Exam (elaborations)
California Laws and Ethics Pertinent to Insurance
California Laws and Ethics Pertinent to Insurance
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California Laws and Ethics Pertinent toInsurance
- ANS-
$5,000 - ANS-According to the California Insurance Code, what is the maximum penalty
per violation for anyone who unwillfully commits an unfair method of competition?
$1,000
$5,000
$7,000
$10,000
30 days - ANS-Any changes in background information that occur after a producer
application has been submitted or a license has been issued MUST be reported to the
Insurance Commissioner within
10 days,20 days,30 days,40 days
5 years - ANS-How long must life agents keep their transaction records?
3 years
4 years
5 years
6 years
A contract - ANS-According to the California Insurance Code, what is "insurance"?
A contract
A transfer
A hazard
An agreement
A person compensated for transacting insurance on behalf of another person with an
insurer - ANS-What is an "insurance broker" according to California Insurance Code?
A person who offers or attempts to negotiate life settlement contracts between an owner
and providers
A person authorized to assist a broker or agent in transacting insurance
A person compensated for transacting insurance on behalf of another person with an
insurer
A person who requires a license and charges a fee to review an insured's existing life or
disability policy.
, Admitted - ANS-What is the insurance term the State of California uses for an insurer
that is eligible to transact business in this state?
Eligible,Admitted,Authorized,Valid
Admitted - ANS-When an insurer has met the qualifications necessary to transact
business in California, it is said to be
Qualified
Valid
Admitted
Authorized
Advising a claimant to hire an attorney - ANS-Which of the following is NOT considered
to be an unfair claims settlement practice?
Advising a claimant to hire an attorney
Failing to provide an reasonable basis for the denial of a claim upon request
Failing to adopt and implement reasonable standards for prompt investigation and
procession of insured's claims
Misrepresenting to insureds pertinent facts or policy provisions relating to coverage at
issue
At all times - ANS-Insurance agents and brokers must make their insurance records
available to the Commissioner
Only during the first month of the year
Only during the last month of the year
Only at the agent/broker's convenience
At all times
Claimant - ANS-A person who asserts a right of recovery under an insurance policy is
called
Tertiary
Claimant
Insured
Agent
Conservation - ANS-An agent's attempt to stop the replacement of an existing life
insurance policy is known as
Preservation
Prevention
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