Completing the Application, Underwriting, Delivering Policies, Contract Law
An insurer declines an application partly because of a consumer report. Which item belongs in the FCRA adverse-action notice?
Answer and explanation
Answer: D. The notice identifies the consumer reporting agency, explains that the agency did not make the adverse decision, and informs the consumer of the rights to dispute information and request a free report within 60 days.Source: Federal Trade Commission — Consumer Reports: What Insurers Need to Know — Adverse Action Notice, required contents
More completing the application, underwriting, delivering policies, contract law questions
- Under Texas law, an individual of legal age applying for insurance on the individual's own life may designate whom in writing in the application?
- Under Texas replacement regulations (28 TAC Chapter 3), what document must a producer provide to an applicant at the time of taking an application for a replacement policy?
- Under the Gramm-Leach-Bliley Act (GLBA) Privacy Rule, when must an insurer provide an initial privacy notice to a customer?
- What does the applicant give as consideration in forming a life insurance contract?
- What does the term 'unilateral' mean in relation to a life insurance contract?
- What is the basic purpose of life insurance underwriting?
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