By what means does the client acknowledge that an insurer may use services and information provided by third parties to gather information during the underwriting process?A. By verbally acknowledging that the producer informed him or her about the Fair Credit Reporting ActB. By signing the applicationC. By signing the check given to the producer for the modal premiumD. By accepting a copy of the Fair Credit Reporting Act brochure from the producer
By signing the application*The insurance company must meet requirements under the FCRA when gathering information about an applicant from a third party. The signature on the application acknowledges that the applicant has been given the required notice of information practices. The applicant has the right to request a copy of any prepared reports from a reporting agency. Any inaccurate or incomplete information found in any report may be challenged by the applicant.
B. By signing the application.
When a client signs an insurance application, they acknowledge that the insurer may use services and information provided by third parties to gather information during the underwriting process. This is typically disclosed in the application itself or in a separate notice or disclosure document that is provided along with the application. By signing the application, the client is indicating that they understand and agree to the terms and conditions outlined in these documents. It is important for the client to carefully review all documents provided and ask any questions they may have before signing.
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