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Insurance

Chapter 3

QuestionAnswer
A licensee may surrender his/her license: upon written notice to the Department of Insurance at any time.
The actuarial department is responsible for: using claims history, statistics and computer data to predict losses.
According to the qualifications of an insurer under the California Code a person can be any of the following EXCEPT: a human being at least age 16 who is competent and not intoxicated
Informational records must be kept a minimum of: 18 months
It is against the law for an insurance licensee to offer free insurance to: anyone as an incentive to acquire some other type of business.
Insolvency means: an insurer`s inability to meet its financial obligations when they are due
What is the difference between an admitted and a non-admitted insurer? An admitted insurer is a company that has met all of the qualifications designed by the DOI and has received a Certificate of Authority from the DOI to transact insurance in California, whereas a non-admitted insurer has not complied or been denied.
All of the following are examples of fiduciaries EXCEPT: Vendors
Commissioner may give an order that records be brought current within 60 days
A subsidiary formed to insure the parent company is called a(n): Captive insureradvertising,
The marketing/sales department is responsible for: advertising, promoting and distributing an insurer`s products to the public.
Which of the following is NOT true about the California Insurance Code and the California Code of Regulations. The CIC and the CCR are a complete guide to ethical behavior.
In order to update, add or change a statute a bill must be passed by the legislature and then presented to the governor. If the statute is passed, it will go into on the next January 1st
Records must be made available to the Commissioner: at all times
A Property and Casualty Agent is required to continue their education by completing: a total of 24 hours per license term.
For an agent or solicitor to be valid to transact requires: a proper license an appointment
Transacting via internet with a California resident would not require license expiration
When can a partnership continue if a new partner joins? After the department is notified within 30 days and the changes are approved
All Property and Casualty Broker/Agents are required by law to display to the public: Their license to sell insurance, displayed in a place where it can be easily seen.
________ refers to the inability of the insurer to meet its financial obligations when they are due. Insolvency
An agent or broker may charge an extra fee for services above and beyond what are considered normal duties. Which of the following is NOT considered an extra service? Application paperwork
Appointments are terminated: license fees paid late by either agent or insurer termination of license
Every licensee shall prominently put their license number on all of the following except: Phone book listing in the white pages
Which of the following is not a person under the Code? A family
Agents must keep good records and make them available to the DOI for a period of: 5 years
If a license is in the possession of the insurer or the licensee`s employer, the licensee may surrender his/her license: after written notice is delivered to the Commissioner.
Which of the following is NOT a valid reason for the Commissioner to deny the use of a name when filing with the Insurance Commissioner? The name is politically connected to the government.
Commissioner can suspend a permanent license without a hearing, except: client co-signing a loan
Every applicant for a license to act as an agent must have filed with the Commissioner: a notice of appointment to do business in the state.
An organization ceases to exist as an entity eligible to hold a license upon all of the following EXCEPT: upon the termination of a key employee.
If someone has a Life Agent Combo and a Property/Casualty license for 10 years, then how many CE hours would be required in the current license term? 24 hours
After providing an opportunity for a hearing, the Commissioner may deny an application for a license based on the following reasons EXCEPT: the applicant is disabled
Created by: jmlawry
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