Michigan Life Accident & Health Exam

What is considered to be the primary reason for buying life insurance? Correct Answers Provide death benefits Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Under the McCarran-Feguson Act, what is the minimum penalty for this? Correct Answers $10,000 or up to 1 year in jail A nonparticipating company is sometimes called a(n) Correct Answers Stock insurer, because policyholders do not participate in dividends resulting from stock ownership. The Fair Credit and Reporting Act's main purpose is to Correct Answers Protect Consumers with guidelines regarding credit reporting and distribution What is the primary purpose of a rating service such as A.M Best? Correct Answers Determine financial strength of an insurance company Fraternal Benefit Society has each of the following characteristics EXCEPT? - Incorporated - Without capital stock - exist for profit - exist for the benefit of its members Correct Answers Exist for profit, FBS are not for profit and exist for the benefit of its members. An insurer's ability to make unpredictable payouts to policyowners is called Correct Answers Liquidity The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT - Charities - Political Organizations - Insurance Sales Calls - Surveys Correct Answers Insurance Sales Calls