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Life Insurance/ annuities 2-14 Questions and Answers Rated A+
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Life Insurance/ annuities 2-14 Questions and Answers Rated A+ Which of the following individuals MUST be licensed as an agent? A person who places insurance on behalf of anyone seeking insurance. Which of the following statements regarding a nonresident insurance agent is CORRECT? The agent must h...

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  • January 18, 2024
  • 20
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • life insurance annuities 2 14 questions and answe

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  • Life Insurance/ annuities 2-14
  • Life Insurance/ annuities 2-14

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Life Insurance/ annuities 2-14 Questions
and Answers Rated A+
Which of the following individuals MUST be licensed as an agent? ✔✔A person who places

insurance on behalf of anyone seeking insurance.




Which of the following statements regarding a nonresident insurance agent is CORRECT?

✔✔The agent must hold a similar license in their state of residence




State insurance laws specifically allow the Commissioner(or Director) to issue a temporary

license to which of the following individuals? ✔✔A surviving spouse of a deceased agent




A person is required to be AT LEAST how old before he or she is licensed as an agent in most

states? ✔✔18




Insurance agents must notify the Commissioner(or Director) of a change of home address within

a MAXIMUM of how many days? ✔✔30




An agent's license can be suspended or revoked by... ✔✔Writing primarily controlled business

,Which of the following activities will NOT result in the suspension of an agent's license.

✔✔Working for an foreign insurer.




All of the following will result in the suspension of an agent's license EXCEPT.... ✔✔Acting

with fiduciary responsibility




Which of the following acts is an agent NOT authorized to do on behalf of an insurer?

✔✔Authorize claim payments




According to state insurance law, while transacting insurance business, agents act as

representative of... ✔✔The insurer




An insurance broker is a representative of... ✔✔Insured




T is an agent and when hired, is reminded that he has a responsibility to handle clients' funds in

an honest and ethical manner. This responsibility is referred to as... ✔✔Fiduciary responsibility

, Insurance companies that are organized in countries outside the United States are referred to as...

✔✔Alien




An insurance company incorporated under the laws of the state in which its home office is

located is called a(n)_____ company ✔✔Domestic




If an insurance company is organized under the laws of New Jersey and licensed to do business

here, it is considered which of the following in Texas? ✔✔A foreign company




An insurance company that is incorporated in New Hampshire and does business in Florida is

defined in Florida as... ✔✔A foreign insurer




A foreign insurance company is one that is incorporated... ✔✔Under the laws of another state




In order for domestic, foreign, or alien insurance company to conduct business, it must be

authorized by whom? ✔✔The state where they are conducting business




A certificate of authority does which of the following? ✔✔Permits an insurance company to

transact business in that state

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