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Insurance
Chapter 3
| Question | Answer |
|---|---|
| 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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