Ch.5 Property and Casualty

Which of the following types of insurers is owned by stockholders?

stock

Which of the following individuals could legally receive commissions from the sale of a life insurance policy?

A licensed life insurance agent

When transacting business in this state an insurer formed under the laws of another country is known as a

Alien insurer

An insurer must acknowledge receipt of a Notice of Claim within how many days?

15 days

If a notice of a claim is submitted to an insurer, and the insurer suspects arson is involved, how long does the insurer have to accept or reject the claim?

30 days

The Commissioner of Insurance issues a cease and desist order to an agent . If the agens wishes to contest the charges in court, how many days after the order was issued does the agent have to make the request?

60 days

If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered to be

Authorized or Admitted

An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. What is this an example of?

False advertising

All of the following are types of adjuster's licenses available in this state EXCEPT

Life and health claims adjuster

Which of the following best describes the unfair trade practice of defamation?

Making derogatory oral statements about another insurer's financial condition

Insurance obtained from or placed with an unauthorized insurer is

Surplus lines insurance

A nonadmitted insurer who provides insurance coverages that are not available from an admitted insurer is called

Surplus lines insurer

Which of the following is an example of a producer being involved in an unfair trade practice of rebating ?

Telling a client that his first premium will be waived if he purchases the insurance policy from the producer