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Home > Articles > Professional Certifications > Other Professional
␡- Exam Prep Questions
This chapter is from the book
This chapter is from the book
Exam Prep Questions
A mutual insurance company
is managed by an attorney-in-fact.
pays dividends to its stockholders.
is owned by its insureds.
is a voluntary association of individuals that shares in writing insurance contracts for a variety of risks.
A nonexclusive agent
represents a single insurance company.
works for a direct writer.
is an independent businessperson.
does not collect commissions.
Solicitors may not
issue or countersign policies.
sell insurance.
collect premiums.
sign an application.
At DEF Insurance Company, agents are employees of the company who are paid a salary plus commissions. This is an example of what type of insurance marketing system?
Independent
Direct writer
Direct response
Which insurance company department is responsible for accepting and rejecting applications based on company standards?
Underwriting
Loss Control
Claims
Agency
Which insurance company department is responsible for paying insureds' covered losses?
Audit
Claims
Underwriting
Reinsurance
Who is responsible for licensing insurance agents?
Lloyd's Associations
State insurance department
Interstate Commerce Commission
Insurance Services Office
Agent Blondell is offering a free television to every applicant who agrees to buy insurance through his agency. In most states, this is an illegal practice known as
rebating.
twisting.
misrepresentation.
failure of fiduciary responsibility.
J&M Industries does not have a group health insurance plan for its employees. Instead, it pays employees' medical expenses out of a fund specifically created for this purpose. This is an example of
fraternal insurance.
self-insurance.
reinsurance.
government insurance.
Which of the following statements concerning regulation of the insurance industry is correct?
The insurance industry is regulated exclusively by the federal government.
The insurance industry is very loosely regulated.
The state insurance department is responsible for controlling insurance matters within the state.
-The state insurance department serves only the interests of the insurance industry.
Which of the following is not one of the duties of an agent?
Making appropriate coverage recommendations to prospective customers
Writing the provisions of a customer's policy
Helping prospective customers complete the application
Assuring that customers understand the coverage they are purchasing
The written agency contract between an insurer and an agent constitutes the agent's
express authority.
implied authority.
assertive authority.
apparent authority.
The Excel Insurance Company is incorporated in the state of Tennessee. It is also authorized to do business in Georgia. In Georgia, Excel is known as what type of company?
Alien
Foreign
Domestic
Non-admitted
Can states require insurance companies to use certain forms or rates in connection with certain types of insurance?
No, that would be a violation of the principle of open competition.
No, they can only require that forms and rates be subject to prior approval.
No, insurers can always begin using forms and rates as soon as they are properly filed with the state.
Yes, some states have mandatory forms or rates for certain coverages.
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Home > Articles > Professional Certifications > Other Professional
␡- Exam Prep Questions
This chapter is from the book This chapter is from the book
This chapter is from the book
Exam Prep Questions
Property And Casualty Insurance License Exam Cram free. download full
A mutual insurance company
is managed by an attorney-in-fact.
pays dividends to its stockholders.
is owned by its insureds.
is a voluntary association of individuals that shares in writing insurance contracts for a variety of risks.
A nonexclusive agent
represents a single insurance company.
works for a direct writer.
is an independent businessperson.
does not collect commissions.
Solicitors may not
issue or countersign policies.
sell insurance.
collect premiums.
sign an application.
At DEF Insurance Company, agents are employees of the company who are paid a salary plus commissions. This is an example of what type of insurance marketing system?
Captive
Independent
Direct writer
Direct response
Which insurance company department is responsible for accepting and rejecting applications based on company standards?
Underwriting
Loss Control
Claims
Agency
Which insurance company department is responsible for paying insureds' covered losses?
Audit
Claims
Underwriting
Reinsurance
Who is responsible for licensing insurance agents?
Lloyd's Associations
State insurance department
Interstate Commerce Commission
Insurance Services Office
Agent Blondell is offering a free television to every applicant who agrees to buy insurance through his agency. In most states, this is an illegal practice known as
rebating.
twisting.
misrepresentation.
failure of fiduciary responsibility.
J&M Industries does not have a group health insurance plan for its employees. Instead, it pays employees' medical expenses out of a fund specifically created for this purpose. This is an example of
fraternal insurance.
self-insurance.
reinsurance.
government insurance.
Which of the following statements concerning regulation of the insurance industry is correct?
The insurance industry is regulated exclusively by the federal government.
The insurance industry is very loosely regulated.
The state insurance department is responsible for controlling insurance matters within the state.
-The state insurance department serves only the interests of the insurance industry.
Which of the following is not one of the duties of an agent?
Making appropriate coverage recommendations to prospective customers
Writing the provisions of a customer's policy
Helping prospective customers complete the application
Assuring that customers understand the coverage they are purchasing
The written agency contract between an insurer and an agent constitutes the agent's
express authority.
implied authority.
assertive authority.
apparent authority.
The Excel Insurance Company is incorporated in the state of Tennessee. It is also authorized to do business in Georgia. In Georgia, Excel is known as what type of company?
Alien
Foreign
Domestic
Non-admitted
Can states require insurance companies to use certain forms or rates in connection with certain types of insurance?
No, that would be a violation of the principle of open competition.
No, they can only require that forms and rates be subject to prior approval.
No, insurers can always begin using forms and rates as soon as they are properly filed with the state.
Yes, some states have mandatory forms or rates for certain coverages.
Related Resources
- Book $27.99
Property And Casualty Insurance License Exam Cram Free Download 2017
- eBook (Watermarked) $31.99
Property And Casualty Insurance License Exam Cram Free Download For Windows 7
- Book $39.99