Idaho Rules & Regulations Questions and Answers Already Passed

Idaho Rules & Regulations Questions and Answers Already Passed What is considered the purpose of the Guaranty Association? “Protect insureds from insolvent insurers” An insurance company that has qualified and received a Certificate of Authority from the Department of Insurance to sell insurance in this state is called a(n): “Authorized insurer” Replacing an insurance policy from one insurer to another based on misrepresentation is called: “Twisting” An insurance company that is owned and controlled by stockholders is what kind of company? “Stock insurance company” Making an oral or written statement that is intended to injure a person engaged in the insurance business is called: “Defamation” Any inducement offered to the insured in the sale of insurance products that is not specified in the policy is called: "Rebating" Before a licensed is issued, a person must be how old? "18 years old" A person who is not a legal resident of this state may be licensed to act in this state without taking a written examination. What kind of license would this be? "Nonresident" The Director of Insurance along with the Department of Insurance are responsible for: "Administering Idaho's insurance laws" A person required to be licensed pursuant to the laws of this state to sell, solicit or negotiate insurance is called a(n): "Producer" Every producer licensed in Idaho must notify the Director of Insurance within __ days of any change of address: "30" A temporary license in Idaho is valid for a maximum of __ days: "180" Before a licensed producer is eligible to transact insurance sales, they must be: "Appointed by an insurance company" In conjunction with an Idaho insurance license renewal, how many hours of continuing education is the requirement? "24 hours every 2 years" The Director of Insurance serves a term of __ years. "4" The Director of Insurance is REQUIRED to examine admitted insurers AT LEAST every: "5 years" An insurance producer is BEST defined as: "A person who has a contract with an insurance company to represent it" Falsifying the terms, benefits, advantages, or conditions of an insurance policy is an example of: "Misrepresentation" When an insurance appointment with an producer is terminated, the party that must notify the producer of the termination is the: "Insurer" (insurance company) What is a certificate of authority? "The license required for an insurer to conduct business in the state" An example of an alien insurer would be: "An insurer formed according to the legal requirements of another country" In the state of Idaho, a licensed producer: "Represents the insurer" Under Idaho law, the agreement