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5 Written questions

5 Matching questions

  1. Which of the following is a requirement for obtaining an agent's or adjuster's license?
  2. 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.
  3. Should an agent or adjuster have a change of address, the obligation to notify the state insurance dept. lies with:
  4. An insurance company that is formed and domiciled under the laws of a particular state is an example of a(n):
  5. An act of terrorism must be "certified" to be such an act by:
  1. a Must satisfy the insurance department that you are TRUSTWORTHY.
  2. b A. The act does not apply to federal crop insurance, personal insurance policies or life and health policies.
  3. 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.
  4. d The licensee. The person who holds the license is responsible to report the change of address to the state insurance dept.
  5. e Domestic Insurer

5 Multiple choice questions

  1. They are guilty of an unfair claim settlement practice.
  2. 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.
  3. 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.
  4. Both federal & state government
  5. 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

  1. 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.

          

  2. 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.

          

  3. 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.

          

  4. 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

          

  5. The responsibility of the federal government in regulating the insurance industry is limited to:Fair labor standards and anti-trust matters

          

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