Insurance Regulation Property and Casualty ExamFX Oregon

What is the minimum age requirement for applicants for an insurance license?

18

The insurance director shall examine every authorized insurer. How long must insurers keep records pertaining to the insurance transactions under the license?

3 Years

How long must insurers keep the records of transactions under the license?

3 years after the policy expiration

All of the following events will terminate a producers certificate of appointment EXCEPT

A New Director is put into office

Which of the following is NOT true about an insurance consultant in the state of Oregon

An attorney-at-law may be considered a consultant

Which of the following would NOT be considered a misrepresentation on the part of the insurer

Backdating policies to secure a lower premium for the insured

Which of the following is NOT correct regarding false statements by a person engaged in the business of insurance?

Only written statements can be considered fraud

If a Cease and Desist order is issued what must the violator do?

Quit the actions stipulated in the order

Who establishes the fees that must be paid in conjunction with an application for an insurance license?

The Director

what authority issues a cease and desist order?

The director of the department of consumer and business services

Which of the following best describes the concept of company solvency?

Maintaining capital or surplus in excess of the required amount

On it's advertisement, a company claims that it has funds in it possession that are, in fact, not available for the payment of losses or claims. The company is guilty of

Misrepresentation

If a producer changes locations, what must be done?

Notify the DOI within 30 days

This state provides for a temporary license for all of the following EXCEPT

A Producers retirement

Bob the insurance producer just sold an insurance policy to his sister. What kind of business is this?

Controlled