Chapter 10

Failure of a licensee to maintain an appointment with an insurance company within 48 months after that date to license became effective will result in

expiration of the license

An insurance company is domiciled in Montana entrance backs insurance in Wyoming which term best describes the insurers classification and Wyoming

foreign

Pertaining to insurance what is the definition of a fiduciary responsibility

promptly forwarding premiums to the insurance company

an Insured submit a proof of loss form within 10 days of a loss the insurer however does not acknowledge the form for three months which of the following violations has the insurer committed

unfair claims settlement

In order for an insurer to legally transact insurance it must obtain which of the following

Certificate of authority

Two individuals are in the same risk and age class yet they're charge different rates for their insurance policies due to an insignificant factor what is this called

Discrimination

When twin brothers applied four Life Insurance from company A the company found that while neither of them smoked and both had a very similar lifestyle one of the Twins was in a much stronger financial position then the other because of this the company charged him a higher rate for his insurance this practice is considered

Discrimination

Insurance contracts are agreements between which two parties

Insurer in and insured

On its advertisement the company claims it has formed that in its possession that are in fact not available for the payment of losses are claims the company is guilty of

Misrepresentation

All of the following are true regarding rebates accept -rebates are only allowed if specifically stating the policy -rebating can be anything of economic value given as an inducement to buy -dividends are not considered to be rebates -rebates are allowed if it's in the best interest of the client

Rebates are allowed if it's in the best interest of the client

What method do insurers use to protect themselves against catastrophic losses

Reinsurance

What are the two offices of the Financial Services commission

The office of financial regulation and the office of insurance regulation

Continuing education requirements must be met every

Two years