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5 Written questions

5 Matching questions

  1. An incorporated insurance company with its capital divided into shares is the definition of:
  2. 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.
  3. Although their liability is clear, B.B.S. Insurance Company routinely delays all claim payments for 90 days, and in doing so:
  4. An insurer that refuses to pay claims without conducting a reasonable investigation based upon all available information is guilty of:
  5. 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
  1. a They are guilty of an unfair claim settlement practice.
  2. b B. Greeting cards do not constitute a form of rebating. They are not something of commercial value.
  3. 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.
  4. d A stock company. A stock company is owned by its stockholders.
  5. e D. $5,000,000 in damages is the threshold for the act to apply.

5 Multiple choice questions

  1. D. Life insurance losses are not covered by the act.
  2. D. Declining to pay a claim that is not covered is not considered to be an unfair claims practice act. However, not responding promptly in the claim investigation is a violation.
  3. D. All of these are considered to be unfair claim practices.
  4. The Secretary of Treasury in concurrence with the Secretary of State, and the Attorney General of the U.S. certifies an act of terrorism.
  5. TWISTING--making unfair or inaccurate comparisons to induce a person to drop their current coverage.

5 True/False questions

  1. The responsibility of the federal government in regulating the insurance industry is limited to:Fair labor standards and anti-trust matters

          

  2. The department of insurance has been advised that an agent is guilty of an insurance code violation. The commissioner/department will:Call for a hearing. Usually, the ins. commissioner/director will first call for a hearing to review all sides of the alleged infraction.

          

  3. An insurer that distributes a statement that misrepresents the benefits, advantages, conditions, or terms of any insurance policy would be 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.

          

  4. Should an agent or adjuster have a change of address, the obligation to notify the state insurance dept. lies with:Call for a hearing. Usually, the ins. commissioner/director will first call for a hearing to review all sides of the alleged infraction.

          

  5. Which of the following would be considered an Unfair Trade Practice? Twisting? Rebating? Coercion? or All?D. All of these are considered to be unfair claim practices.