insurance regulation

An insurance producer has not been appointed to an insurance company. Who is the producer considered to represent? A) The client B) The insurer

A) The client

Under the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report A) Must be informed of the source of the report. B) Are entitled to obtain a copy of the report from the party who ordered it. C) Must be advised that a copy of the report is available to anyone who requests it. D) May sue the reporting agency in order to get inaccurate data corrected.

A) Must be informed of the source of the report

Which of the following is NOT a penalty for transacting insurance without being properly licensed? A) Imprisonment up to 2 years B) A ban on selling insurance for up to 5 years

A) Imprisonment up to 2 years B) A ban on selling insurance for up to 5 years

All of the following are requirements for a nonresident license EXCEPT A) Holding an active license in the same line of authority in the home state. B)Passing this state's licensing examination. C) Submitting a proper application and paying the fees. D) Submitting a licensing application from the home state.

B)Passing this state's licensing examination.

How long must a licensee keep records of insurance transactions on file, available for inspection by the Director? A) 90 days B) 6 months C) 1 year D) 5 years

D) 5 years

Conducting insurance in this state without a license would be considered a A) Felony. B) Minor offense. C) Unfair trade practice. D) Misdemeanor.

D) Misdemeanor

All of the following actions can be described as twisting EXCEPT A) Making an incomplete comparison between the existing and proposed policies B) Explaining to client the advantages of permanent insurance over term and suggesting changing policies C) Misrepresenting the terms and conditions of the existing policy to make the new one more attractive D) Embellishing the terms of the proposed policy in order to convince the insured to switch

B) Explaining to client the advantages of permanent insurance over term and suggesting changing policies