PTI class - Indiana General State Law Quiz

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Acting like a consultant requires (2)

Full disclosure of all fees and commissions Advance notification and agreement

Certificate of authority

proof of admittance

Business is written on (3)

self, immediate family, employer

Domesticity

speeds up the exam process

180 days

temporary producer is good for __ __

An insurance company that permits different rate classifications for individuals of the same class and same hazard my be guilty of:

unfair discrimination

An indusment to buy

Rebate

Guarantee Association

*not a sales technique* protects the public from the insurers inability to meet their contractual obligations due to financial impairment $100,000 CV MAX $300,000 MAX for all benefits

Too much controlled business is ?

25% within a 12 month period

- must be 18 - past reputation - prelicensing - $40 license fee - pass written exam

5 things to be licensed

Indiana agents who have had their license suspended may request a hearing within ___ days of the date of the order.

63 days

Consultant license are required for (3)

Attorney, CPA's, Producer or Agent

$50,000

CEO bond?

An independent practitioner who gives advice for a fee

Consultant

Making a false statement about the financial condition of an insurer

Defamation

30 days

Insurer must notify the Commissioner within 30 days of terminating a relationship with a producer

National Association of Insurance Commissioners

NAIC

Misrepresenting an insurance policy, or making inaccurate comparisons of policies, for the purpose of inducing someone to replace an existing policy is an illegal act

Twisting

- executive branch enforces laws - legislative branch creates laws

__ __ enforces laws __ __ creates laws

Agent Sally just got married and moved into a new home with her new husband. How many days does Sally have to notify the Department of Insurance about her name change and change of address? Select one: a. 30 days b. 10 days c. 31 days d. Any time prior to renewal of the license

a. 30

The Indiana Insurance Commisioner is: Select one: a. Appointed by the Governor b. Elected for a six-year term c. Appointed by the NAIC d. Elected for a four-year term

a. Appointed by the Governor

The Department of Insurance is primarily considered what branch of the government? Select one: a. Executive b. NAIC c. Legislative d. Judicial

a. executive

A Certificate of Authority is a document issued by the Commisioner to: Select one: a. Insurance companies b. Insurance companies and insurance agents c. Insurance consultants d. Insurance agents

a. insurance companies

Temporary Producer

allows an individual to service, but not sell existing business

For the protetion of the public, upon taking office the Insurance Commisioner must post a faithful performance bond in the amount of: Select one: a. $10,000 b. $50,000 c. $25,000 d. $75,000

b. $50,000

Charles is a licensed producer in Indiana. If Charles has a change in his business or residence address, he is required to notify the Commissioner within: Select one: a. 15 days b. 30 days c. 20 days d. 10 days

b. 30

Every insurer licensed in Indiana must be examined by the Commisioner or an examiner of the Insurance Department at least once every: Select one: a. 2 years b. 5 years c. 3 years d. 4 years

b. 5 years

The Commissioner is the Chief Executive Officer of the Department of Insurance. How long is his term of office? Select one: a. At the pleasure of the NAIC b. At the pleasure of the Governor c. 4 years d. 2 years

b. At the pleasure of the Governor

The Insurance Commissioner is empowered to: Select one: a. Write policy forms for mandatory insurance coverages b. Enforce state laws relating to insurance c. Pass state laws relating to insurance d. Set rates for mandatory insurance coverages

b. Enforce state laws relating to insurance

The Indiana Insurance Commisioner is a member of the NAIC. What does NAIC stand for? Select one: a. National Association of Insurance Companies b. National Association of Insurance Commissioners c. National Academy of Insurance Consultants d. National Association of Insurance Contracts

b. National Association of Insurance Commissioners

The purpose of the Indiana Life and Health Insurance Guaranty Association is to: Select one: a. Guarantee that insurance agents are qualified b. Protect insureds and beneficiaries when insurers fail to perform their contractual obligations due to financial impairment c. Document agents' continuing education hours d. Guarantee that nonresident agents act responsibly

b. Protect insureds and beneficiaries when insurers fail to perform their contractual obligations due to financial impairment

Which of the following is FALSE concerning the Department of Insurance's examination of admitted insurers in the state of Indiana? Select one: a. An admitted insurer may be examined as often as necessary b. The Department of Insurance cannot exam an insurer more than once every 5 years c. Each admitted insurer in the state of Indiana must be examined every 5 years d. The Indiana Department of Insurance may accept the examination from the insurer's state of domesticity

b. The Department of Insurance cannot exam an insurer more than once every 5 years

How many days does the insurer have to notify the Commissioner of a producers termination? Select one: a. 45 days b. 20 days c. 30 days d. 15 days

c. 30 days

An individual appointed by an insurance company to solicit applications for a policy of insurance on its behalf is known as a/an: Select one: a. Consultant b. Broker c. Producer d. Adjuster

c. Producer

24 hours every 2 years

continuing education hours & years

Which of the following is FALSE concerning the Department of Insurance's examination of admitted insurers in the state of Indiana? Select one: a. Each admitted insurer in the state of Indiana must be examined every 5 years b. The Indiana Department of Insurance may accept the examination from the insurer's state of domesticity c. An admitted insurer may be examined as often as necessary d. The Department of Insurance cannot exam an insurer more than once every 5 years

d. The Department of Insurance cannot exam an insurer more than once every 5 years

Department of Insurance

part of the executive branch of government


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