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Insurance

Chapter 2

QuestionAnswer
In which system is the agent considered an employee? Direct writing system
When dealing with insurance in connection with sales or loans, violating the legal provisions specified by California law is considered a misdemeanor
Which of the following statements about insurance in connection with sales or loans is TRUE? No person involved in the business of financing the purchase of real estate may require the purchase of insurance through a specific agent as part of the requirements in the purchase.
The following acts are unlawful and are misdemeanors in California except when performed by a surplus lines broker EXCEPT: In any manner, advertising for an admitted insurer in this state.
The underwriting process consists of all of the following basic steps except: Issue the rate
Which of the following is NOT an action a person performs when transacting insurance? Calling an insurer for a price quote
A solicitor holds which license? Either P&C broker-agent or Personal lines broker-agent
Which of the following is a responsibility of the insured in an insurance contract? Give true statements and information on the application.
A person licensed as a broker/agent shall be deemed to be: acting as an insurance agent in the transaction of insurance placed with those for whom a notice of appointment has been filed with the Commissioner
Any person who transacts insurance without a valid license is guilty of a misdemeanor, punishable by a fine not exceeding ______. $50000
If an agent gives incorrect advice or unknowingly provides incorrect information to the client, which of the following liability insurance policies for nonmedical professionals is available to pay for losses or defend lawsuits that might be filed against him? Errors and Omissions
Monitoring of existing risks is: post-selection
Binders can be extended how many additional days? 60 days
Which of the following is NOT a source of information an underwriter might use to investigate an application in order to approve or reject it? Department of Industrial Relations
An insurer not authorized to conduct business in California would be a non-admitted insurer,either of these, an unauthorized insurer
Which of the following is NOT a type of authority given to agents? Customary authority
There are no binders issued in: excess of 1 million life insurance in health insurance
A _____________ licensee is authorized to transact ONLY the following lines of insurance: Automobile, recreational vehicles (noncommercial purposes), personal watercraft, residential property, earthquake, flood, inland marine, umbrella (excess liability). personal lines
The application is the document that states the name of the insured, the premium, and other facts that help the insurer decide whether to accept or reject it.
Which of the following is not true about the relationship between an agent and a solicitor? An agent or broker cannot transact as a solicitor, but a solicitor can transact as a broker or agent.
Law of agency is the relationship between: agent and principal
Which of the following actions would not be considered transacting insurance? Handing a prospect a business card and asking them for information
Which of the following would not require a license? Insurance Adjuster
In a legal relationship, which authority does a principal (company) give the agent in writing? Express authority
Which marketing system does the insurer not own the expiration list? An independent agency
Errors and omissions is a type of liability insurance: that agents use to protect themselves if they give incorrect advice or information to a client.
An insurance agent is appointed to transact: all are incorrect all classes of insurance all lines except 24hr care all lines of insurance
In which of the following marketing distribution systems does the agent represent more than one insurer and more than one company? Independent agency
A broker can transact all of the following EXCEPT: Life, health, and disability insurance
A lender does have the right to provide insurance or renew the insurance and charge a transaction fee if the borrower fails to deliver proof of insurance at least ____ days before the policy expires. 30
The application is the document that: states the name of the insured, the premium, and other facts that help the insurer decide whether to accept or reject it.
Created by: jmlawry
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