PSI LIFE ACCIDENT AND HEALTH LONG Study Guide Graded A
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Course
NU1426
Institution
NU1426
PSI - LIFE, ACCIDENT, AND HEALTH - LONG Study Guide Graded A+
Which of the following is TRUE regarding nonadmitted insurers?
1.
A felony is committed by the agent in the state of a nonadmitted insurer.
2.
Acting as an agent for a nonadmitted insurer is considered a misdemeanor.
3.
The age...
PSI - LIFE, ACCIDENT, AND HEALTH - LONG
Study Guide Graded A+
1). Which of the following is true regarding nonadmitted insurers?
1.
a felony is committed by the agent in the state of a nonadmitted insurer.
2.
acting as an agent for a nonadmitted insurer is considered a misdemeanor.
3.
the agent shall pay $1,000 in addition to any fees involving the commission of a felony.
4.
specific penalties shall be determined by the insurance commissioner on a case by case
basis.
Ans: Acting as an agent for a nonadmitted insurer is considered a misdemeanor.
2). Which of the following is true regarding the use of fictitious names for business?
1.
fictitious names do not need to be reported like actual personal or business names.
2.
the actual and fictitious business names must be registered with the commissioner.
3.
the licensee may register 3 or more fictitious names in addition to their real name the first
year.
4.
a licensee may continue to use for 10 days a fictitious name prohibited by the
commissioner until notification.
Ans: The actual and fictitious business names must be registered with the
commissioner
3). Which is true regarding a life and health agent who has not been specifically appointed by
the insurer?
1.
the insurer is obliged to accept the application for underwriting from the life agent.
2.
if a policy is issued, the agent is required to forfeit any commission unless appointed.
3.
the insurer is required to report the agent appointment within 21 days of the policy issue.
4.
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, if a policy is issued, the insurer is considered to have authorized the agent to act on its
behalf.
Ans: If a policy is issued, the insurer is considered to have authorized the agent to act
on its behalf
4). A claimant can be any of the following except
1.
any person who asserts a right of recovery under a surety bond.
2.
a person who is conducting an investigation of a claim on behalf of an insurer.
3.
any person authorized by operation of law to represent the claimant.
4.
an attorney.
Ans: a person who is conducting an investigation of a claim on behalf of an insurer
5). Which is an inaccurate statement regarding coverage for domestic partnerships?
1.
a group health policy shall provide equal coverage for registered domestic partners.
2.
a policyholder may not require that a domestic partnership be registered to qualify for
coverage.
3.
a policy shall not cover a domestic partner if it is unequal to the coverage provided to the
spouse of an employee, insured, or policyholder.
4.
equal coverage shall be offered to the registered domestic partner of an employee, insured,
or policyholder in terms as those provided to a spouse.
Ans: A policyholder may not require that a domestic partnership be registered to
qualify for coverage.
6). Which is an inaccurate statement on the purpose and intent of the insurance information
and privacy protection act?
1.
the act enables applicants and policyholders to obtain reasons for adverse underwriting
decisions.
2.
the act permits disclosure of insurance underwriting information and claim history records.
3.
the act grants persons access to information collected in order to verify or dispute its
accuracy.
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