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HI Common Law

Practice Exam

QuestionAnswer
As an insurance producer, you represent: Insurers
All are duties of Commissioner: - Examine domestic insurers - Issue Cease and Desist orders - Protect the public
Domestic insurers must be audited (examined) by the Commissioner: Every 3-years
All of the following are requirements for obtaining a resident producer's license: - Attaining age 18 and domiciled in Hawaii - Being competent and trustworthy - Passing the exam and paying non-refundable fee
In authorizing an insurer to transact business in Hawaii, the Commissioner is: Allowing that company to legally do business in this state
The insurer must notify the Commissioner of a producer's appointment within ____ days or receiving their first application: 15
To obtain a Hawaii producer's license as a nonresident, you must: Have a similar license in your home state
A producer who is found guilty of a single unintentional violation of Unfair Trade Practice Regulations may be fined up to: $1,000
All of the following are considered to be misuses of Trustee funds: - Remitting a return premium to an insured 60-days after the producer received it from the insurer - Reflecting a premium received as a business asset on the producer's financial statement - Commingling customer accounts with your own personal funds
Which of the following would be considered to be a rebate: Offering to give part of the commission to a customer as an inducement to buy
Of $100,000 in premiums producer Smith wrote over the past year, $60,000 came from sales to Smith's family members. This is... A violation of the "controlled" business regulations
Which of the following would not be considered an Unfair Claims Settlement Practice: Refusing to pay a claim after conducting a proper investigation
Insurers must respond to claims communications: Within 15 working days
If a producer or insurer is found to have violated an insurance law, the Commissioner may do all of the following: - Notify the public prosecutor - Impose a monetary fine - Revoke the violator's license
Which of the following is considered to be rebating: Offering Super Bowl tickets as an inducement to a sale
All are true regarding producer appointments: - A producer may be appointed with multiple insurers - Company's may appoint individuals, partnerships or corporations - A producer must hold at least one appointment
All are true regarding a producer's license: - License must be renewed every 2-years - Licensees must inform the Commissioner of an address change within 30-days - Producers must satisfy CE requirements in order to renew their license
Which type of insurer may pay dividends to policyholders: Mutual
No foreign insurer shall transact insurance in this state without a: Certificate of Authority
After a hearing, the Commissioner finds an insurer knew they were in violation of UTPR, he may issue a Cease and Desist order and impose a max total fine of: $50,000
An example of Defamation, which is an UTPR, is: Misstating the financial condition of an insurer or producer
All are true about "foreign" insurance companies: - They are domiciled in another state - They need a Cert of Auth in their home state - They may pay commissions to Hawaii producers
All are true about the State Guaranty Association: - It assists in the detection of insurer insolvencies - If pays covered claims of insolvent companies - All authorized insurers must participate
Which of the following is not one of the duties of the Commissioner: Making rates
Which type of government is primarily concerned with regulating insurance: State
Which of the following correctly defines an "alien" insurer doing business in Hawaii: One formed under the laws of another country, but holding a Cert of Auth in Hawaii
A producer who procures a license for the principal purpose of obtaining insurance for herself, her family members employees is violating the regulations concerning: Controlled business
Which is not prohibited under UTPR: Readjusting group premiums based on l
Created by: junior8o8
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