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Fair Credit Reporting Act - protects consumers against circulation of inaccurate or obsolete personal or financial information Domestic - in the state Foreign - in OTHER state Alien - out of the U.S. (other country) Temporary License - 180 DAYS Peril - cause of loss (such as a fire) Risk - ch...

Apparent - is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company - Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return...

Fair credit reporting act - A federal law that regulates consumer reporting agency's in the use of consumer reports Fair credit reporting act requirement - The insurer must inform the applicant of the name and address of the investigation agency so the applicant is able to obtain a copy of the r...

The federal Risk Retention Act of 1986 applies to which businesses? - self-insuring businesses John, an insurance producer, receives a request for information from the Commissioner. His written reply is due within how many days after receiving the request? - 15 business days For a misrepresentati...

Insurance Commissioner - Head of Office of Insurance Commissioner, is in charge of company supervision, consumer protection, and rates and forms. -Elected on a 4 year term -Pays 25k bond -Must examine records at least every 5 years Has Power to: -Issue rules to carryout or enforce the state in...

Pure Risk - Refers to situations that can only result in a loss or no change. There's no opportunity for financial gain. Only type of risk that insurance companies are willing to accept. Speculative Risk - Opportunity for either loss or gain (e.g. gambling). Not insurable. Hazards - Conditions/s...

borrowing more than __% of the loan value of a life insurance policy to purchase a new policy is considered replacement - 25% Period of time with receiving an application that the replacing insurer must notify any other existing insurer - 3 days length of time replacing insurer must keep copies ...

An insurer authorized to do business within this state is considered what type of insurer? A Alien B Domestic C Foreign D Admitted - D-Admitted An insurer authorized to do business in this state is referred to as admitted, and could be either domestic, foreign, or alien domiciled. A long-...