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Maryland Laws and Rules Ch. 12 Questions and answers with 100% Complete solutions | verified &updated 2024 | Graded A+ $13.24   Add to cart

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Maryland Laws and Rules Ch. 12 Questions and answers with 100% Complete solutions | verified &updated 2024 | Graded A+

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Maryland Laws and Rules Ch. 12 Questions and answers with 100% Complete solutions | verified &updated 2024 | Graded A+

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  • October 29, 2024
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Maryland Laws and Rules Ch. 12
Questions and answers with 100%
Complete solutions | verified &updated
2024 | Graded A+

ABC Insurance Agency is entering each applicant who purchases

insurance through their agency into a drawing to win a free trip. This is an

unlawful insurance practice known as...




a. illegal inducement


b. false advertising

c. concealment


d. fraud - ✔✔illegal inducement




A producer does NOT have a fiduciary responsibility to...




a. insurers

,b. insureds

c. applicants


d. the Guaranty Association - ✔✔the Guaranty Association




Which of the following is NOT considered to be an act of fraud?




a. collecting a premium for insurance that is not provided


b. collecting a charge for insurance that is less than the charge applicable to that

insurance


c. misappropriate or unreasonably withhold premiums or returned premiums


d. willfully collecting a premium that exceeds the amount of the actual premium -

✔✔collecting a charge for insurance that is less than the charge applicable to

that insurance




The act of using misrepresentation to induce an insured person to terminate an

existing policy and purchase a new policy is referred to as

, a. twisting


b. subrogation

c. a life settlement


d. coercion - ✔✔twisting




The standard grace period for a life insurance policy sold in Maryland is




a. 15 days


b. 30 days


c. 45 days


d. 60 days - ✔✔30 days




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