Insurance Regulation

Felony

Committing insurance fraud is considered a

Discrimination

Two individuals are in the same risk and age class yet they are charged different rates for their insurance policies due to an insignificant factor what is this called

10 days

Unapproved trade name

Respond to the consumer's complaint.

Under the Fair Credit Reporting Act, if the consumer challenges the accuracy of the information contained in his or her report, the reporting agency must...

3

What is the minimum required number of continuing education credits in ethics every licensing period?

12

A licensed life producer has completed 12 of his continuing education hours for this period. How many more will he have to finish

30

A nonresident producer moves to another state. The producer must notify the department of insurance of the address change within how many days?

1000

A producer didn't realize that he had committed an act in violation of the insurance code. How much would he probably be penalized?

10 hours

A producer has completed 40 hours of continuing education this licensing period. How many credit hours may be carried over to the next licensing period

after the revocation period

A producers license has been revoked a second time for violating the insurance code. When can the producer apply for a new license?

8am until 9pm

According to the telemarketing sales rules, what are the permissible calling hours for telemarketing calls?

Dividends from a mutual insurer

All the following could be considered rebates if offered to an insured in the sale of insurance except?

The insurer will have to pay the claims anyway

An insurer conducts business in Louisiana with out a certificate of authority. Hundreds of policies are sold, and claims start rolling in. Which of the following is true?

illegal

An insurer devises in a determination strategy in order to quarter a large portion of the insurance market. What best describes this practice?

Illegal under any circumstances

An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act?

she must be appointed specifically by CGIC

Charla wants to serve as a producer for commissions Galore Insurance company. In addition to obtaining her producers license what else must happen before she can officially transact insurance for CGIC?

Obtain a list of all life insurance policies that will be replaced

During replacement of life insurance, or replacing ensure musky which of the following?

Election

How can a person become the commissioner

Commissioner must be notified within 30 days

If an insurance company cancels a producer appointment the

24

If authorized to write life and property and casualty insurance, how many hours of continuing education instructions are producers required to complete every 2 years?

elected by the voters of their state for a period of four years

In Louisiana, the commissioner of insurance is

Protect private customer information filed with a financial institution.

The Gramm-Leach-Bliley Act was passed to

250

What is the fine for using an unapproved assumed name by a producer

2500

What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?

Defamation

When a producer was reviewing a potential customers coverage written by another company, the producer made several remarks that maliciously critical of that other insurer the producer could found guilty of

Discrimination

When twin brothers applied for life insurance from company a, the company found that while neither of them smoked and both had a similar lifestyle, one of the twins was in a much stronger financial position than the other. Because of this the company charged him a higher rate for his insurance this practice is called

Consumer report

Which of the following includes information regarding a person's credit, character, reputation, and habits?

Making comparisons between different policies

Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices?

Telling a client that his first premium will be waived if you purchased insurance policy today

Which of the following is an example of a producer being involved in an unfair trade practices of rebating?

Fair Credit Reporting Act

Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information?

Calls based from outside of the United States

Which of the following would NOT be considered an exception to the National Do Not Call List?

Producer C uses her license to write uncontrolled business only

Which of the following would not be a violation of Louisiana insurance regulations?

Replacement rule

Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance?

3 days

Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained?