Idaho Statutes, Rules, And Regulations Common to All Lines with Complete Solutions

When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. In reality, it's financial health is terrible, and the company will soon have to file for bankruptcy. Which of the following terms best describes the advertisement? - ANSWER-False financial statement A producer has completed 30 hours of continuing education for the current licensing period. That six hours in excess of the required minimum. How many hours may the producer carryover for the next licensing.? - ANSWER-Zero hours CE hours cannot be carried over All of the following could be considered rebates if offered to an insured in the sale of insurance except - ANSWER-Dividends from a mutual insurer. An individual currently licensed in South Carolina just moved to Idaho. In order to avoid a pre-licensing examination, how soon after establishing legal residence should she apply for a resident license? - ANSWER-90 days If an insurance premium is paid by the policy owner to the agent, and the agent fails to remit that premium to the insurer, which of the following statements is true? - ANSWER-The policy will not lapse since payment to the agent is the same as a payment to the insurer. Any licensed person whose activities affect interstate commerce and who knowingly makes false material statements related to the business of insurance may be imprisoned for up to - ANSWER-10 years If an applicant for an insurance producer license has been denied licensing, how long must the applicant wait to reply to a license? - ANSWER-1 year After an insurer receives an itemized bill related to a valid motor vehicle policy claim, it must be paid within - ANSWER-20 days An agreement that is enforceable by law is known as a(n) - ANSWER-Legal Contract A participating insurance policy may do which of the following? - ANSWER-Pay dividends to the policyowner. A participating insurance policy will pay dividends to the owner based upon actual mortality cost, interest earned and costs. In any case where there is a controversy or dispute between the insurance company and the insured, the soliciting agent is the agent of the - ANSWER-company If a producer receives a large sum of money (over $2000) in the form of cash that is not payable to the insurer or the policy owner, within what time. Must a producer deposit the money into a fiduciary fund account? - ANSWER-3 Business days Who might receive dividends from a mutual insurer? - ANSWER-Policyholders Which of the following terms describes making false statements about the financial condition of any ensure that are intended to injure any person engaged in the business of insurance? - ANSWER-Defamation What is the maximum penalty for habitual willfull noncompliance with the fair credit reporting act? - ANSWER-$2,500 Which of the following is an agreement between an insured and an insurer, where the insurer agrees to indemnify the insured for specific losses in exchange for a premium? - ANSWER-insurance contract When the director conducts an examination of alien insurers, what is the typical extent of the examination? - ANSWER-Transactions occurring in the US only Which of the following authorities has the power to approve or disapprove an application for a certificate of authority? - ANSWER-Director of Insurance For a producer to share his commission with another producer, which of the following mu