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North Carolina XCEL Testing Life & Health Insurance Exam Study

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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...

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  • August 15, 2024
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  • 2024/2025
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  • North Carolina XCEL Testing Life & Health Insuranc
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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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