Completing the application, underwriting, and delivering the policy

Under the fair credit reporting act, individuals rejected for insurance due to information contained in a consumer report A. Are entitled to obtain a copy of the report from the party who ordered it B. Must be advised that a copy of the report is available to anyone who requests it C. May sue the reporting agency in order to get inaccurate data corrected D. Must be informed of the source of the report

D. Must be informed of the source of the report

An investor buys a life policy on an elderly person in order to sell it for a life settlement. This is an example of A. a prearranged funeral plan B. a viatical settlement C. third party ownership D. a STOLI policy

D. a STOLI policy

The proposed insured makes the premium payment on a new insurance policy. If the insured should die the insurer will pay the death benefit to the beneficiary if the policy is approved. This is an example of what kind of contract? A. Conditional B. Adhesion C. Personal D. Unilateral

A. Conditional

The federal fair credit reporting act A. Regulates consumer reports B. Protects customer privacy C. Regulates telemarketing D. Prevents money laundering

A. Regulates consumer reports

The federal fair credit reporting act A. regulates consumer reports B. Protects consumer privacy C. Regulates telemarketing D. prevents money laundering

A. regulates consumer reports

The Medical information Bureau (MIB) was created to protect A. Medical examiners that perform insurance physical examinations B. Insurance companies from adverse selection by high risk persons C. Insurance departments from lawsuits by policyowners D. Insureds from unreasonable underwriting requirements by the insurance companies

B. Insurance companies from adverse selection by high risk persons

The Gramm-Leach-Billey Act was passed to A. allow insurance companies access to medical information for underwriting purposes B. Protect private customer information filed with a financial institution C. define insurance as interstate commerce D. allow consumers access to credit and private consumer reports

B. Protect private customer information filed with a financial institution

Another name for substandard risk classification is A. Elevated B. Rated C. Controlled D. Declined

B. Rated

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? A. 10 days B. 3 days C. 5 days D. 7 Days

C. 5 days

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? A. 10 days B. 3 days C. 5 days D. 7 days

C. 5 days