North Carolina XCEL Testing Life & Health Insurance 136 Exam Study Questions And Answers

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 requires insurers to disclose information gathering practices and where the information was obtained? - ️️Fair Credit Reporting Act Who elects the governing body of a mutual insurance company? - ️️policyholders The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: - ️️reserves A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a: - ️️risk retention group What year was the McCarran-Ferguson Act enacted? - ️️1945 Which of these describe a participating life insurance policy? - ️️Policyowners are entitled to receive dividends At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - ️️Upon completion of the application