Texas Life Insurance Exam Bundle | Latest Update | Graded A+ With Complete Solutions

At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - Upon completion of the application Who elects the governing body of a mutual insurance company? - policyholders An insurance applicant MUST be informed of an investigation reg...

Mutual Insurance Companies - organized and incorporated under state laws. No stockholders Mutual companies - Participating, they pay dividends Stock company - Owns Stock. Nonparticipating (no dividends) Risk Retention Group - Mutual company formed to insure ppl in the same business, occupation, p...

Life insurance death benefits can be used to fund funeral and other expenses that could be otherwise difficult to fund with a loss of the insured's income. Which term is most closely associated with this? - Survivor protection When must insurable interest exist in life insurance? - Date of applica...

application - the starting point and basic source of info agent's report - provides the agent's personal observations concerning the proposed insured conditional receipt - the most common type of receipt which is used only when the applicant submits a prepaid application consumer report - inclu...

The uncertainty of financial loss - Risk insurance terminology refers to Hazards - Conditions that increase the chances of an insured loss occurring are referred to as Policyowners - Mutual companies are owned by Utmost good faith - The insurer must be able to rely on the statements in the applic...