Alabama Life and Health Insurance Exam With Complete Solution

what law protects consumers from the circulation of inaccurate or obsolete information? - Answer The Fair Credit Reporting Act Insurers are classified according to their domicile. What are the 3 types of insurers? - Answer domestic, foreign, and alien what type of insurer is a voluntarily formed organization that provides religious organizations with a representative form of government? - Answer Fraternal insurer the type of insurance company organized to return any surplus money to its policyholders is known as what? - Answer mutual company when agents act within the scope of their contract, their actions will be assumed to be the actions of whom? - Answer Insurer what is the name of the process that insurance companies use to determine if an applicant is insurable? - Answer underwriting if an insurer needs to obtain information about the applicant from investigators, what is the insurer required to do? - Answer provide the aplicant with a Disclosure Authorization Notice what type of insurer is formed under the laws of another country? - Answer Alien when risks with higher probability of loss are seeking insurance more often than other risks, is known as what? - Answer adverse selection when does an insurance policy go into effect? - Answer when to policy is delivered and the premium is paid. according to the Law of Agency, a principal is represented by whom? - Answer an agent or producerwhat type of risk is insurable? - Answer pure who owns stock companies? - Answer stockholders what entities make up the Medical Information Bureau? - Answer Insurers