General Insurance Flashcards
(38 cards)
All of the following are included as definitions of “transact” as applied to insurance EXCEPT:
Underwriting
Which is considered nonpublic personal information as defined by the California Financial Code?
Tax return
Which of the following terms refers to any evidence or documentation in the possession of the insurer that provides any evidence of a claim and that reasonably supports the magnitude or the amount of the claimant loss?
Proof of claim
An “insurance agent” means a person authorized, by and on behalf of an insurer, to transact which of the following class of insurance?
Annuities
When can a person act as an agent of the insurer?
When the insurer has filed with the commissioner a notice of appointment
ALL of the following are TRUE regarding the process to change the California Code of Regulations EXCEPT:
The Office of Administrative law (OAL) may substitute its own judgment for that of the rule-making agency
A policy shall specify all of the following EXCEPT
the method in which the coverage amount was calculated.
All of the following define insolvency EXCEPT
Revocation of certificate of authority by the commissioner
What is the maximum fine for a person who transacts insurance without a valid license?
$50,000 and/or imprisonment for period not exceeding one year
Which of the following is a party to a contract of insurance bound to communicate EXCEPT
Those which the other would know by retaining a consultant with specialized knowledge in insurance matters
Which of the following actions is considered part of the insurance sales process?
Transaction of matters subsequent to execution of the contract and arising out of it.
If fiduciary funds are received by any licensee, the funds shall be maintained in any of the following EXCEPT
bonds issued in all 50 states of the United States
How is an insurance policy defined
The written instrument, in which a contract of insurance is set forth.
According to the Administrative Procedures Act, what is required to make changes to the California Insurance Code?
The Department of Insurance is required to publish proposed changes at least 45 days prior to the hearing or decision to adopt the change
where shall an express warranty be made?
in the policy itself
which of the following is TRUE regarding advertisements or printed matter used by an agent or broker?
The printed material must accurately show the relationship between the agent or broker and the agency
When may a surplus line broker solicit and place insurance for a home state insured with a nonadmitted insurer?
if the same insurance coverage cannot be procured from an admitted insurer
when should an agent provide an applicant the effective date of coverage, if known, or the circumstances under which coverage will be effective?
at the time of application or receipt of premium
As used in the insurance code, the word “shall” is mandatory and the word “may” is permissive EXCEPT
Unless otherwise apparent from the context
A claimant can be any of the following EXCEPT
a person who is conducting an investigation of a claim on behalf of an insurer
Which is TRUE regarding a life and health agent who has not been specifically appointed by the insurer?
If a policy is issued, the insurer is considered to have authorized the agent to act on its behalf
An agent or representative who issues long term care insurance mudt do all of the following EXCEPT
Complete a total of 10 hours of continuing education if licensed before January 1st, 2002
Which circumstances in a pretext interview determine if the questions are permissible?
When an insured is consulted by a person who hide his true identity on purpose when fraud for a claim is suspected
which of the following provisions of free insurance offered as an incentive to purchase or rent property is TRUE?
It requires a separate charge or fee.
