5 Written Questions
5 Matching Questions
- 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.
- All of the following events are considered acts of terrorism except: A. Acts of riot and civil commotion; B. Acts considered dangerous to human life, property or infrastructure; C. Acts resulting in damage within or outside the United States; D. Acts committed by an individual or individuals acting on behalf of any foreign person or foreign interest.
- The responsibility to regulate the insurance industry belongs to:
- The department of insurance has been advised that an agent is guilty of an insurance code violation. The commissioner/department will:
- An act of terrorism must be "certified" to be such an act by:
- a A. Acts of riot and civil commotion are not covered under this at. These perils are covered under most property insurance contracts.
- b Call for a hearing. Usually, the ins. commissioner/director will first call for a hearing to review all sides of the alleged infraction.
- c Both federal & state government
- d The Secretary of Treasury in concurrence with the Secretary of State, and the Attorney General of the U.S. certifies an act of terrorism.
- e A. The act does not apply to federal crop insurance, personal insurance policies or life and health policies.
5 Multiple Choice Questions
- They are guilty of an unfair claim settlement practice.
- Fair labor standards and anti-trust matters
- D. All of these are considered to be unfair claim practices.
- D. Life insurance losses are not covered by the act.
- A stock company. A stock company is owned by its stockholders.
5 True/False Questions
An insurance company that is formed and domiciled under the laws of a particular state is an example of a(n): → Domestic Insurer
In order to be certified as an act of terrorism under the Federal Terrorism Act, property and casualty losses must exceed _________ in the aggregate: A. $500,000 ; B. $1,000,000 ; C. $3,000,000 ; D. $5,000,000 → D. Life insurance losses are not covered by the act.
An insurer that refuses to pay claims without conducting a reasonable investigation based upon all available information is guilty of: → Misrepresentation and False Advertising.
The unethical act of persuading a policyowner to drop a policy solely for the purpose of selling another policy is known as: → Call for a hearing. Usually, the ins. commissioner/director will first call for a hearing to review all sides of the alleged infraction.
Should an agent or adjuster have a change of address, the obligation to notify the state insurance dept. lies with: → The licensee. The person who holds the license is responsible to report the change of address to the state insurance dept.