The Insurance Marketplace
If the Department of Insurance requests information from an agent regarding a claim, this must be provided within how many days?
21
Foreign
An insurance company is domiciled in Montana and transacts Insurance in Wyoming. Which term best describes the insurance classification in Wyoming.
An insurer giving an insured a "preferred" rating due to health and lifestyle conditions
Which of the following actions would NOT be considered a form of "adverse underwriting decisions" for a policy involving individually written coverage?
Insurer's unassigned funds
Which of the following best defines earned surplus?
Distribution of excess funds
Which of the following best describes what policy dividends are?
An insurance broker
An insurance agent explains to his client the difference between two disability income insurance policies and then offers to fill out an application with the client's personal information and history. Upon completion of the application, the agent informs his client that his will "shop around" to find the company with the most favorable rates. IF the agent presents the client's application to an insurer, he will be acting in which of the following capacities?
Not more than $10,000 imprisonment not to exceed one year of both.
Any person who knowingly and willfully obtains information about an individual from an insurance company, agent or organization supporting insurance under false pretenses shall be fined
Insolvent
If an insurer's legal reserve funds are found to be less than the minimum required by law, the insurer is
They are written for the clients of the producer covered by the policy
Which of the following does NOT apply to Errors and Omissions liability contracts?
Earned surplus
Which of the following terms is defined by the California Insurance Code as unassigned funds that must be reported on a stock insurer's annual statement?
Dividends
Which of the following would be considered refund of unearned premium?
Underwriter
Who is responsible for equitably insurable risks and selecting and distributing to the insurer those that are profitable to the insurer?