Life Insurance
The insurer discovered that one of the applicants for life insurance missed a couple of questions on the application. What must the insurer do with the application?
Return to the applicant for completion
Which of the following statements is correct about a standard risk classification in the same age group and with similar lifestyles?
Standard risk is representative of the majority of people
Which of the following is a generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process?
The buyer's guide
What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?
$2,500
Whose responsibility is it to make certain that an application for insurance is filled out completely and correctly?
The producer
What is the purpose of the buyer's guide?
To allow the consumer to compare the costs of different policies