked until
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Which type of life insurance policy generates immediate cash value?
What rule is used to determine the importance of a representation?
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The pro rata liability clause is designed to protect the principle of
The two major actions required for a policyholder to comply with the Reinstatement Clause are
Life insurance policies will normally pay for losses arising from
Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE
Ambiguities in an insurance policy are always resolved in favor of the
In an insurance contract, the applicant's "consideration" is the
Agents may be found guilty of defamation if they make a false statement that is intended to?
How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
What documentation grants express authority to an agent?
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Fraternal Benefit Society has each of the following characteristics EXCEPT
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Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called
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Simon has purchased a fixed immediate annuity. His payment amount will be dependent upon principal, interest, and the contract's
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The authority granted to a licensed producer is provided via the
All of the following are examples of a Business Continuation Plan EXCEPT
Which of these would be the best example of a limited pay life insurance policy?
All of the following entities regulate variable life policies EXCEPT
The pro rata liability clause is designed to protect the principle of
When the principal gives the agent authority in writing, it's referred to as
What is the benefit of choosing extended term as a nonforfeiture option?
All of the following are TRUE regarding the convertibility option under a term life insurance policy EXCEPT
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All of the following are true regarding rebates EXCEPT
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All of the following are elements of an insurance policy EXCEPT
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What documentation grants express authority to an agent?

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