Connecticut Adjuster Study Guide Exam And Actual Answers.
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Course
Connecticut Insurance Claims Adjuster License
Institution
Connecticut Insurance Claims Adjuster License
When does the Connecticut adjuster license expire? - Answer Every two years on June 30th (of odd years) Renews on July 1.
What is the penalty for impersonating someone to take an exam? - Answer $4,000 and up to 6 months in jail.
What does the CT Insurance Information and Privacy Protect...
Connecticut Adjuster Study Guide Exam
And Actual Answers.
When does the Connecticut adjuster license expire? - Answer Every two years on June 30th (of odd
years) Renews on July 1.
What is the penalty for impersonating someone to take an exam? - Answer $4,000 and up to 6 months
in jail.
What does the CT Insurance Information and Privacy Protection Act deal with? - Answer Disclosure or
sale of personal information.
What regulates the Insurance industry? - Answer Laws and the Department of Insurance investigations
and inquiries.
Business penalty?
Adjuster penalty? - Answer Business that adjust claims in CT without a license could be fined.
Adjusters who adjust claims in CT without a license can be fined or jailed.
Penalty for misrepresentation or concealment of info regarding the policy? - Answer Fined up to
$15,000
What is a representation? - Answer A statement made about yourself that your insurance
application/binder is then made on the premise of.
What is misrepresentation? - Answer Making false statements about yourself, typically on the
insurance application.
What is concealment? - Answer Withholding material facts (can be done by the insured OR insurer)
, What is Insurance? - Answer Insurance transfers the risk of loss from an individual or business entity to
an insurance company, where the insurer agrees to pay for specified losses in return for premium dollars.
What is a Binder? - Answer Temporary evidence of coverage (based on the insured representation of
themselves.)
When does an insurance policy become active? - Answer 12:01am on the effective date.
What is a fiduciary? - Answer Person or organization holding the funds or property of another in
position of trust.
What is needed to insure a vehicle? - Answer A person or company needs an insurable interest.
What is the duty of the Commissioner of Insurance? - Answer See that the insurance laws are executed
and the public interest is protected.
What is an Assigned Risk Plan? - Answer Pools similar risk groups and says a company must take on a
percentage of high risk (bad driver) policies.
Types of Insurance Companies? - Answer -Stock companies
-Mutual companies
-Lloyd's Companies
-Self Insured
What is a mutual company? Example? - Answer Owned by its policy holders. They share in the profits
and losses in the form of lower premiums.
Example: Liberty Mutual
What is a stock company? Example? - Answer Owned by the shareholders or stockholders.
Example: Geico
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