Regulations
When the commissioner suspects that a person is violating an insurance law or other regulation, what can be issued that would order the person to stop committing the act or violation? a. cease and desist order b. stop action order c. limitation of authority order d. suspension of power order
A
How long does a temporary producer's license last for the surviving spouse of a deceased producer? a. 150 days b. 180 days c. 1 year d. 90 days
B
All of the following are requirements for producer license renewal EXCEPT a. renewal fees b. record of fingerprints c. renewal examination d. up to date continuing education
C
Insurers are required to keep records. When may the Department examine these records? a. every 1 year b. every 5 years c. at any time d. never
C
Giving a client an inducement to a sale not stated in the policy is an unlawful practice known as a. twisting b. unlawful distribution of dividends c. coercion d. rebating
D
Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce a. without receiving written consent from an insurance regulatory authority b. under any circumstances c. unless they've served an appropriate prison sentence d. without receiving written consent from a Federal Judge
A
If an Insurer terminates a Producer's appointment, the Commissioner must be notified within how many days? a. 10 b. 30 c. 60 d. 90
B
In comparison to consumer reports, which of the following describes a unique characteristic of investigative consumer reports? a. customer has no knowledge of this action b. customer's associates, friends, and neighbors provide the report's data c. provide additional info from an outside source about a particular risk d. provide info about character and reputation
B
Producers are responsible to collect and disperse premiums, and return premiums or other funds. Which insurance term is associated with this? a. brokering b. monetary gatekeeping c. fiduciary capacity d. financial trust
C
The Federal Fair Credit Reporting Act a. regulates telemarketing b. prevents money laundering c. regulates consumer reports d. protects consumer privacy
C
The Gramm-Leach-Bliley Act was passed to a. allow insurance consumers access to credit and private consumer reports b. allow insurance companies access to medical info for underwriting purposes c. protect private customer info d. define insurance as interstate commerce
C
Which of the following entities must approve all continuing education courses in this state? a. appointing insurer b. state board of education c. commissioner d. NAIC
C
All of the following are licensing requirements for a business entity, EXCEPT a. demonstrating general fitness, competence, and reliability b. maintaining on staff at least 1 licensed person in good standing c. applying for a license in the same lines of authority as held by licensed designees d. having all employees complete continuing education courses once every 2 years
D
Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial info? a. unfair trade practices law b. guaranty association c. consumer privacy act d. fair credit reporting act
D
Which of the following is an example of an agent's fiduciary responsibilities? a. forwarding premiums to the insurer b. helping clients to file claims c. performing a review of coverage d. offering additional coverage
A
Should an insurance company deny a claim submitted by an insurer without providing to that insured a prompt and reasonable explanation of the claim denial, the insured would be in violation of a. twisting b. fiduciary responsibilities c. marketing practices provisions d. unfair claims methods and practices regulations
D
Under the FCRA, if the consumer challenges the accuracy of the info contained in his or her report, the reporting agency must a. send an actual certified copy of the entire report to the consumer b. respond to the consumer's complaint c. defend the report if the agency feels it is accurate d. change the report
B