Which of the following financial products creates an instant estate, no matter when the date of death?
Mutual Funds
Life insurance
Certificate of deposit
Deferred annuity
Life insurance
An agent's authority to bind an insurer to an insurance contract may be granted in the
agent's contract and the insurance company's appointment
agent's license and insurance company's certificate of authority
buyer's guide and policy summary
state guarant
agent's contract and the insurance company's appointment
A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a(n)
treaty insurer
risk retention group
risk assumption group
captive insurer
risk retention group
What type of reinsurance contract involves two companies automatically sharing their risk exposure?
Arbitrage
Facultative
Excess
Treaty
Treaty
An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the
State Guaranty Association
Fair Labor Standards Board
Fair Credit Reporting Act
National Association of Insurance Commissioners
Fair Credit Reporting Act
Dividends from a stock insurance company are normally sent to
beneficiaries
shareholders
policyowners
insureds
shareholders
At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act?
Before the appointment is scheduled
Upon completion of the application
At the policy's delivery
When the insurer receives the MIB repo
Upon completion of the application
Who elects the governing body of a mutual insurance company?
chairman of the board
bondholders
stockholders
policyholders
policyholders
Which of the following types of insurers limits the exposures it writes to those of its owners?
Restricted insurer
Limited insurer
Confined insurer
Captive insurer
Captive insurer
Dividends from a mutual insurance company are paid to whom?
Policyowners
Beneficiaries
Preferred stockholders
Stockholders
Policyowners
Which of these describe a participating life insurance policy?
Policyowners are entitled to receive dividends
Policyowners pay assessments for company losses
Stock companies allow their policyowners to share in any company earnings
Policyowners are not en
Policyowners are entitled to receive dividends