When a Consumer Gives a Creditor a Security Interest in Forthcoming

question 13

True/False

When a consumer gives a creditor a security interest in forthcoming health insurance proceeds, the creditor must file a statement with the insurance company in order to have a perfected security interest.

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Definitions:

Primary Purpose

The main reason for which something exists or is done, designed, or used.

Sales Process

A series of steps taken by a salesperson from initiating contact with a potential customer to closing the sale and providing after-sales service.

First Step

The initial action or move in a process or series of actions, often considered crucial for the progress or success that follows.

Customer Relationship

The ongoing interactions and engagement between a business and its customers, aiming to improve loyalty and satisfaction.