Pre test

An agreement between a producer and an insurer under which the producer, for compensation, may sell, solicit or negotiate insurance policies on behalf of the insurer is known as a(n):

Appointment

When replacement is involved, the producer must deliver a Notice Regarding Replacement to the applicant:

At the time of application

The grace period on group life is ____ days.

31 days

When a life insurer becomes insolvent, the Life and Health Insurance Guaranty Corporation will cover death claims up to a maximum of $_____________ per person.

$300,000

All of the following are true about business entity producers EXCEPT:

All clerical staff personnel must obtain individual producer licenses

Requiring a client to buy insurance from a specific insurer as a condition of credit approval is defined as:

Coercion

Unfair claims settlement practices will be assumed to be intentional if:

They occur with such frequency as to indicate a general business practice

Temporary licenses may be issued by the Commissioner for a maximum of ____ months.

15

A licensee must file with the Commissioner a change in legal name, trade name or address within ____ days of the change.

30 days

A producer who misrepresents the terms or conditions of an insurance policy or makes incomplete comparisons of policies in order to induce an insured to terminate his existing policy and buy a new one is guilty of:

Twisting

The type of government that is primarily concerned with the regulation of insurance is:

state goverment

A producer who shares his commission with an applicant as an inducement to the sale is guilty of:

Rebating

When replacing existing life insurance, replacing insurers must provide new policyholders with at least a ____ day free look period, starting at the time of policy delivery.

30 days

When an employer terminates a group life insurance policy, an insured who has been covered for at least ____ years may convert to an individual policy issued by the same insurer without evidence of insurability.

5 years

Insurers applying for a Certificate of Authority to do business in Maryland must do all of the following EXCEPT:

Be domiciled in this State

All of the following are duties of the Commissioner

DOES NOT make rates

Making oral or written statements that are false or maliciously critical of or derogatory to the financial condition of an insurer that is calculated to injure any person engaged in the business of insurance is considered to be:

Defamation

An insurer incorporated under the laws of another State but doing business in this State is known as a(n) ________ insurer.

Foreign

If a producer has engaged in a prohibited act or practice, after a notice and the opportunity for a hearing, the Commissioner may order any or all of the following disciplinary actions EXCEPT:

Incarceration

The Rules Regarding Replacement apply when replacing which of the following types of life insurance?

Universal life