NW Mutual q14 Insurance regulation

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

The Fair Credit Reporting Act

Which of the following persons is required to hold a producer license?

a person who negotiates insurance contracts

For how long must a company maintain a complete file of all advertisements used?

at least 4 years

Which of the following does a producer NOT have the authority to do? deliver policies solicit insurance contracts negotiate contracts of insurance issue policies

issue policies

Which of the following is the term used when a person in a fiduciary position has used assets in a manner for which they were not intended such as the wrongful taking or use of money belonging to another?

misappropriation of funds

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

$2,500

Which of the following entities established the Do-Not-Call Registry?

The federal trade commission

If a licensee wants to transact insurance under a different name than that listed on his or her producer's license, which of the following must occur?

The change must be reported to the Commissioner

An insurance application cannot ask about which of the following information about an applicant?

sexual orientation

Which of the following authorities is authorized to issue a temporary insurance producer's license?

Commissioner

Which of the following is NOT correct regarding false statements by a person engaged in the business of insurance? False statements about financial condition of an insurer are unlawful Statements made with the intent to deceive are unlawful Only written statements can be considered fraud Omissions of material fact on insurance application are fraud

Only written statements can be considered fraud

Which of the following licensees is classified as a representative of the insurance company and not allowed to represent an insured or claimant? public adjuster public adjuster solicitor producer broker

producer

The Gramm-Leach-Bliley Act was passed to

protect private customer information filed with a financial institution