Ethics Flashcards
The codes of ethics usually will place whose interests first?
The insured’s
The insurance industry is regulated by what branch of the government?
- State government
- Federal government
- Self regulation
Can an heir of a licensed agent receive commission after the agent’s death?
Yes
How long Can an Agent receive renewal commissions for auto policies following termination of the agent’s contract with the company?
Up to two years
Only who are allowed to charge a policy fee?
An insurer
Agents/brokers must maintain records regarding premium finance arrangements for how long?
Three years
When replacing an existing policy, a policyholder is entitled to how many days of free look upon delivery of the new policy?
20 days
Should an insured have more than one Medicare supplement policy?
Should not
The purpose of replacement rules regarding life insurance is:
To protect the interests of life insurance purchasers by establishing standards of conduct to be observed in replacement transactions.
Any insurer who violates replacement rules with such frequency as to indicate that it is a general business practice may be fine up to how much for each of violation?
$300,000
A marketing technique that does not disclose the purpose is to sell insurance and that contact will be made later by an insurance agent is referred to as:
Cold lead advertising
Who is allowed to do a pretext interview under special circumstances?
Insurance adjuster
Who is allowed to charge a policy fee?
Insurer
Replacement of a long-term care policy is considered unnecessary is done:
Three times during a 12 month period.
Any individual may have more than one Medicare supplement policy regardless of how much of the risk is covered. It is impossible to have to much insurance. True or false?
False
