Insolvency procedures - Study guides, Revision notes & Summaries

What is the procedure regarding change of address for a licensee? - CORRECT ANSWER-The commissioner must be notified immediately of any change in the personal, business, or email address. What is the punishment for a person who refuses to deliver books, records, or assets to the commissioner when subject to a seizure order in an insolvency proceeding? - CORRECT ANSWER-Not more than $1000 fine and/or 1 year imprisonment An agent or representative who issues long term care insurance must NO...

What is the procedure regarding change of address for a licensee? - ANSWER The commissioner must be notified immediately of any change in the personal, business, or email address. What is the punishment for a person who refuses to deliver books, records, or assets to the commissioner when subject to a seizure order in an insolvency proceeding? - ANSWER Not more than $1000 fine and/or 1 year imprisonment An agent or representative who issues long term care insurance must NOT do the fo...

Chapter 15 Code and Ethics Questions and answers latest update All of the following are considered duties of the California Insurance Commissioner, except: A - Set insurance rates B - Keep all papers as required by law C - Structure and control insolvency procedures D - Regulate the internal affairs of the Department of Insurance A - Set insurance rates The Commissioner does not set rates. Upon receiving a request for records, insurers and/or agents must deliver the records to th...

The California Insurance Code - ANSWER-The Insurance Code is the set of statutes enacted by the state legislature which regulate the business of insurance in California. The Commissioner does not have the authority to change the Insurance Code; only the state legislature has the authority to write or amend the Insurance Code. The Department of Insurance and the Insurance Commissioner are a primary source of consumer protection activities in California, and the general purpose of the Code is defi...

Conduct and Practices Handbook (CPH) Exam 136 Questions with Answers Duty of care - CORRECT ANSWER This refers to obligation #3 of registered representative (RR) about acting honestly, in good faith, and in a professional manner. This is a requirement to provide advice to clients with those attributes in mind along with the proper skills and knowledge to do so. It is important to note that the standard of care provided is not a standard of perfection. RRs are usually held to this standard muc...

Auction Exam Questions With 100% Correct Answers Absentee Bid - answerA procedure that allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or auction company. The particular rules and procedures of absentee bids are unique to each auction company. Absentee Bidder - answerA person (or entity) tha...

PSI Life, Accident, Health Practice Exam - Questions and Answers Which of the following is TRUE of the conversion privileges for the insured in group life insurance? 1 The coverage amount without proof of insurability can be changed. 2 The option to name a new beneficiary can be exercised by the owner. 3 The owner can change the ownership of the policy but not the name of a beneficiary. 4 The policy can be transferred into an endowment or liquidated for its proceeds by the owner. ALL of the fo...

PSI CA Insurance Test Questions and Answers Passed with 100% What is the procedure regarding change of address for a licensee? - Answer ️️ -The commissioner must be notified immediately of any change in the personal, business, or email address. What is the punishment for a person who refuses to deliver books, records, or assets to the commissioner when subject to a seizure order in an insolvency proceeding? - Answer ️️ -Not more than $1000 fine and/or 1 year imprisonment An agent...

What is the procedure regarding change of address for a licensee? - CORRECT ANSWER-The commissioner must be notified immediately of any change in the personal, business, or email address. What is the punishment for a person who refuses to deliver books, records, or assets to the commissioner when subject to a seizure order in an insolvency proceeding? - CORRECT ANSWER-Not more than $1000 fine and/or 1 year imprisonment An agent or representative who issues long term care insurance must...

Auction Exam Questions With 100% Correct Answers Absentee Bid - answerA procedure that allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or auction company. The particular rules and procedures of absentee bids are unique to each auction company. Absentee Bidder - answerA person (or entity) tha...