Guaranty fund Study guides, Class notes & Summaries

Florida Life and Health Insurance Practice Questions with Certified Solutions Within how many days must a licensee notify the Department of Financial Services of a change in address? 30 All of the following entries are classified under the four principal areas of Florida insurance law EXCEPT... An agent's commission Which of the following factors is NOT considered when the Department of Financial Services determines if an agent's home is an insurance agency? The amount of premium collected ...

MARYLAND STATE REAL ESTATE CERTIFICATION PRACTICE EXAM 2024| 50 QUESTIONS COMPLETE WITH EXPLAINED ANSWERS Which of these is NOT a power of the Maryland Real Estate Commission? Which of the following is true regarding claims made against the Guaranty Fund?

Broker - correct answer According to the insurance law, who is the principal? 90 days - correct answer An application as a resident agent must be made in how many days if an individual establishes a principal place of residence within Pa from another state? a temporary license - correct answer issued for 180 days for surviving spouse, surviving inactive officer or partner, legal representative. Can be used upon death or incompetency of producer, or when individuals are serving in the milit...

An insurer must obtain the following from the commission's before transacting insurance business - Answer-certificate of authority The guaranty fund provides coverage for unpaid health insurance claims up to: - Answer-$300,000 The commissioner may: - Answer-fine a Producer $10,000 for violating a Cease and Desist order The commissioner must inspect the records of a domestic property or life insurance company Every: - Answer-3 years An insurer may pay commissions directly to the agen...

DC LICENSING EXAM – STATE QUESTIONS WITH VERIFIED SOLUTIONS The DC commission can impose civil fines for license law violations. Each violation may garner a fine up to ______. $5,000 Joan began a court case against a DC licensee who misrepresented a property, resulting in a financial loss for Joan. At this point, does Joan need to make any notifications to the mayor? Yes, Joan must notify the mayor within 30 days of the date she began her action DC licensee Jenna presented her ...

DC Real Estate License Exam Questions and Answers Already Passed In addition to disciplinary sanctions imposed by the DC Real Estate Commission, licensees may face a(n) ________ if the attorney general files for one in superior court. Injunction How often do DC real estate licensees contribute to the Guaranty and Education Fund? Upon initial licensure and at every license renewal Typically, a panel oversees a hearing for a DC license law violation rather than the full real estate ...

CE Practice DC Questions with Verified Solutions Dean's brokerage firm adopted an electronic transaction management system. Which of the following statements is true about brokerage policies related to the system? System permissions are on a need-to-know basis and passwords are required. Mary's been a salesperson in DC for two years. She's currently building her own professional website. In addition to her broker's contact information, what must she include on the site per DC re...

Mass State Life Insurance Exam Questions and Answers Already Passed Which of the following describes a participating life insurance policy? A participating life policy is one in which the policyowner receives dividends deriving from the company's divisible surplus What type of reinsurance contract between two insurers involves an automatic sharing of the risks assumed? Under treaty reinsurance, each party automatically accepts specific percentages of the insurer's business. At wh...

DC Real Estate Law Latest Update with Verified Solutions Purpose of the DC Real Estate Commission To protect the public from incompetent and fraudulent practices Commission Members 9 members. 3 real estate brokers. 2 salespersons. 2 Property Managers. 1 attorney. 1 consumer member. Commission terms 3 years. Max of 3 consecutive 3 year terms commission membership Requirements Active license in DC. Actively engaged in their field at least for the 5 years prior to appointm...

Personal Lines Insurance Practice Exam Questions and Answers Graded A+ Bobby, age 16, borrows his parents' car without their permission and gets into an accident. Which of the following statements about coverage under the parents' personal auto policy is CORRECT? A) Bobby is covered by his parents' policy because he is included in the definition of named insured. B) Bobby is not covered for this accident because he used the car without permission. C) Bobby is not covered because i...