5 Written questions
5 Matching questions
- Which of the following is a requirement for obtaining an agent's or adjuster's license?
- None of the following can be covered by the Federal Terrorism Act Insurance Program except: A. Most commercial property and casualty risks; B. Federal crop insurance; C. Personal insurance policies; D. Health and life insurance policies.
- Should an agent or adjuster have a change of address, the obligation to notify the state insurance dept. lies with:
- An insurance company that is formed and domiciled under the laws of a particular state is an example of a(n):
- An act of terrorism must be "certified" to be such an act by:
- a Must satisfy the insurance department that you are TRUSTWORTHY.
- b A. The act does not apply to federal crop insurance, personal insurance policies or life and health policies.
- c The Secretary of Treasury in concurrence with the Secretary of State, and the Attorney General of the U.S. certifies an act of terrorism.
- d The licensee. The person who holds the license is responsible to report the change of address to the state insurance dept.
- e Domestic Insurer
5 Multiple choice questions
- They are guilty of an unfair claim settlement practice.
- Unfair claim settlement practices. Conducting a prompt, reasonable and thorough investigation is a requirement. If not conducted in this manner, it is considered a violation of the unfair claim practices.
- D. Declining to pay a claim that is not covered is not considered to be an unfair claims practice act. However, not responding promptly in the claim investigation is a violation.
- Both federal & state government
- A. Acts of riot and civil commotion are not covered under this at. These perils are covered under most property insurance contracts.
5 True/False questions
Which of the following would be considered unfair or deceptive acts by an adjuster? A. Requesting that a first party claimant sign a release that extends beyond the subject matter which gave rise to the claim payment, B. Advising the claimant that their rights may be impaired if a form of release is not completed within a specified period of time unless for the purpose of notification of statute of limitations; C. Issuing a check or draft, in partial settlement of a loss or claim under specific coverage that contains language that releases the insurer or its insured from its total liability; D. All of the above. → All of these are considered to be a violation of the unfair trade practices.
No act will be certified by the Secretary as an act of terrorism under the Federal Terrorism Act if: A. The act is not committed as part of the course of war declared by Congress; B. The act is one of terrorism as defined by the Act; C. The losses that occur relate to commercial property risks; D. The losses that occur relate to life insurance. → D. $5,000,000 in damages is the threshold for the act to apply.
Which of the following would be considered an Unfair Trade Practice? Twisting? Rebating? Coercion? or All? → D. Declining to pay a claim that is not covered is not considered to be an unfair claims practice act. However, not responding promptly in the claim investigation is a violation.
The department of insurance has been advised that an agent is guilty of an insurance code violation. The commissioner/department will: → Both federal & state government
The responsibility of the federal government in regulating the insurance industry is limited to: → Fair labor standards and anti-trust matters