Florida 240 License Study Guide | 100% Correct Answers | Verified | Latest 2024 Version

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 An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the: - Fair Credit Reporting Act A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: - A fraternal benefit society What I 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 A group-owned insurance company that is formed to assume and spread the liability ricks of its members is known as a: - Risk retention group What type of reinsurance contract involves two companies automatically sharing their risk exposure? - treaty What year was the McCarran-Ferguson Act enacted? - 1945 Which of these describe a participating life insurance policy? - Policy owners 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