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Xcel solutions chapter exam basic principles Questions and Answers 2024
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Xcel solutions chapter exam basic principles
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Xcel solutions chapter exam basicprinciples
What type of reinsurance contract involves two companies automatically sharing their
risk exposure? - answer treaty
An insurance applicant MUST be informed of an investigation regarding his/her
reputation and character according to the - answer Fair Credit Reporting Act
A group-owned insurance company that is formed to assume and spread the liability
risks of its members is known as a - answer risk retention group
When a policy pays dividends to its policyholders, it is said to be - answer participating
What year was the McCarran-Ferguson act enacted - answer1945
Which of the following requires insurers to disclose when applicant's consumer or credit
history - answer1970 fair credit reporting act
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 - answerreserves
A nonprofit incorporated society that does not have capital stock and operates for the
sole benefit of its members is known as: - answerfraternal benefit society
Who elects the governing body of a mutual insurance company? - answerPolicyholders
What is the name of the law that requires insurers to disclose information gathering
practices and where the information was obtained - answerFair Credit Reporting Act
At what point must a life insurance applicant be informed of their right that fall under the
fair credit reporting act - answerUpon completion of the application
Divdends payable to policyowner are - answerDeclared by insurance company
What of these describe a participating insurance policy - answerPolicyowner are entitled
to receive dividends
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