The Aftermarket Is Quizlet
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Which of the following statements is true about the Commissioner’s examinations? A. Each examination must make available all the documents requested for examination B. The commissioner has the opportunity to examine all home insurance.
The Aftermarket Is Quizlet
Which of the following is correct regarding pre-licensing requirements? A. A producer applicant must complete 80 hours of license training for life, casualty and health B. A producer applicant must complete 40 hours for Property and Casualty.
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Regarding concealment or fraud along with a standard fire policy, which is NOT correct? A. If the insured conceals or falsifies any material fact of coverage just before the loss, the entire policy is void B. If the insured conceals or falsifies any material fact of coverage after the loss, the entire policy is void.
Which of the following is NOT an unfair claims practice? A. Not paying a claim before receiving proof of loss B. Asking an insured to sue by offering less than the amount due
Which of the following is false regarding the financial requirements that apply to insurance in Connecticut? A. Equity life insurance must have $1,000,000 in capital and $2,000,000 in surplus B. Mutual life insurance must have $2,000,000 in surplus.
Which of the following statements is false regarding license renewal? A. Producer licenses expire every 2 years (every two years) on the producer’s date of birth B. Nomination of underwriters is not required for producer licenses to remain valid.
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Which of the following statements is false regarding information practices notices? A. The Notice of Information Practices must be provided only annually B. The Notice of Information Practices must inform the applicant or policyholder of their right to access and correct their personal information.
Which of the following is NOT acceptable regarding disclosure of personal information? A. Disclosure is made to a marketing organization B. Disclosure is made to a medical care organization or medical professional.
Which of the following statements is correct about certified insurance consultants? A. A certified insurance advisor may receive a commission in addition to his fee B. A certified insurance advisor must have a written agreement with the client that specifies the fee and what advice he must provide.
Which of the following are part of the legal responsibility to maintain an insurance license? A. A producer must notify the Commissioner of a change of name or address within 30 days. B. A producer must notify the Commissioner of a change of name or address within 60 days.
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Which of the following is correct regarding temporary leave? A. A temporary license may be issued to the surviving spouse of a disabled or deceased producer B. The duration of the temporary license may not exceed 90 days Which of the following statements is NOT correct regarding the Certificate of Authority? A. A certificate of authority will not be issued to a foreign or foreign-owned insurance company B. Certificates of authority are renewed every two years before May 1.B Which of the following statements is correct about quit orders? A. After a hearing, if the Commissioner determines that a person is in violation of the insurance law, a copy of the findings and a Cease and Desist Order will be issued B. Violation of a cease and desist order may result in a penalty of up to $25,000 per violation What is the minimum amount of notice an insurer must give a policyholder before canceling a personal policy for nonpayment of premiums? A. 10 days B. 30 days Which of the following types of policies does NOT exclude coverage for losses caused by fire or other risks resulting from acts of terrorism? A. Master policy purchased by a chain of clothing stores B. Master policy purchased by a condominium associationb Regarding nonpayment of premiums, which of the following statements is false? A. When the producer’s check is returned and within 30 days of receipt of such refund, the insurer must notify the commissioner within 30 days of receipt of such refund B. Failure to remit premiums may result in suspension of the producer’s license. does not have a Certificate of Authority for this insurance: A. If it is a limited line insurance B. If it concerns the person’s property or person b. In case of death as a result of an accident arising from the job or as a result of an occupation. illness, the amount provided for burial expenses is: A. $4,000 B. 4. $500 Regarding the FAIR Plan, which of the following is false regarding agents? A. Agents have binding authority B. Agents can handle applications and assist applicants if the applicant has tried to secure coverage with a standard insurance policy and can confirm that they have been unable to obtain such coverage. Which of the following statements is false? A. Losses must be paid within 10 days of receipt of proof of loss B. Losses are paid within 30 days of receipt of proof of loss. Who is not exempt from continuing education requirements? A. Personal line producer b. Certified Insurance Consultant Which of the following statements is false regarding hearings? A. The commissioner may revoke or suspend the license without an opportunity for a hearing. B. Fungi, wet rot or dry rot; Viruses or Bacteria; Electrical appliances, consequential losses, steam appliances, frozen plumbing, dishonesty, pollution and negligence are excluded. ‘Compensation? A. Benefits are 50% of the difference when a worker is partially disabled by injury B. Benefits are 75% when a worker is totally disabled by injuryBBRegarding aftermarket parts regulations, which of the following statements is false. ? A. Spare parts not manufactured by the original manufacturer may not be used B. The insurer must clearly identify that spare parts not manufactured by the original manufacturer must be usedWhich of the following is true of the Home Business Endorsement HO 07 01? A. Insurers may review and audit an insured’s records regarding this coverage for up to 3 years after the end of the policy term. B. The assets of others under the care of the insured are excluded. Which of the following statements is correct regarding acting as an agent? A. An insurance producer cannot act as an insurance agent unless that producer is appointed with the insurer B. A corporation licensed as an insurance producer can act as an insurance producer without an appointment by an insurer Which of the following is true regarding binders ? A. The link must be made in writing B. The link cannot last more than 60 days.B After the personal policy has been in force for 60 days, the policy cannot be canceled: A. Because the insured changes his profession B. A sudden change in risk significantly increasing the risk. Which of the following statements is NOT correct about commissions? A. An insurer or producer may pay commissions (other than those prohibited) to an insurance agency or to persons who do not sell, solicit or negotiate insurance B. An insurer or producer may not assign commissions. The commission may be revoked, suspended or denied. license renewal for all of the following except: A. Provided sufficient coverage to a customer by express authority B. Certified insurance advisor What is the notice requirement if an insurer fails to renew an auto policy? a. at least 60 b. at least 30a How many credit hours of continuing education must an agent with a life and health or real estate license complete each renewal period? A. 24 (with 3 hours in ethics) B. 24 (with 2 hours in ethics) a
Use the notes you took while reading this lesson to write a paragraph identifying and summarizing different views about intelligence.
Evaluate the following argument: “Adam Smith’s analysis of the market system is based on a fundamental error: it assumes that people are motivated by self-interest. But this is not true. I’m not selfish, and most people I know aren’t.’
The law firm of Furlan and Benson accumulates costs associated with individual cases using a job order costing system. The following transactions occurred during July: July 3 Billed Obsidian Co. for 175 professional (attorney) hours for trial preparation at $150 $150 $150 per hour. 10. Reimbursement of travel expenses to employees for depositions related to the Obsidian case, $12,500$12,500$12,500. 14. They billed 260 hours of labor time for the obsidian test at $185$185$185 per hour. 18. Received bill from Wadsley and consultants