Insurance Regulation Property and Casualty ExamFX Oregon
What is the minimum age requirement for applicants for an insurance license?
18
The insurance director shall examine every authorized insurer. How long must insurers keep records pertaining to the insurance transactions under the license?
3 Years
How long must insurers keep the records of transactions under the license?
3 years after the policy expiration
All of the following events will terminate a producers certificate of appointment EXCEPT
A New Director is put into office
Which of the following is NOT true about an insurance consultant in the state of Oregon
An attorney-at-law may be considered a consultant
Which of the following would NOT be considered a misrepresentation on the part of the insurer
Backdating policies to secure a lower premium for the insured
Which of the following is NOT correct regarding false statements by a person engaged in the business of insurance?
Only written statements can be considered fraud
If a Cease and Desist order is issued what must the violator do?
Quit the actions stipulated in the order
Who establishes the fees that must be paid in conjunction with an application for an insurance license?
The Director
what authority issues a cease and desist order?
The director of the department of consumer and business services
Which of the following best describes the concept of company solvency?
Maintaining capital or surplus in excess of the required amount
On it's advertisement, a company claims that it has funds in it possession that are, in fact, not available for the payment of losses or claims. The company is guilty of
Misrepresentation
If a producer changes locations, what must be done?
Notify the DOI within 30 days
This state provides for a temporary license for all of the following EXCEPT
A Producers retirement
Bob the insurance producer just sold an insurance policy to his sister. What kind of business is this?
Controlled