Compliance Quiz #7 (5/29/14)

10 Questions

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Compliance Quiz #7 (5/29/14)

Questions and Answers
  • 1. 
    Where can you find a list of ineligible risks for a homeowners line 70?
    • A. 

      Rules and Rates

    • B. 

      Homeowner's Policy Jacket

    • C. 

      Risk Management Policy

    • D. 

      Ineligible Risks Database

  • 2. 
    True or False: When declaring proof of prior auto insurance, you do not need to send in proof until you are solicited from RMBC. 
    • A. 

      True; RMBC will solicit on the 1st and 15th of every month.

    • B. 

      False; proof of prior auto insurance must be faxed in the same day you issue the policy.

  • 3. 
    How many days does an agent have to fax in Legal Trailing Documents before they are considered outstanding?
    • A. 

      14 Days

    • B. 

      The same day the Trailing Document is generated in the system

    • C. 

      7 Days

    • D. 

      180 Days

  • 4. 
    What underlying Motorcycle Bodily Injury limits must a customer carry in order to qualify for a PUP?
    • A. 

      250/500

    • B. 

      300/300

    • C. 

      100/300

    • D. 

      50/100

  • 5. 
    A Husband, Wife and the wife's mother all live in the same household and are all licensed drivers.  If the Husband and Wife are the owner's of all vehicles, can the wife's mother be left off the policy if she doesn't drive the vehicles?
    • A. 

      No, all licensed drivers in the household must be listed on the policy

    • B. 

      Yes, only drivers who drive the cars need to be listed on the policy

    • C. 

      Yes, because the wife's mother does not own any of the vehicles

    • D. 

      Yes, as long as the agent obtains a signed letter from the customer requesting it.

  • 6. 
    True or False:  The RMBC will ownly pursue for ITV when the difference between the replacement cost on the policy and the inspector's replacement cost is 5% or greater.
    • A. 

      True

    • B. 

      False

  • 7. 
    If an agency is selected for a POSIS review they are in the bottom _____% of agents in the region.
    • A. 

      10

    • B. 

      5

    • C. 

      1-2

    • D. 

      2-3

  • 8. 
    Under our Standard Auto Line 10 policy, physical damage coverage cannot be written on:
    • A. 

      Collector Vehicles

    • B. 

      Vehicles with a salvage title

    • C. 

      Vehicles over 30 years old

    • D. 

      All of the above

  • 9. 
    Which of the following would not qualify under our Line 70 homeowner's policy?
    • A. 

      A home with 2 layers of shingles on the roof

    • B. 

      A home with an unfenced pool

    • C. 

      A home with a wood pile stacked in the yard

    • D. 

      A and B

    • E. 

      All of the above

  • 10. 
    How often must an agent perform remittance?
    • A. 

      Every day by close of business

    • B. 

      Every Friday by close of business

    • C. 

      Every time a payment is received

    • D. 

      On the 15th of each month