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Personal Lines EVERYTHING Questions with Solutions
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Personal Lines EVERYTHING
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Personal Lines EVERYTHINGThe North Carolina Commissioner of Insurance, referred to in the text as the
Commissioner, is elected to a _______ year term during each general election. There is
no limit on the number of terms the Commissioner may seek office. - answer4 years
The commissioner is empowered to investigate what? - answerto investigate and
conduct hearings on any insurance matter in the state including conducting an oral
examination and investigation of persons suspected to be involved in unfair competition
or deceptive practices.
The NCDOI must examine the records of each Domestic Insurer at least once every
___ years. - answer5 years
If a licensee is convicted for any crime other than a motor vehicle infraction, the licensee
must notify the Commissioner within _____ days after the conviction. - answer10 days
Each licensee must also give written notification to the NCDOI of any change to their
residential address or e-mail address within______ days of the change. Failure to
provide the information may result in the licensee having to pay a $____ administrative
fee to the NCDOI. - answer-10 Days
-$50.00
Persons suspected of violations of North Carolina insurance law must be given _____
days notice prior to the date of any hearing. The notice must state the reason for the
hearing and the charges under investigation by the Commissioner. - answer10 Days
Embezzlement of money received is punishable as a FELONY. If the amount
embezzled is $100,000 or more it is a Class __ felony. If the amount is under $100,000
it is a Class ___ felony. The - answer-Class C
-Class H
Anyone who willfully misstates information in a financial statement required by law is
guilty of perjury. The person or entity that made the misstatement is subject to a fine of
between $_____and $_____. - answer$2,000 and $10,000
A license may be suspended for a period of ___to___ months for a first offense and
____ year for any further offenses. - answer-1 to 6 Months
-1 Year
Complaint Records:
,These records must be retained for at least ____ years after the final disposition of the
complaint. - answer5 years
No insurer may refuse to insure or refuse to continue to insure an individual, limit the
amount, extent, or kind of coverage available to an individual, or charge an individual a
different rate for the same coverage, SOLELY because of blindness or partial blindness
or deafness or partial deafness. True or False. - answerTrue
When an insurer requires a written proof of loss, the proof of loss form must be
furnished by the insurer to the insured within _____ days after the receipt from the
insured having given notice of a pending claim. - answer15 days
If any person assumes to act either as principal or licensee without license as required
by law the person is deemed guilty of a _______. - answerClass 1 Misdemeanor
Can insurers or insurance producers offer insurance products through a credit card
facility? - answerNo they can not
The Commission must meet at least ____times per year. - answer4 times
A Broker must purchase a Surety Bond for no less than $______ per line of authority. -
answer$15,000
Every Insurance producer who solicits or negotiates an application for insurance of any
kind in any controversy between the insured or his beneficiary and the insurer is
regarded as representing whom? - answerthe insurer and not the insured or his
beneficiary.
Every Insurance Broker who solicits an application for insurance of any kind in any
controversy between the insured or his beneficiary and the insurer issuing any policy
upon such application is regarded as representing whom? - answerthe insured or his
beneficiary and not the insurer.
A licensee must report to the Commissioner any administrative action taken against him
or her in another state or by another government agency in North Carolina within
______ days after the final disposition of the matter. Within ________ days after the
initial pretrial hearing date, a licensee must report to the Commissioner any criminal
prosecution taken in any state. - answer30 days
An insurer cannot accept an insurance application from an individual who is not
currently appointed to that insurer.
An insurer must report to the Commissioner the names of all appointed insurance
producers and pay the prescribed appointment fee within ______ days of the first
application for insurance. Appointments must be renewed annually by _______. -
answer-15 days
,-April 1st
Any licensee who ceases to maintain his or her residency in North Carolina must deliver
his insurance license or licenses to the Commissioner by personal delivery or by mail
within _____ days after terminating residency. - answer30 days
The Commissioner may issue a temporary insurance producer license for a period of
____ days or longer for good cause without requiring examination. - answer180 days
The Commissioner may issue a learner's permit authorizing the applicant to act as an
adjuster for a learning period of _____days without a requirement of any other license.
Not more than one learner's permit may ever be issued to one individual. - answer90
days
If any person knowingly or willfully makes a false or fraudulent statement on any
application for insurance, or makes any such statement for the purpose of obtaining any
monetary benefit from any company engaged in the business of insurance in North
Carolina, is guilty of a ______ - answerClass 1 Misdemeanor.
Insurance producers who signs any blank contract or policy of insurance is guilty of a
Class 3 Misdemeanor and, upon conviction, will be punished by a fine of $______ to
$_____. - answer$1,000 to $5,000
A Class 1 Misdemeanor has a penalty of $1,000 - $5,000 and/or an imprisonment for
_____days but no more than ___ year. - answer-30 days
-1 year
An insurer or insurance producer must provide a "_______________" to all applicants
or insured parties involved with the insurance transactions during the time of
application. - answerNotice of Insurance Information Practices
What did the Federal Fair Credit Reporting Act of 1971 Establish? - answerestablished
the right of a consumer to know what information has been collected on him or her.
What did the Federal Privacy Act establish? - answerestablished the requirement that
personal information collected by the insurance industry could not be given to any other
party without the consent of the affected party.
The Disclosure Authorization Form will remain valid from the date signed for ____
months for Property or Casualty Insurance applications. - answer12 months
Within ___________ business days from the date when the written request was
received from an individual to correct recorded personal information, the insurer must
(a) correct, amend or delete the recorded personal information in dispute; or (b) notify
the individual of the refusal to make the requested changes. - answer30 business days
, Within ___________ days of the notice date from the insurer of an adverse underwriting
decision, the applicant may request the insurer furnish within _____ business days the
specific reason for the adverse decision if not initially furnished in writing and specific
items of personal and privileged information that support those reasons. - answer90
days
21 business days
Any person who violates a Cease and Desist Order issued by the Commissioner is
subject to a fine of $______ for each violation with a maximum of $_______.Also, the
violator's license may be suspended or revoked by the Commissioner. - answer-
$10,000
-$50,000
Any person who obtains information about an individual from an insurer, insurance
producer or ISO under false pretenses will, upon conviction, be guilty of a _______. -
answerClass 1 Misdemeanor
Any person who willfully violates a Cease and Desist Order of the Commissioner after it
has become final and while such order is in effect will forfeit and pay a fine for the use of
PUBLIC SCHOOLS of the violation a sum of $_____to$_____. - answer$1,000 to
$5,000
A person who attempts to obtain anything of value from another by false pretenses with
intent to cheat, embezzle or defraud is guilty of ________ - answerClass H felony
All licensees are required to complete _________ hours of NCDOI approved CE every
___ years - answer24 hours and 2 years
CE is due by the LAST DAY of the MONTH OF THE LICENSEE' BIRTHDAY in each
compliance period. True or False - answerTrue
every resident licensee must complete a minimum ____ hour "Ethics" course approved
by the NCDOI in EACH compliance period. - answer3 hour
All Property, Casualty, Personal Lines or Adjuster licensees must complete a minimum
____hour "Flood" course approved by the NCDOI in EVERY OTHER compliance
period. - answer3 hour
The licensee may, within ___days after the end of his or her compliance period,
complete the CE requirements and request a reinstatement of the license and pay a
$_____reinstatement fee to have his or her license reinstated. - answer120 days
-$75.00
A licensee may request a ____ day extension of his or her normal compliance period
from the NCDOI by completing the appropriate request form and paying a $___ fee.
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