CHAPTER 6 TEST QUESTION
HOW IS THE INSURANCE GUARANTY ASSOCIATION FUNDED?
BY ITS MEMBERS- AUTHORIZED INSURERS
AN INSURANCE COMPANY IS DOMICILED IN MONTANA AND TRANSACTS INSURANCE IN WYOMING. WHICH TERM BEST DESCRIBES THE INSURER;S CLASSIFICATION IN WYOMING?
A FOREIGN
WHICH OF THE FOLLOWING IS TRUE REGARDING THE AGENTS APPOINTMENTS
A PERSON MAY HOLD SEVERAL APPOINTMENTS AT ONE TIME
WHICH OF THE FOLLOWING IS TRUE REGARDING BRANCH AGENCY LICENSING?
AGENT IN CHARGE MUST BE LICENSED
THE REQUIREMENT THAT AGENTS NOT COMMINGLE INSURANCE MONIES WITH THEIR OWN FUNDS IS KNOWN AS
FIDUCIAY RESONSIBILTY MEANS TRUST
WHICH OF THE FOLLOWING ENTITIES IS NOT AN INSURER, BUT AN ORGANIZATION FORMED TO PROVIDE INSURANCE BENFITS FOR MEMBERS OF AN AFFILIATED LODGE OR RELIGIOUS ORGANIZATION?
FRATERNAL BENEFIT SOCIETY
WHICH OF THE FOLLOWING IS AN EXAMPLE OF AN AGENT'S FIDUCIARY RESPONSIBILITIES?
PROMPTLY FORWARDING PREMIUMS TO THE INSURANCE COMPANY
AN INSURANCE AGENT X HAS BEEN FOUND GUILTY OF A FELONY AND WAS SENTENCED TO 3 YEARS IN PRISON. WHAT WOULD BE THE APPROPRIATE PLAN OF ACTION?
SEND A WRITTEN NOTIFICATION TO THE DEPARTMENT OF INSURANCE
WHICH OF THE FOLLWOING MAY NOT BE INCLUDED IN AN INSURANCE COMPANY ADVERTISEMENT?
THAT ITS POLICIES ARE COVERED BY STATE GUARANTY ASSOCIATION.
WHICH OF THE FOLLWOING IS TRUE REGARDING A RISK RETENTION GROUP?
IT IS LIABILITY INSURANCE COMPANY OWNED BY ITS MEMBERS.