Insurance Regulation

Question 1

If an agent charged with a misdemeanor involving theft, any felony, or crimes of moral turpitude, he or she must report the charge to the department of insurance within

Answer 1

30 days of being charged

Question 2

An insurance application must be signed by

Answer 2

Both the insured and the agent

Question 3

What is NOT a regulatory procedure for the state Department of Insurance?

Answer 3

Set the rates for all insurers

Question 4

For the purposes of insurance, insolvency means…

Answer 4

The inability to pay obligations within 30 days of them becoming due

Question 5

The Fair Credit Reporting Act provides that…

Answer 5

The applicant for insurance must be aware that a consumer report may be requested with regard to his or her application for insurance.

Question 6

Which of the following does not constitute an insurance transaction?

Answer 6

An HR manager helping enroll employees in a group health benefit.

Question 7

A person giving a $40 gift card to people attending a seminar explaining insurance is

Answer 7

Acceptable

Question 8

Before using an assumed name other than the name issued on the license, the agent must

Answer 8

Inform the Department of Insurance before using the assumed name

Question 9

If the Superintendent of Insurance terminates an agent’s license for any reason

Answer 9

All insurers appointing the agent will be notified within 30 days and all appointments with said insurer are also canceled.

Question 10

Upon hearing of a potential violation of insurance regulations, the Superintendent of Insurance will require

Answer 10

Testimony of the agent under oath and a written statement by the agent concerning the allegations.

Question 11

How often must Telemarketing, Inc. check its calling list against the National Do-Not-Call list?

Answer 11

Once every 30 days

Question 12

Do not call list regulations prohibit telemarketing calls between the hours of

Answer 12

9 PM and 8 AM

Question 13

What a policy is canceled and a refund of premium is due it must be made

Answer 13

Within 30 to 45 days

Question 14

What party has the power to subpoena witness regulations in this state?

Answer 14

Superintendent of insurance

Question 15

Before selling insurance to the public an insurer must obtain which of the following?

Answer 15

Certificate of Authority from the state department of insurance

Question 16

If an insurer Wishes to cancel the appointment of an agent to do suspect theft, fraud, etc. the insurer must notify the department of insurance

Answer 16

immediately

Question 17

A licensee may be granted inactive status in which of the following situations?

Answer 17

Reserve military status

Question 18

An agent may charge the consumer a fee

Answer 18

When the consumer consents to the fee

Question 19

The Do-Not-Call list regulations prohibit

Answer 19

Pre-recorded commercial messages from someone without an established relationship

Question 20

An insurance application must be signed by

Answer 20

Both the insured and the agent