NAME

Question types


Start with


Question limit

of 20 available terms

Advertisement Upgrade to remove ads
Print test

5 Written questions

5 Matching questions

  1. An incorporated insurance company with its capital divided into shares is the definition of:
  2. Which of the following would be considered an Unfair Trade Practice? Twisting? Rebating? Coercion? or All?
  3. The responsibility of the federal government in regulating the insurance industry is limited to:
  4. 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.
  5. 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.
  1. a A. Acts of riot and civil commotion are not covered under this at. These perils are covered under most property insurance contracts.
  2. b A stock company. A stock company is owned by its stockholders.
  3. c Fair labor standards and anti-trust matters
  4. d A. The act does not apply to federal crop insurance, personal insurance policies or life and health policies.
  5. e All of these are considered to be a violation of the unfair trade practices.

5 Multiple choice questions

  1. The licensee. The person who holds the license is responsible to report the change of address to the state insurance dept.
  2. They are guilty of an unfair claim settlement practice.
  3. Call for a hearing. Usually, the ins. commissioner/director will first call for a hearing to review all sides of the alleged infraction.
  4. D. Life insurance losses are not covered by the act.
  5. B. Greeting cards do not constitute a form of rebating. They are not something of commercial value.

5 True/False questions

  1. 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.

          

  2. Which of the following is a requirement for obtaining an agent's or adjuster's license?Must satisfy the insurance department that you are TRUSTWORTHY.

          

  3. 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.

          

  4. 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.

          

  5. The responsibility to regulate the insurance industry belongs to:Both federal & state government

          

Create Set