American Bankers Association Exam CRCM Topic 5 Question 61 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 61
Topic #: 5

It is the policy of First Safe Bank to offer credit life insurance and accident and disability insurance to all consumer loan customers. What procedures fulfill the disclosure requirements for the bank?

APlace a sign on loan officers' desks that provides the disclosures and give each customer a written disclosure it loan closing.

BGive each customer the disclosures orally at the time of application and, if applicable, in writing at loan closing.

COnly a written disclosure at closing is necessary.

DOnly give disclosures to persons who actually purchase the insurance.

Show Suggested Answer

Suggested Answer: B

by Josphine at Nov 18, 2022, 07:30 PM

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