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Ins > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

Forceful act or threat aimed to influence one to act against their wil

Exempt
Coercion
Insolvent

A

Coercion

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2
Q

Payment to agent by ins company for placing ins usually percentage of policy premium

Coercion
Commission
exempt

A

Commission

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3
Q

Not subject to obligation
Exempt
Statute
Coercion

A

Exempt

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4
Q

Attempts to influence other party

Inducement
Insolvent
Statute

A

Inducement

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5
Q

Unable to meet financial obligations

Statute
Insolvent
coercion

A

Insolvent

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6
Q

Restoration to original condition or repayment

Restitution
Statute
Coercion

A

Restitution

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7
Q

Formal written law enacted by leg

A

Statute

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8
Q

All considered ins transaction except

Soliciting a policy

Advising a policyholder regarding a claim
Negotiating coverage
Obtaining a license

A

Obtaining a license

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9
Q

When transacting business in this state an insurer formed under laws of another country is known as an

Admitted insurer
Alien insurer
Domestic insurer

A

Alien insurer

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10
Q

An ins company is domiciled in Montana and transacts ins in Wyoming. Which term best describes insurer’s classification in Wyoming

Foreign
Alien
Domestic
Unauthorized

A

Foreign

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11
Q

Best describes an ins company that has been formed under the laws of this state

Admitted
Domestic
Sovereign
Local

A

Domestic

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12
Q

Insurer=

A

Principal

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13
Q

When doing biz in this state an ins company formed under the laws of another state is known as

Foreign
Domestic
Alien
Non admitted

A

Foreign

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14
Q

in this state/formed another state

A

Foreign

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15
Q

Transacting biz in this state formed another country

A

Alien

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16
Q

Insurer must obtain this in order to transact ins within given state

Insurer’s license
Certificate of authority
Producer’s certificate
Biz entity license

A

Certificate of authority

17
Q

Foreign insurer

A

Another state

18
Q

Got ins policy 5 years ago; last year recd dividend check from ins company that wasnt taxable; this year insurer did not send a check. From what type of insurer did the insured purchase the policy

Stock
Mutual
Reciprocal

A

Mutual

19
Q

Funds not paid out after paying claims and other operating costs are returned to the policy owners in form of a dividend; if all funds are paid out no dividends are paid

Stock
Mutual
Reciprocal

A

Mutual

20
Q

Which of following is owned by stockholders
Mutual
Stock
Fraternal

A

Stock

21
Q

Policy owners do not share in profits or losses

A

Nonparticipating policies

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