Chapter 10: Insurance Regulation

What is the fine for using an unapproved assumed name by a producer?

$250

A temporary license is good for

180 days

Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained?

3 days

Insurer examinations must occur no less frequently than every

5 years

The state provided for a temporary license for all of the following EXCEPT A.) A producers retirement B.) The death of a producer C.)A producer's disability D.)A producer's time in military service

A.) A producers retirement

Bill made his living as an insurance producer at one time but is no longer licensed. Under which of the following circumstances would it be acceptable for him to accept a commission? A.) Under no circumstances B.) If he meets a new client and ends up selling a policy C.) If he receives a deferred commission from insurance that he transacted while he was licensed D.) If he refers a potential client to a colleague, who then makes a sale

C.) If he receives a deferred commission from insurance that he transacted while he was licensed

The general property policy form is used for other-residential and non-residential structures and their contents such as

Commercial structures Cooperative associations Apartment buildings

Which of the following terms describes making false statements about financial condition of any insurer that are intended to injure any person engaged in the business of insurance?

Defamation

How can a person become the Commissioner?

Election

Insurance companies that hold a Certificate of Authority to transact insurance in Louisiana must be examined how often?

Every 5 years or as often as the Commissioner feels in necessary

According to agency law, the producer always represents the

Insurance company

The Residential Condominium Building Association Policy (RCBAP) is used for residential condominium building associations to cover the entire building under one policy. Which of the following statements about RCBAP is true?

It does not protect the individual owner from loss to personal property owned exclusively by the unit owner

Who would participate in a Write Your Own (WYO) flood insurance program?

Private insurers that wish to write and service Nation Flood Insurance policies on a no risk-bearing basis

The National Do Not Call Registry was created to regulate

Telemarketers

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

Telling a client that is first premium will be waived if he purchases the insurance policy today