Life, Health, Insurance, and Annuities excel sheet-license exam prep 2023

A life insurance producer's agency agreement normally authorizes the licensee to do all of the following, EXCEPT: issue policies Insurance policies issued by companies which are owned by stockholders and do not pay policy dividends are known as: non- participating policies An insurance company that cedes a portion of an insured's coverage to another insurer is said to be engaged in: reinsurance Who elects the governing body of a mutual insurance company? Policy holder What year was the McCarren-Ferguson Act made? 1945 A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: fraternal benefit society The life and health insurance marketing system utilizing non-employee agents that represent just one insurance company and are often paid an allowance to cover office expense and staffing is the: general agency system Treaty? Which of these describe a participating life insurance policy? Policyholders are entitled to receive dividends participating policies At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? After the completion of the application 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 of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated: Fair Credit Reporting Act Nature of Issuance People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. This is called adverse selection John purchases insurance because he expects to experience a loss. This is known as: adverse selection