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5 Written questions

5 Matching questions

  1. 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.
  2. Although their liability is clear, B.B.S. Insurance Company routinely delays all claim payments for 90 days, and in doing so:
  3. Which of the following would be considered an Unfair Trade Practice? Twisting? Rebating? Coercion? or All?
  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. $5,000,000
  5. The responsibility of the federal government in regulating the insurance industry is limited to:
  1. a They are guilty of an unfair claim settlement practice.
  2. b A. Acts of riot and civil commotion are not covered under this at. These perils are covered under most property insurance contracts.
  3. c D. $5,000,000 in damages is the threshold for the act to apply.
  4. d Fair labor standards and anti-trust matters
  5. e All of these are considered to be a violation of the unfair trade practices.

5 Multiple choice questions

  1. A stock company. A stock company is owned by its stockholders.
  2. Call for a hearing. Usually, the ins. commissioner/director will first call for a hearing to review all sides of the alleged infraction.
  3. A. The act does not apply to federal crop insurance, personal insurance policies or life and health policies.
  4. Misrepresentation and False Advertising.
  5. Both federal & state government

5 True/False questions

  1. 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.

          

  2. 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.

          

  3. 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.

          

  4. An insurer that refuses to pay claims without conducting a reasonable investigation based upon all available information is guilty of:Misrepresentation and False Advertising.

          

  5. 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.