The Fair Credit and Reporting Act's main purpose is to protect consumers with guidelines regarding: Real estate transactions Insurance claims Credit reporting and distribution Banking transactions

Credit reporting and distribution

In an insurance contract, the applicant's 'consideration' is the: Agent's commission Policy terms and conditions Insurance company's promise to pay Statements made in the application and the premium

Statements made in the application and the premium

What is implied authority defined as? Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties Authority given to an agent to act outside the scope of the agency agreement Authority given to handle claims and process payments Authority given in writing to an agent in the agency agreement

Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties

Insurance Regulations & Contracts: Consumer Protection, Insurable Interest & Contract Principles

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Business - Insurance

andrsonztdc Created by 10 mon ago

Cards in this deck(24)

The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT:

The Fair Credit and Reporting Act's main purpose is to protect consumers with guidelines regarding:

People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. This is called:

In an insurance contract, the applicant's 'consideration' is the:

Under a contract of adhesion, the terms must be:

Intentional withholding of material facts that would affect an insurance policy's validity is called:

Which of the following is present when an applicant stands to lose value if the insured dies?

Ambiguities in an insurance policy are always resolved in favor of the:

What is implied authority defined as?

According to the principle of Utmost Good Faith, the insured will answer questions on the application to the best of their knowledge and pay the required premium, while the insurer will deal fairly with the insured and its:

A permanent life insurance policy where the policyowner pays premiums for a specified number of years is called a(n):

A securities license is required for a life insurance producer to sell:

Under a Modified Endowment Contract, what are the likely tax consequences?

Decreasing term life insurance is often used to:

An interest-sensitive life insurance policyowner may be able to withdraw the policy's cash value interest free. The provision that allows this is called:

Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test?

Shawn, Mike, and Dave are brothers who have a $100,000 'first to die' joint life policy covering all three of their lives. If Mike dies first, the policy proceeds:

Pre-death distributions from a modified endowment contract (MEC) receive different tax treatment than other life insurance policies because:

The premium for a Modified whole life policy is:

Which of the following are the premium payments for a Universal life policy NOT used for?

A Modified Endowment Contract (MEC) is best described as:

Donald is the primary insured of a life insurance policy and adds a children's term rider. What is the advantage of adding this rider?

Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)?

An individual who removes the risk of losing money in the stock market by never purchasing stocks is said to be engaging in:

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