Product Knowledge Quiz - January 2015

The correct answer is Yes, a member can opt-out by calling the Program Support Team at 800.428.3932, extension 4632007. This answer is supported by the information provided in the question, which states that a member can opt-out of future mailings on any insurance mailings by calling the given phone number.

Members are not required to sign the Dormant/Closed Account form.

The statement is false because members are not required to purchase AD&D, Life, or Auto and Home Insurance to maintain their memberships with ALEC. The question is asking whether it is mandatory for members to purchase these insurances, and the correct answer is that it is not required.

The correct answer is ABB60031 because it matches the format of the other options provided. The question asks for the group number to enroll in BVS, and ABB60031 is the only option that starts with "ABB" followed by a number. The other options either have different numbers or different letters at the end, making them incorrect choices.

Employees will be allowed to take the course three times before having to be reset. This means that after taking the course three times, the employees will need to start over or have their progress reset in order to retake the course.

The Balance Transfer Campaign ends on March 1st. This is the correct answer because it is the only option provided that is after February 15th and January 31st, and before April 1st.

To remove dormancy status, all of the mentioned actions need to be done. First, the ID of the account holder needs to be verified, and if it is not already in the system, a copy of the ID should be taken and scanned into Portico. Then, a transaction needs to be performed, and the word "DORMANT" should be written on the transaction slip. Finally, the Dormant/Closed Account form should be completed and saved to eFichency. Therefore, the correct answer is "All the Above."

In order to search for a specific employee's NMLS number, you would need to use the SmartALEC system and search for the NMLS number.

TRUStage is the business partner offering protection to the members.

ALEC is offering all members $2,000 of basic AD&D insurance coverage at no cost.

The early penalty for a new Accelerator Certificate is 180 days of interest.

This number, 888-787-8243, is the correct number for a member to call if they have service questions on existing AD&D and/or life insurance policies.

Accidental Death and Dismemberment (AD&D) is a limited form of insurance that provides coverage in the event of the policy owner's death due to an accident. It also covers dismemberment, which refers to the loss of certain body parts or functions. The correct answer, "Answers A & B," indicates that both Accidental Death and Dismemberment and AD&D are correct options for the limited form of insurance that pays out to the policy owner's beneficiaries in the event of the owner's death in an accident.

The statement is false because it says that if you have questions regarding their insurance programs, you can contact any member of AIA. This implies that all members of AIA would be able to answer questions about their insurance programs. However, it is more likely that only specific members or representatives of AIA would be knowledgeable and authorized to answer such questions. Therefore, the statement is false.

The correct answer states that for AD&D protection, the member must complete the enrollment forms and mail them in for any amount of coverage. This means that simply being covered automatically is not an option. The enrollment forms are necessary to indicate the desired amount of coverage.

The passing score for BVS courses has been set at 85%. This means that in order to pass the course, students must achieve a score of at least 85%.

NMLS stands for Nationwide Mortgage Licensing System and Registry. This system and registry is responsible for the licensing and registration of mortgage loan originators in the United States. It ensures that individuals involved in the mortgage industry meet the necessary qualifications and adhere to the required standards. The NMLS plays a crucial role in promoting transparency, accountability, and consumer protection in the mortgage lending process.

NMLS numbers work in conjunction with the Safe Act. The Safe Act, or Secure and Fair Enforcement for Mortgage Licensing Act, was enacted in 2008 to enhance consumer protection and reduce fraud in the mortgage industry. It requires mortgage loan originators to register with the Nationwide Mortgage Licensing System and Registry (NMLS) and obtain a unique identifier, known as an NMLS number. This number helps regulators and consumers easily identify and track licensed mortgage professionals, ensuring they meet the required standards and qualifications.

New Accelerator Certificates will auto renew to the share type C3.