Examfx Life Simulated Exam | Questions with 100% Correct Answers | Updated & Verified

A business owner was trying to obtain a bank loan to fund the purchase of a new business facility, but the bank required proof of additional assets to secure the loan. The business owner then decided to use her $250,000 life insurance policy to secure the loan. Which provision makes this possible? - Collateral Assignment Which of the following would be considered a nonmedical insurance application? - An application on which the medical information is completed by the applicant and the agent only Which of the following is the closest term to an authorized insurer? - Admitted An insurance producer is acting as a broker when he or she negotiates for an insurance contract on behalf of - a client Which of the following statements about a suicide clause in a life insurance policy is true? - Suicide is excluded for a specific period of years and covered thereafter. Under the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report - Must be informed of the source of the report