Chapter 8 Pt 4 And Ch 9 Flashcards
Temporary license holder can rec a commission from a sale made to all except
License holder’s sister-in-law
License holder’s best friend
Accountant at a rival ins company
License holder’s family doctor
License holder’s sister in law
Applies for life policy. Two years ago suffered head injury from accident and cant remember parts of past, otherwise competent. Has been hospitalized for drug abuse but doesnt remember this when applying for ins. The ins issues policy and learns of his history one year later. What will happen
Policy will not be affected
Policy will be voided
Insurer will sue insured for committing fraud
Policy will not be affected
Which could legally rec commissions from the sale of a life ins policy
Licensed life ins agent
Licensed insurance consultant
Life and health ins counselor
Licensed life ins agent
Newest client was result of referral. To show thanks to referring customer agent could
Thank customer
Return customer’s first premium of new policy
Send customer gift a token of appreciation
Thank customer
Alleged fraud request=
15 days
Example of fiduciary responsibilities
Review of client’s coverage
Offering additional coverage to client
Forwarding premiums to insurer
Forwarding premiums to insurer
The requirement that an agent not co mingle ins Monies with their own funds is known as
Fiduciary responsibility
Premium accountability
Express authority
Fiduciary responsibility
Agent suspects ins fraud being committed notify fraud unit within
30
10
15
90
30
Agent suspects fraud=
30
Insured tells insurer that there is more than one ins policy in force. Insurer sets aside claim until hears what other company will pay. Insurers action will be classified as
Prudent
Coordinated
Proactive
Unfair
Unfair
NOT violation of unfair claims settlement practices act
Failure to respond promptly on claims communications
Delaying settlement bc there is an additional ins policy on a loss
Denying unsubstantiated claim
Refusing to pay claims without conducting a reasonable investigation
Denying an unsubstantiated claim
Applicant properly notifies her insurer of straightforward claim but insurer waits exceedingly long time to process it. Which describes behavior
Unfair claims settlement practice
Fraud
Misrepresentation
Unfair claims settlement practice
Unfair or deceptive acts in connection with sale of ins except
Attempting to settle claim in which liability is clear
Lacking standards for investigation of insured’s claims
Delaying settlement bc there is other ins that will satisfy any portion of the loss
Attempting to settle a claim in which liability is clear
Explains details of ins policy to client. Agent does not realize that state has rewritten two of provisions. Agent inadvertent misrepresents policy making it more attractive. Describes
No misconduct
Fraud
Misrepresentation
No misconduct
Which is NOT in violation of unfair claims settlement practices act?
Denying an unsubstantiated claim
Refusing to pay claims without conducting a reasonable investigation
Failure to respond promptly on claims communications
Delay in g a settlement bc there is an additional ins policy on a loss
Denying an unsubstantiated claim
