Exam (elaborations)
Arizona Life Insurance Exam - Insurance Regulations
Arizona Life Insurance Exam - Insurance Regulations
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Arizona Life Insurance Exam -Insurance Regulations
Cease and Desist - -To stop or discontinue
-Coercion - -Forceful act or threat aimed to influence a person to act against
his or her will
-Commission - -Payment to the agent by the insurance company for placing
insurance, usually a percentage of the policy premium
-Director - -The head of the state Department of Insurance
-Exempt - -Not subject to an obligation
-Home State - -A state in which an insurer is organized and has its main
place of business
-Inducement - -An offer that attempts to influence the other party
-Injunction - -A court issued order to stop committing an act or violation
-Insolvent - -Unable to meet financial obligations
-Procure - -Obtain
-Statute - -A formal written law enacted by legislature, insurance _______s
can be found in the state Insurance Code
-License Application Requirements - --Must be 18 years old
-File an application with the Director
-Pay the appropriate license fee
-Have not committed any act that is grounds for denial
-Pass each examination which is required for the license being sought
-Exam Attempts - -A candidate for a producer license may have 4
______________ in a 12-month period. After those 4, any ______________ must
be after a year
-Documentation - -Candidates for a license must provide legal _____________
that they may be in the United States by federal law
-Lines of Authority - -The __________________ are:
-Life
, -Accident and Health or Sickness
-Property
-Casualty
-Variable Life and variable annuity products
-Personal Lines
-Credit
-Life - -Coverage on human lives, including benefits of endowment and
annuities, and may include benefits in the event of death or dismemberment
by accident and benefits for disability income
-Accident and Healthy or Sickness - -Coverage for sickness, bodily injury or
accidental death and may include benefits for disability income
-Property - -Coverage for the direct or consequential loss or damage to
property of every kind
-Casualty - -Coverage against legal liability, including liability for death,
injury, disability or damage to real or personal property
-Variable Life and Variable Annuity Products - -Coverage provided under a
variable life insurance contract or a variable annuity
-Personal Lines - -Property and casualty insurance coverage that is sold to
individuals and families for noncommercial purposes
-Credit - -Limited line credit insurance
-Producer - -An insurance ________ is a person who is licensed to sell, solicit
or negotiate insurance (must have a license)
-Non-resident Producer - -A ____________________ may be licensed in AZ
without taking a written exam if the agent is:
-In good standing in his or her current state
-The applicant otherwise complies with all provisions in AZ
-The state in which the person resides accords the same privilege to
residents of AZ
-The appropriate official in their home state signs off
-Adjuster - -Anyone who adjusts, investigates or negotiates the settlement
of claims arising under insurance contracts for a fee (must have a license)
-Life Settlement Broker - -Person who, for compensation, solicits,
negotiates, or offers to negotiate a life settlement contract. They represent
only the policyowners, and have a fiduciary duty to the owners to act
according to their instructions and in their best interest (must have a license)
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