5 Written questions
5 Matching questions
- 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.
- Although their liability is clear, B.B.S. Insurance Company routinely delays all claim payments for 90 days, and in doing so:
- Which of the following would be considered an Unfair Trade Practice? Twisting? Rebating? Coercion? or All?
- 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
- The responsibility of the federal government in regulating the insurance industry is limited to:
- a They are guilty of an unfair claim settlement practice.
- 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. $5,000,000 in damages is the threshold for the act to apply.
- d Fair labor standards and anti-trust matters
- e All of these are considered to be a violation of the unfair trade practices.
5 Multiple choice questions
- A stock company. A stock company is owned by its stockholders.
- Call for a hearing. Usually, the ins. commissioner/director will first call for a hearing to review all sides of the alleged infraction.
- A. The act does not apply to federal crop insurance, personal insurance policies or life and health policies.
- Misrepresentation and False Advertising.
- Both federal & state government
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): → A stock company. A stock company is owned by its stockholders.
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.
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.
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: → TWISTING--making unfair or inaccurate comparisons to induce a person to drop their current coverage.