Market Regulations

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If an insurer is found guilty of unfair trade practices while inadvertently issuing renewing and servicing the insurer could be prosecuted for how many violations?

1

How many days is allowed by law for an insurance firm to supply claim forms to the person submitting a claim

15

Identify the penalty for each violation for a person engaging in any unfair method of competition

No mo than 5000 for each act or n more than 10,000 for each act if the act is judged to be willful

If the Commissioner issues a Notice of Seizure for documents and the individual fails to send those documents what is the penalty?

1 year in jail and/or $1,000 fine

If an insurer pays an insured $25000 in lost wages,$45,00o for physically visits and hospital cost and $15,000 for physical therapy treatments and later finds out that the claim was faudlent the insured may be fined as much as 000 in lost wages,$45,00o for physically visits and hospital cost and $15,000 for physical therapy treatments and later finds out that the claim was faudlent the insured may be fined as much as

170,000

Your insured is to blame for an auto accident. he files a claim with his own insurer for the collision damage to his car. This is called a

1st party claim

Upon notification of a claim, a claimant may have access to the California Fair Claims Settlement Practices Regulations through all of the following means EXCEPT:

An Interview appointment with the agent record

identity which of the following is not a deceptive act or practice, or unfair method of competition

An agent tries to sell PROSPECT O THREE SEPARATE OCCASIONS a SECOND AGENT IS ABLE TO SELL THE SAME PROSPECT BY CONVINCING HIM TO BUY A MORE EXPENSIVE, BUT BETTER COVERAGE UTILITY

How is the insurance commissioner selected

An election by the people

Upon notification of a claim, a claimant may have access to the California Fair Claims Settlement Practices regulations through all of the following means EXCEPT:

An interview appointment with the agent record

What is an insurer guilty of it fails to adopt and implement reasonable standards for prompt investigation and processing of claims?

An unfair claims practice

All of the following would be considered unfair practices, Except:

Committing an act of discrimination weather it be fair or unfair

According to the California code of regulations governing the settlement of claims which of the following actions i air and equitable in settling a claim?

Delaying a decisions in order to investigate

all of the following would be considered unfair claims practices, Except:

Directly advising a claimant to obtain the services of an attorney

In the state of California a rate will nor remain in effect if it is considered to be any of the following, Except:

Impartial

Which of the following describe an insurer who has enough financial resources only to provide for all its liabilities and for all reinsurance of all outstanding risks?

Insolvent

The main purpose of an insurance guarantee Association is to protect the public against

Loss as the result of insurer insolvency

As used in the California Insurance Code, the word "shall" means which of the following

Mandatory

All of the following are Requirement for a notice by mail to an insured by an insured, except

Notice must be sent with return receipt required

What document informs the insurance applicant about their rights to information privacy?

Notice of Information Practices

When an insured reports a loss, the agent becomes obligated by the California Code of Regulations to:

Notify the insurer immediately

An insured in the California Insurance Code the word "may" means which of the following?

Permissive

The CLHIGA covers all of the following types of insurance, Except:

Plate Glass

According to the CA Insurance Code, all must maintain a department to investigate

Possible Fraudulent Claims from Insureds

According to the unfair Practices Act it is permissible for

Premium and annuity payments to be different for men and women if based on information found on gender-separated morality tables.

According to the unfair Practices Act, It is permissible for:

Premium and annuity payments to be different fro men and women if based on information found gender- separated morality tables

If an insurer must have its rates accepted by the Department of Insurance prior o suing them, then the insurer would b under which jurisdiction?

Prior Approval

Under the California code of regulation s, all of the following would be considered proof of claim Except:

Public Adjuster

the purpose of the state insurance include everything Except:

Rate Determination

An entity that exists to protect life and health policyholders and insured in the event of impairment or insolvency of a member insurer"

The California life and health insurance guarantee association

The California Insurance Code dictates good faith communication in insurance contracts and claims. The parties to the contract include all of the following, Except:

The State

From the choices listed below, choose the one that best describes "insolvency" as it relates to insurance

The inability of an insurer to meet financial obligations to policy owners as a result of a deficient amount of paid-in capital.

Whats is called hen an insurer users higher rates based solely on religion, race, or ethnic group

Unfair discrimination

According to the California Insurance Code, if a company's Certificate of Authority is revoked, the commissioner may do any of the following EXCEPT:

Use guarantee association funds to pay salaries

If an insurance company knowingly allows one if its life agents or brokers to guarantee interest income to an insured on one of its policies, the department of insurance can do all of the following EXCEPT:

Use the insurance Guarantee Association Association to pay the salaries of employees

Subject to the restriction of the California Insurance Code, any person capable of making a contract may be considered

an insurer

As defined by the California code of regulations, a person who asserts a right of recovery under an insurance policy is called a

claimant

According to the California Code of Regulations governing the settlement of claims, which of the following action is fair and equitable in settling a claim

delaying a decision in order to in settling a claim

When notifying the insured of a policy information change, the California Insurance Code rules that notification must be sent by

mail

What would a person be guilty of who refuses to submit books and records to the Commissioner?

misdemeanor

If the rates an insurance company uses do not have to be filled with the state to use, the insurer would be operating under which type of the following jurisdictions?

open competition

If the insured intentionally submits fraudulent claim, what could the insured be charged with?

perjury

When the state specifies the rates that must be used by insurers for a particular kind of insurance, it is known is

state mandated


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