Insurance Regulations

Question 1

All of the following could be considered rebates if I offered to an insured in the sale of insurance except?

Answer 1

Dividends from a mutual insurer

Question 2

Who is required to keep and maintain a register of appointed producers?

Answer 2

Insurers 

Question 3

The commissioner discovers a certain insurance company has been using deformation on it’s advertisements. The commissioner will most likely issue an?

Answer 3

Cease and desist order 

Question 4

Which of the following is a statement that is guaranteed true and if untrue may breach an insurance contract.

Answer 4

Warranty

Question 5

Who must approve rate changes for non-competitive types of insurance?

Answer 5

 The commissioner

Question 6

If a producers appointment is terminated, the insurer must update its appointment register with how many days?

Answer 6

30 days

Question 7

How often must a viatical settlement broker register with the commissioner?

Answer 7

Every other year

Question 8

In the event of a producers license being terminated, which of the following would be true?

Answer 8

 The producers appointment Smith also be terminated.

Question 9

When must an insurance producer provide a consumer with a notice of privacy policies, and practices?

Answer 9

During the application process and every year after 

Question 10

Which of the following is responsible for administering the state laws as they relate to the insurance industry

Answer 10

The insurance administration

Question 11

Which of the following would be considered a unfair claims settlement practice

Answer 11

A claims adjuster advised the insured that if the claim goes to arbitration,the insured would prolly receive less than what is currently being offered

Question 12

Untrue statements on the application, unintentionally made by the insurance that, if discovered, would alter the underwriting decision of the insurance company are called?

Answer 12

Material misrepresentation

Question 13

To qualify for the role of an insurance advisor, an applicant must post a single security bond amount of?

Answer 13

$1000

Question 14

An applicant is I can’t is denied insurance because of information found a an consumer report . Which of the following requires insurance company to supply the applicant with the Name and address of the consumer reporting company ?

Answer 14

Fair credit reporting act

Question 15

Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce without ?

Answer 15

Without receiving written consent from an insurance regulatory authority