Chapter quiz(attempt #2): Casualty - Tennessee laws and rules, to all

*Which of the following is an example of a producer being involved in an unfair trade practices of rebating? Telling a client that his first premium will be waived if he purchases the same insurance policy today Inducing the insured to drop a policy in favor of another one it is not in the insured's best interest Charging a client a higher premium for the same policy as another client in the same ensuring class Make me deceptive statements about a competitor

Tell me a client that his first premium will be waived if he purchases the insurance policy today - Repairing is any inducement in the sale of insurance products that is not specified in the policy. This includes offering money, reductions and commissions, promises, and personal services. Both the offer and acceptance of a rebate is illegal

*A producers license may be suspended for all of the following reasons except... Having a producers license suspended in another state Failing to meet the goals set by the producers agency Knowingly excepting insurance business from an individual who is not licensed Being a convicted felon

Failing to meet the goals set by the producers agency

*All of the following actions may be brought against an insurance agency found guilty withholding knowledge of an appointed licensees violation of the insurance code except... Revocation of the agencies license A cease and desist order A fine of no more than $300,000 Suspension of the agencies license

Fine of no more than $300,000

*Which of the following activities is not for my insurance producer? Soliciting Policies Issuing the policy Collecting premiums Counter sign in the policies

Issuing the policy - this is the job of the INSURER, not the insurance producer.

Any licensed person in the state may be assessed civil penalty for an unintentional violation of the state insurance statute up to... $100 $500 $1000 $5000

$1000

*To appoint a producer as it's agent, the appointing insurer must file a notice of appointment with the commissioner with and how many days from the date the emergency contract is executed? 15 days 20 days Five days 10 days

15 days

As a condition for renewal of their licenses, how many hours of continuing education or required for all residents and nonresidents insurance producers? 24 hours 12 hours 10 hours 20 hours

24 hours

*How soon from the submission of a notice of claim must ensure acknowledge receipt of the notice? 10 days 20 days 30 days 60 days

30 days

Well then how many days must insurance producers report changes Of address to the commissioner? 10 days 14 days 30 days 90 days

30 days

*Insurance producers licensed in another state who moved to Tennessee may apply for a resident license, as long as they do so then how many days of obtaining legal residence? 30 days 60 days 90 days 180 days

90 days - if this is not met, Must take the examination again

*Which of the following would be required to complete pre-licensing education? A child's life underwriter planning to transact life insurance An accredited advisor and insurance who wants to sell property insurance A non-resident life insurance producer who is planning to transact property insurance A producer previously licensed in another state planning to transact the same line of insurance

A non-resident life insurance producer who is planning to transact property insurance

*If a producer continues to violate the insurance code, a new civil penalty will be assessed every... Week Months Year Day

Day— each day of a continued violation constitutes a separate violation

Which of the following will not be considered unfair discrimination by insurance? Assigning different risk classifications to applicants based on gender identity Discriminating in benefits and coverage is based on the insurance habits and lifestyle Charging applicants with similar health histories different premiums based on their ethnicity Canceling individual coverage based on the insured's marital status

Discriminating in benefits and coverage is based on the insurance habits and lifestyle

*1 twin brothers apply for life insurance from company A, the company found that while neither of them smoked in both had a very 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 considered... Discrimination Twisting Controlled business Adverse selection

Discrimination - This is an unfair trade practice

Which of the following best describes insurance insurance company that has been formed under the laws of this state? Domestic Sovereign Alien foreign

Domestic