Insurance Regulation

Who is included in the definition of an agent? AAn agent who devotes only 25% of his time to the solicitation of insurance contracts and does not receive commission BAgents of title insurance companies. CA producer who owns his own field office. DA salaried employee of the insurer who does not solicit insurance or receive a commission

C

In addition to examinations that are specifically authorized by the Insurance Code, the Superintendent may examine each domestic life insurer as often as it is deemed necessary for the protection of the consumers. The Code requires examination of domestic life insurers every A3 years. B4 years. C5 years. D2 years.

C 5 years

If an individual's license has been revoked, how soon can he or she obtain a new license? AAfter 60 days of the revocation BNever; once revoked, the license cannot be reinstated CAfter 1 year of the revocation DWithin 12 months, based on the original violation

c

The Federal Fair Credit Reporting Act ARegulates telemarketing. BPrevents money laundering. CRegulates consumer reports. DProtects customer privacy.

c

Can the Superintendent investigate fraudulent claims if they occurred outside of the resident's state according to the Insurance Fraud Prevention Act? AYes, but only if it is a violation of another state's insurance law. BNo. Because insurance is regulated by the state, all claims must occur within state boundaries. CNo. If fraudulent acts are believed to have been committed, the Superintendent must notify the state's Superintendent or Commissioner. It will then become a federal matter. DYes. The Superintendent has the power to make an investigation within this state or outside of the state.

d

Which of the following would NOT be considered an insurance producer? AAn insurance broker BA reinsurance intermediary CAn insurance agent DAn insurer's officer

d