Life Insurance Exam – Wisconsin Questions and Correct Answers | Latest Update
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Course
Life Insurance
Institution
Life Insurance
Mortality
-:- The rate people will die
Morbidity
-:- The rate people will get sick
Peril
-:- The cause of loss and the event insured against.
Ex: premature death, dependency during old age, accident, and sickness
Adverse Selection
-:- The tendency for poorer than average risks to seek o...
✓ -:- Is a situation in which the insurer gives the customer a reasonable
belief that an agent has the power and authority to bind the principal,
even in cases where the agent does not have such authority
Fair Credit Reporting Act (FCRA)
✓ -:- The Act requires consumer -reporting agencies to implement policies
and procedures to preserve the confidentiality, accuracy, relevance, and
appropriate utilization of consumer's private credit information
What cannot be in a consumer report unless for a life insurance policy of $150,000 or
more:
✓ -:- -Bankruptcies dating back more than 10 years
-Civil suits and judgments dating back more than seven years or cases in which the statute
of limitations has expired, whichever period is longer
-Tax liens dating back more than seven years
-Adverse information dating back more than seven years
-Reports of a consumer's arrests, indictments or convictions
Guaranty Associations
3 | P a g e | G r a d e A + | 2 0 0 2 5
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