North Carolina XCEL Testing Life & Health Insuranc
North Carolina XCEL Testing Life & Health Insuranc
Exam (elaborations)
North Carolina XCEL Testing Life & Health Insurance Exam Study
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Course
North Carolina XCEL Testing Life & Health Insuranc
Institution
North Carolina XCEL Testing Life & Health Insuranc
North Carolina XCEL Testing Life & Health Insurance Exam
Study
Which of the following requires insurers to disclose when an applicant's consumer or credit history is
being investigated?
️ 1970 - Fair Credit Reporting Act
What type of reinsurance contract involves two companies automat...
North Carolina XCEL Testing Life & Health Insurance Exam
Study
Which of the following requires insurers to disclose when an applicant's consumer or credit history is
being investigated?
✔️ 1970 - Fair Credit Reporting Act
What type of reinsurance contract involves two companies automatically sharing their risk exposure?
✔️ Treaty
What is the name of the law that mandates insurers to disclose their information gathering practices
and the sources of that information?
✔️ Fair Credit Reporting Act
Who elects the governing body of a mutual insurance company?
✔️ Policyholders
What is the term for the required amount or percentage of liquid assets that an insurer must maintain
to meet its future obligations to policyholders?
✔️ Reserves
A group-owned insurance company that is formed to spread the liability risks among its members is
called a:
✔️ Risk retention group
In what year was the McCarran-Ferguson Act enacted?
✔️ 1945
Which of these describes a participating life insurance policy?
✔️ Policyowners are entitled to receive dividends.
, At what point must a life insurance applicant be informed of their rights under the Fair Credit Reporting
Act?
✔️ Upon completion of the application.
What is a nonprofit incorporated society without capital stock that operates solely for the benefit of its
members known as?
✔️ A fraternal benefit society.
According to which act must an insurance applicant be informed of an investigation regarding their
reputation and character?
✔️ Fair Credit Reporting Act.
Which of the following includes an offer, acceptance, and consideration?
✔️ Contract.
Which of these is NOT a type of agent authority?
✔️ Principal.
E and F are business partners who take out $500,000 life insurance policies on each other, naming
themselves as primary beneficiaries. After they terminate their partnership and four months later E dies,
where will the proceeds from E's policy go?
✔️ F.
All of the following are typical characteristics describing the nature of an insurance contract, EXCEPT:
✔️ Bilateral.
What is the part of a life insurance policy that is guaranteed to be true called?
✔️ Warranty.
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