Arkansas Health Insurance Study Questions | 100% Correct Answers | Verified | Latest Update 2024

At what point must a life insurance applicant be informed of their right that fall under the Fair Credit Reporting Act? - upon completion of the application Who elects the governing body of a mutual insurance company? - policyholders An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the - Fair Credit Reporting Act What type of reinsurance contract involves two companies automatically sharing their risk exposure? - Treaty 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 Which statement is TRUE regarding a group accident and health policy issued to an employer? *Neither the employer or employee are policy owners *The employer is issued a certificate of coverage and each employee receives a policy * The employer receives the policy and each employee is issued a certificate *Both the employer and employee are policy owners. - The employer receives the policy and each employee is issued a certificate. G is an accountant who has ten employees and is concerned about how the business would survive financially if G became disabled. The type of policy which BEST addresses this concern is *Business Overhead Expense * Disability Income *Key Employee Life * Contributory - Business Overhead Expense-- this policy's purpose is to cover certain overhead expenses that continue when the business own is disabled.