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5 Written Questions

5 Matching Questions

  1. The unethical act of persuading a policyowner to drop a policy solely for the purpose of selling another policy is known as:
  2. An insurer that distributes a statement that misrepresents the benefits, advantages, conditions, or terms of any insurance policy would be guilty of:
  3. 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.
  4. All of the following are considered acts of rebating except: A. An agent provides an all-expenses paid cruise to a client and his wife in exchange for writing the coverage on his national chain of restaurants; B. An agent sends holiday greeting cards to all the clients on his mailing list; C. An adjuster receives a monthly check from an auto body repair shop for recommending the repair shop to clients who have a claim; D. All of these situations are considered acts of rebating.
  5. Should an agent or adjuster have a change of address, the obligation to notify the state insurance dept. lies with:
  1. a The licensee. The person who holds the license is responsible to report the change of address to the state insurance dept.
  2. b B. Greeting cards do not constitute a form of rebating. They are not something of commercial value.
  3. c D. Life insurance losses are not covered by the act.
  4. d Misrepresentation and False Advertising.
  5. e TWISTING--making unfair or inaccurate comparisons to induce a person to drop their current coverage.

5 Multiple Choice Questions

  1. The Secretary of Treasury in concurrence with the Secretary of State, and the Attorney General of the U.S. certifies an act of terrorism.
  2. 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.
  3. A. The act does not apply to federal crop insurance, personal insurance policies or life and health policies.
  4. Fair labor standards and anti-trust matters
  5. Both federal & state government

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.D. All of these are considered to be unfair claim practices.

          

  2. 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. $5,000,000D. Life insurance losses are not covered by the act.

          

  3. An incorporated insurance company with its capital divided into shares is the definition of:A stock company. A stock company is owned by its stockholders.

          

  4. 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.

          

  5. An insurer that refuses to pay claims without conducting a reasonable investigation based upon all available information is guilty of: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.

          

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