5 Written questions
5 Matching questions
- An insurer that refuses to pay claims without conducting a reasonable investigation based upon all available information is guilty of:
- 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.
- An insurer that distributes a statement that misrepresents the benefits, advantages, conditions, or terms of any insurance policy would be guilty of:
- Which of the following would be considered an Unfair Trade Practice? Twisting? Rebating? Coercion? or All?
- 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.
- a Misrepresentation and False Advertising.
- b A. The act does not apply to federal crop insurance, personal insurance policies or life and health policies.
- c 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.
- d D. All of these are considered to be unfair claim practices.
- e All of these are considered to be a violation of the unfair trade practices.
5 Multiple choice questions
- The licensee. The person who holds the license is responsible to report the change of address to the state insurance dept.
- Domestic Insurer
- They are guilty of an unfair claim settlement practice.
- Must satisfy the insurance department that you are TRUSTWORTHY.
- Fair labor standards and anti-trust matters
5 True/False questions
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.
The department of insurance has been advised that an agent is guilty of an insurance code violation. The commissioner/department will: → Both federal & state government
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. → A. Acts of riot and civil commotion are not covered under this at. These perils are covered under most property insurance contracts.
The responsibility to regulate the insurance industry belongs to: → Fair labor standards and anti-trust matters
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.