North Carolina XCEL Testing Life & Health Insuranc
North Carolina XCEL Testing Life & Health Insuranc
Exam (elaborations)
North Carolina XCEL Testing Life & Health Insurance Exam Study
5 views 0 purchase
Course
North Carolina XCEL Testing Life & Health Insuranc
Institution
North Carolina XCEL Testing Life & Health Insuranc
North Carolina XCEL Testing Life & Health Insurance Exam
Study
Which of the following requires insurers to disclose when an applicant's consumer or credit history is
being investigated?
️ 1970 - Fair Credit Reporting Act
What type of reinsurance contract involves two companies automat...
North Carolina XCEL Testing Life & Health Insurance Exam
Study
Which of the following requires insurers to disclose when an applicant's consumer or credit history is
being investigated?
✔️ 1970 - Fair Credit Reporting Act
What type of reinsurance contract involves two companies automatically sharing their risk exposure?
✔️ Treaty
What is the name of the law that mandates insurers to disclose their information gathering practices
and the sources of that information?
✔️ Fair Credit Reporting Act
Who elects the governing body of a mutual insurance company?
✔️ Policyholders
What is the term for the required amount or percentage of liquid assets that an insurer must maintain
to meet its future obligations to policyholders?
✔️ Reserves
A group-owned insurance company that is formed to spread the liability risks among its members is
called a:
✔️ Risk retention group
In what year was the McCarran-Ferguson Act enacted?
✔️ 1945
Which of these describes a participating life insurance policy?
✔️ Policyowners are entitled to receive dividends.
, At what point must a life insurance applicant be informed of their rights under the Fair Credit Reporting
Act?
✔️ Upon completion of the application.
What is a nonprofit incorporated society without capital stock that operates solely for the benefit of its
members known as?
✔️ A fraternal benefit society.
According to which act must an insurance applicant be informed of an investigation regarding their
reputation and character?
✔️ Fair Credit Reporting Act.
Which of the following includes an offer, acceptance, and consideration?
✔️ Contract.
Which of these is NOT a type of agent authority?
✔️ Principal.
E and F are business partners who take out $500,000 life insurance policies on each other, naming
themselves as primary beneficiaries. After they terminate their partnership and four months later E dies,
where will the proceeds from E's policy go?
✔️ F.
All of the following are typical characteristics describing the nature of an insurance contract, EXCEPT:
✔️ Bilateral.
What is the part of a life insurance policy that is guaranteed to be true called?
✔️ Warranty.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CertifiedGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.89. You're not tied to anything after your purchase.