Part 15

Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices? a) Stating that the insurance policy is a share of stock b) Exaggerating the benefits provided in the policy c) Stating that the competitors will arbitrarily increase their premiums each year d) Making comparisons between different policies

d) Making comparisons between different policies

Which of the following best describes a misrepresentation? a) Discriminating among individuals of the same insuring class b) Issuing sales materials with exaggerated statements about policy benefits c) Making a deceptive or untrue statement about a person engaged in the insurance business d) Making a maliciously critical statement that is intended to injure another person

c) Making a deceptive or untrue statement about a person engaged in the insurance business

Long-term care policies requires that in addition to the applicant at least one person must be designated in the policy. What is the role of that designated person? a) To receive policy policy benefits if the insured in deceased b) To pay the premium on the policy c) To cosign the policy application d) To receive notice of policy lapse or termination

c) To cosign the policy application

At what point must an Outline of coverage be delivered? a) At any point up tp 30 days after policy delivery b) At the time of application only c) Upon delivery of the policy only d) At the time of application or upon delivery of the policy

d) At the time of application or upon delivery of the policy

When a producer was reviewing a potential customer's insurance coverage that is written by another company, the producer made several oral statements that were maliciously critical of that other insurer. The producer could be found guilty of: a) Nothing, unless the remarks were in writing b) Defamation c) Misrepresentation d) Discrimination

b) Defamation

If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered what type of insurer? a)Approved b)Authorized c)Certified d) Qualified

b)Authorized

Regulations for annuity recommendations would apply when a consumer is at least what age? a) 50 years old b) 62 years old c) 65 years old d) 70 Years old

c) 65 years old

The requirement that agents not commingle insurance monies with their own funds is known as: a) Express authority b) Accepted accounting principal c) Fiduciary responsibility d) Premium accountability

c) Fiduciary responsibility

Which of the following is an example of a producer's fiduciary duty? a) An obligation to state every known fact about the policy the producer is selling b) A duty to base all transactions upon the principle of utmost good faith c) The obligation to tell the truth to the best of one's knowledge d) The trust that a client places in the producer in regard to handling premiums

d) The trust that a client places in the producer in regard to handling premiums