Question
At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act?
A. When the insurer receives the MIB report
B. Upon completion of the application
C. Before the appointment is scheduled
D. At the policy’s delivery
A. When the insurer receives the MIB report
B. Upon completion of the application
C. Before the appointment is scheduled
D. At the policy’s delivery
Ask by Mccarthy Harris. in the United States
Mar 25,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The applicant must be informed of their rights under the Fair Credit Reporting Act when they complete the life insurance application.
Solution
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The Deep Dive
Applicants must be informed of their rights under the Fair Credit Reporting Act upon completion of the application. This ensures that individuals are aware of their rights regarding privacy and the use of their credit information right from the start of the application process, allowing them to make informed decisions.
Furthermore, it’s essential for applicants to understand that they have the right to dispute inaccuracies on their credit reports and to know who accessed their information. Knowledge is power, especially when it comes to safeguarding personal data!
