5 Written questions
5 Matching 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.
- Which of the following is a requirement for obtaining an agent's or adjuster's license?
- 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:
- Although their liability is clear, B.B.S. Insurance Company routinely delays all claim payments for 90 days, and in doing so:
- a Both federal & state government
- b A. Acts of riot and civil commotion are not covered under this at. These perils are covered under most property insurance contracts.
- c D. All of these are considered to be unfair claim practices.
- d They are guilty of an unfair claim settlement practice.
- e Must satisfy the insurance department that you are TRUSTWORTHY.
5 Multiple choice questions
- Fair labor standards and anti-trust matters
- Call for a hearing. Usually, the ins. commissioner/director will first call for a hearing to review all sides of the alleged infraction.
- D. $5,000,000 in damages is the threshold for the act to apply.
- D. Life insurance losses are not covered by the act.
- Domestic Insurer
5 True/False questions
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.
An incorporated insurance company with its capital divided into shares is the definition of: → Domestic Insurer
Which of the following is NOT considered to be an unfair claims practice? A. Misrepresenting pertinent facts or uninsured policy provisions relating to coverages at issue? B. Refusing to pay claims without conducting a reasonable investigation based upon all available information, C. Attempting to settle claims on the basis of an application that was altered without notice to or the knowledge of the insured, D. Failing to honor an uncovered claim. → All of these are considered to be a violation of the unfair trade practices.
An act of terrorism must be "certified" to be such an act by: → The Secretary of Treasury in concurrence with the Secretary of State, and the Attorney General of the U.S. certifies an act of terrorism.
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. → A. Acts of riot and civil commotion are not covered under this at. These perils are covered under most property insurance contracts.