Product Knowledge Quiz - January 2015

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| By Bruce Van
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Bruce Van
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Quizzes Created: 5 | Total Attempts: 477
| Attempts: 38
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  • 1/20 Questions

    True or False – Members are required to purchase AD&D, Life or Auto and Home Insurance to maintain their memberships with ALEC.

    • True
    • False
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About This Quiz

Please take a moment to complete the first quiz of the year. Much of the content is from training sessions, office meetings and emails from the last 30 days.
Please complete the quiz by Friday January 30.
Author of the Quiz : Scott P. Please let me know of any errors or omissions.

Product Knowledge Quiz - January 2015 - Quiz

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  • 2. 

    Can a member opt-out of future mailings on any insurance mailings?

    • Yes, a member can opt-out by calling the Program Support Team at 800.428.3932, extension 4632007.

    • No, we are required by law to send insurance offers to every member

    Correct Answer
    A. Yes, a member can opt-out by calling the Program Support Team at 800.428.3932, extension 4632007.
    Explanation
    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.

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  • 3. 

    Members are required to sign the Dormant/Closed Account form?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Members are not required to sign the Dormant/Closed Account form.

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  • 4. 

    The Group number to enroll in BVS is:

    • ABB60030

    • ABBOTT31

    • ABB40031

    • ABB60031

    Correct Answer
    A. ABB60031
    Explanation
    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.

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  • 5. 

    Employees will be allowed to take the course _____times before having to be reset?

    • 1

    • 2

    • 3

    • 4

    Correct Answer
    A. 3
    Explanation
    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.

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  • 6. 

    When does the Balance Transfer Campaign end?

    • February 15th

    • March 1st

    • April 1st

    • January 31st

    Correct Answer
    A. March 1st
    Explanation
    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.

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  • 7. 

    When removing dormancy status, what needs to be done?

    • Verify ID, take a copy of ID and scan into Portico if it does not already exist

    • Perform a transaction, write DORMANT on the transaction slip

    • Complete the Dormant/Closed Account form and save to eFichency

    • All the Above

    • None of the Above

    Correct Answer
    A. All the Above
    Explanation
    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."

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  • 8. 

    Periodic Audit reviews of this information will occur.  If you needed to search for a specific employees NMLS number, where would you search?

    • SmartALEC and search MLO

    • SmartALEC and search NMLS

    • Call Jennifer Stoerp

    • SmartALEC and search

    Correct Answer
    A. SmartALEC and search NMLS
    Explanation
    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.

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  • 9. 

    ALEC is offering all members $____ of basic AD&D insurance coverage at no cost?

    • $1,000

    • $2,000

    • $2,500

    • $1,999

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

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  • 10. 

    What business partner is offering this protection to our members?

    • CUNA

    • TRUStage

    • Harland Clarke

    • Allstate Insurance

    • None of the above

    Correct Answer
    A. TRUStage
    Explanation
    TRUStage is the business partner offering protection to the members.

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  • 11. 

    The early penalty for a new Accelerator Certificate is now many days of interest? 

    • 90

    • 150

    • 180

    • 210

    Correct Answer
    A. 180
    Explanation
    The early penalty for a new Accelerator Certificate is 180 days of interest.

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  • 12. 

    _______________________ is a limited form of insurance that pays out to the policy owner’s beneficiaries in the event the owner dies in an accident.

    • Accidental Death & and Dismemberment

    • AD&D

    • Answers A & B

    • None of the above

    Correct Answer
    A. Answers A & B
    Explanation
    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.

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  • 13. 

    1. True/False - If you have questions regarding our insurance programs, contact any member of AIA.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 14. 

    For AD&D protection, everyone is covered even if they do not submit the enrollment form?

    • Yes, everyone gets it automatically they only need to complete the form if they want more protection.

    • No, the member must complete the enrollment forms and mail in the included envelope for any amount of coverage.

    Correct Answer
    A. No, the member must complete the enrollment forms and mail in the included envelope for any amount of coverage.
    Explanation
    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.

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  • 15. 

    What is the number a member can call if he/she has service questions on existing AD&D and/or life insurance policies?

    • 888-787-8243

    • 800-787-8243

    • 877-787-8243

    • 855-787-8243

    Correct Answer
    A. 888-787-8243
    Explanation
    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.

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  • 16. 

    The passing score for BVS courses is now:

    • 70%

    • 80%

    • 85%

    • 90%

    Correct Answer
    A. 85%
    Explanation
    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%.

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  • 17. 

    NMLS stands for:

    • National Mortgage Licensing System & Registry

    • Nationwide Mortgage Licensing System and Registry

    • National Mortgage Lending System and Registry

    • Nationwide Mortgage Lending Serial and Registry

    Correct Answer
    A. Nationwide Mortgage Licensing System and Registry
    Explanation
    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.

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  • 18. 

    NMLS numbers work in conjunction with the ______________.

    • REG D

    • Safe Act

    • Mortgage Lending Protection Act.

    • Home Mortgage Protection Act

    Correct Answer
    A. Safe Act
    Explanation
    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.

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  • 19. 

    New Accelerator Certificates will auto renew to what new share type?

    • 63

    • A4

    • C3

    • C4

    Correct Answer
    A. C3
    Explanation
    New Accelerator Certificates will auto renew to the share type C3.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 23, 2015
    Quiz Created by
    Bruce Van
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