Compliance Quiz #5 (5/15/14)

10 Questions

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Compliance Quiz #5 (5/15/14)

Questions and Answers
  • 1. 
    If an agency declares prior insurane information and indicates the customer owns property, what additional documentation is required?
    • A. 

      Proof of Homeownership

    • B. 

      Property CCDB hit validating ownership of property

    • C. 

      No additional documentation is required

    • D. 

      A signed letter from the customer stating they own the property.

  • 2. 
    True or False:  When making changes to the new business PQB, a letter from the prior carrier's agent will be acceptable.
    • A. 

      True; A letter from the prior carrier's agent is acceptable.

    • B. 

      False; Acceptable documentation must be obtained from the prior carrier Claims Department, Underwriting or Customer Service

  • 3. 
    If a husband, wife and son all live in the same household, an Allstate agent can write the son's solely-owned vehicle on the parent's policy.
    • A. 

      Yes, as long as the son is under the age of 30.

    • B. 

      No, the son must be listed on his own Allstate policy

    • C. 

      Yes, but only if the son is over 18 years of age

    • D. 

      Yes, as long as the son is enrolled in Drive Wise.

  • 4. 
    An AFCIC auto policy can be re-written into a new AFCIC auto policy.
    • A. 

      No

    • B. 

      Yes, only if the customer qualifies for a better rate

    • C. 

      Yes, if the customer wishes to change package plans

    • D. 

      Yes, only if the customer initiates the request.

  • 5. 
    True or False:  You may reorder the CR (Consumer Report) on an application as many times as you would like when quoting a policy.
    • A. 

      True, duplicate hits on the CR do not affect POSIS scores.

    • B. 

      False, this causes a duplicat hit which will reflect on your POSIS score

  • 6. 
    If an agency is selected for a POSIS review, they are in the bottom _____% of agents in the region.
    • A. 

      2-3

    • B. 

      10

    • C. 

      5

    • D. 

      1-2

  • 7. 
    It is OK to delete a driver on an auto policy when: (Choose all that apply)
    • A. 

      The driver is insured with another carrier. Narrative must include the new insurer and policy number.

    • B. 

      The driver is out of household and you have a new PO Box number

    • C. 

      The driver has been staying at Grandma's house for the last week.

    • D. 

      The driver voluntary surrendered their license due to poor eyesight.

    • E. 

      The driver flunked English class and his/her parents took away driving privileges.

  • 8. 
    Where can you find out if a customer qualifies for a Standard Line 10 auto policy based on their driving record?
    • A. 

      Rules and Rates

    • B. 

      Risk Managment Policies

    • C. 

      Line 10 Auto Policy Jacket

    • D. 

      There are no driving record based guidelines for Line 10 auto.

  • 9. 
    On a homeowner's policy, the RMBC will only pursue for Insurance to Value (ITV) when the difference between the replacement cost on the policy and the inspector's replacement cost is _____% or greater
    • A. 

      10

    • B. 

      50

    • C. 

      5

    • D. 

      100

  • 10. 
    Is Allstate required to send a point-of-sale FCRA notice when a quote is created in the system?
    • A. 

      Yes; but only when it is a standard Line 10 auto quote.

    • B. 

      It depends on the Pre-Qualifying Business (PQB) results returned

    • C. 

      Yes; FCRA notices are sent with every quote.

    • D. 

      No; if you are able to offer the consumer a quoted (i.e. price) in a standard company, no point-of-sale FCRA notice is sent, regardless of whether the policy is written.