Alabama Life and Health Insurance Exam with correct answers

The Fair Credit Reporting Act - answer-what law protects consumers from the circulation of inaccurate or obsolete information? domestic, foreign, and alien - answer-Insurers are classified according to their domicile. What are the 3 types of insurers? Fraternal insurer - answer-what type of insurer is a voluntarily formed organization that provides religious organizations with a representative form of government? mutual company - answer-the type of insurance company organized to return any surplus money to its policyholders is known as what? Insurer - answer-when agents act within the scope of their contract, their actions will be assumed to be the actions of whom? underwriting - answer-what is the name of the process that insurance companies use to determine if an applicant is insurable? provide the aplicant with a Disclosure Authorization Notice - answer-if an insurer needs to obtain information about the applicant from investigators, what is the insurer required to do? Alien - answer-what type of insurer is formed under the laws of another country? adverse selection - answer-when risks with higher probability of loss are seeking insurance more ofte