Xcel Ch 1 Study Guide Test Correctly Solved.
XCEL CH 1 STUDY GUIDE TEST CORRECTLY SOLVED. The fair credit and Reporting Act main purpose is to - CORRECT ANSWER protect consumers with guidelines regarding credit reporting and distribution a plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called - CORRECT ANSWER a self-funded plan what kind of life insurance policy issued by a mutual insurer provides a return of divisible Surplus? - CORRECT ANSWER participating life insurance policy why are dividends from a mutual insurer not subject to taxation? - CORRECT ANSWER because Dividends are considered to be a return of Premium Ken is a producer who has obtained consumer information reports under false pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? - CORRECT ANSWER $5,000 and 1t year imprisonment Karen is a producer who has attained personal information about a client without having a legitimate reason to do so. Under the mccarran-ferguson ACT, what is the minimum penalty for this? - CORRECT ANSWER $10,000
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