Chapter 17 State Specific Portion: Common To Life And A&h Insurance Regulation
- 1.A license that willfully violates the Insurance code is subject to:
- A.
Criminal and administrative penalties
- B.
Criminal sanctions
- C.
Administrative penalties
- D.
A felony
- 2.Dan, a licensed life producer, wrote a policy that covers the life of his brother. Since the policyowner was related, Dan refunded the commission earned on this policy to him. This is considered to be:
- A.
An acceptable business practice
- B.
An Unfair claims Settlement practice
- C.
An Unfair Trade practice
- D.
An unfair Discrimination
- 3.One of the requirements for receiving an insurance advisor’s license is filing for a _____ bond.
- A.
$1,000
- B.
$2,000
- C.
$5,000
- D.
$10,000
- 4.A producer who omits a statement which may mislead or deceive the persons addressed has committed?
- A.
Defamation
- B.
Twisting
- C.
Coercion
- D.
D. Misrepresentation
- 5.Within the State of Maryland, health Organizations are regulated only by the:
- A.
Maryland insurance Administration and the Department of Health and Mental Hygiene
- B.
Department of Health and Mental Hygiene
- C.
Department Office of Aging
- D.
Maryland Insurance Administration
- 6.All of the following events will terminate a producer’s Certificate of Appointment EXCEPT:
- A.
A new Commissioner is put into office
- B.
A producer’s license expires and is not renewed
- C.
A termination is issued by the appointing insurer
- D.
A producer’s license is suspended or revoked by the Department of Insurance
- 7.Fair discrimination is allowed. Unfair discrimination is not. Select the choice that is considered, “Unfair”.
- A.
Requiring a 23 year old male to pay more for being a substandard risk
- B.
Requiring certain persons in the same classification to pay more for coverage
- C.
Requiring a higher Life Insurance premium for a person involved in a hazardous occupation
- D.
Permitting a 50 year old male to pay a lower premium for Health Insurance than a 50 year old female
- 8.The Commissioner must examine the affairs, transactions,accounts, records, and assets of each domestic insurer at least every:
- A.
3 years
- B.
5 years
- C.
2 years
- D.
1 years
- 9.Which of the following people would receive a commission from the sale of a policy?
- A.
The consultant who found the agent for the client
- B.
The agent who took the client’s application
- C.
A retired agent who recommended the client to the agent
- D.
One of the agent’s clients who referred the customer
- 10.When an authorized insurance company receives a claim from a covered insured they must complete the investigation of the claim:
- A.
Within 15 days
- B.
Promptly
- C.
Within 90 days
- D.
Within 30 days
- 11.The head of the Maryland insurance Administration is:
- A.
The Lt. Governor
- B.
The Government
- C.
The commissioner
- D.
The Deputy Commissioner
- 12.Which of the following is a true statement?
- A.
The Commissioner is elected by the majority of the Senate
- B.
The Commissioner should advise the Governor on all matter regarding insurance
- C.
The Commissioner shall serve a term of 6 years
- D.
The Commissioner is entitled to a payment from the State Insurance Fund
- 13.Insurance trade practices are regulated by whom?
- A.
The SEC
- B.
The Federal Trade Commission
- C.
The State
- D.
The NASD
- 14.A licensed insurance producer represents which of the following?
- A.
The Insurer
- B.
The Department of insurance
- C.
The national Association of Insurance Commissioner
- D.
The consuming public
Questions: 8 | Attempts: 4132 | Last updated: Jan 2, 2013
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