Copy Of Washington Regulation Quiz

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  • 1/491 Questions

    What is the Fair Credit Reporting Act Purpose?

    • A. Establishes Procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant and properly used. 
    • B. Protects consumers against the circulation of inaccurate/obsolete personal/financial information.
    • C. Protects against discrimination
    • D. Both A and B are correct.
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About This Quiz

This quiz, titled 'Copy of Washington Regulation Quiz', assesses knowledge on the Fair Credit Reporting Act (FCRA), focusing on its purpose, types of reports, and liabilities for violations. It is designed to enhance understanding of consumer rights and legal responsibilities in credit reporting.

Copy Of Washington Regulation Quiz - Quiz

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  • 2. 

    Reports fall into what categories?

    • A. Consumer Reports

    • B. MIB Reports

    • C. Investigative Consumer Reports

    • D. Both A and C

    Correct Answer
    A. D. Both A and C
    Explanation
    Consumer reports and investigative consumer reports are two distinct categories of reports. Consumer reports provide information about products and services to help consumers make informed decisions. Investigative consumer reports, on the other hand, gather information about individuals' character, reputation, and personal characteristics for employment or insurance purposes. The correct answer, D, indicates that reports can fall into both categories, suggesting that some reports serve the purpose of providing consumer information while others focus on investigating individuals.

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  • 3. 

    Investigative Consumer Reports:

    • A. Information obtained through the MIB

    • B. Information obtained through an investigation and interviews with associates, friends, neighbors and neighbors.

    • C.  Reports cannot be made unless the consumer is advised in writing about the the report within 3 days of the date the report was requested.

    • D. Both options B and C.

    Correct Answer
    A. D. Both options B and C.
    Explanation
    The correct answer is D. Both options B and C. This means that investigative consumer reports can include information obtained through an investigation and interviews with associates, friends, neighbors, as well as reports cannot be made unless the consumer is advised in writing about the report within 3 days of the date the report was requested.

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  • 4. 

    Someone unknowingly violating the Fair Credit Reporting Act (FCRA) is liable for?

    • A. Any lawsuits brought upon the insurance company

    • B. For equal loss and attorney fees

    • C. Lawsuit fees against the insured

    • D.

    Correct Answer
    A. B. For equal loss and attorney fees
    Explanation
    If someone unknowingly violates the Fair Credit Reporting Act (FCRA), they are liable for equal loss and attorney fees. This means that they would be responsible for compensating any losses suffered by the affected party, as well as covering the legal expenses incurred by the plaintiff in pursuing legal action. This is to ensure that individuals are held accountable for any violations of the FCRA, even if they were unaware of the act's provisions.

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  • 5. 

    Knowingly obtaining information information on a consumer from a Consumer Reporting Agency under false pretenses you may...

    • A. Be fined up to $2,500

    • B. Be fined, $1,000 and imprisoned for 2 years.

    • C. Be imprisoned up to 2 years. 

    • D. Be fined $2,500 and imprisoned for up to 2 years.

    Correct Answer
    A. C. Be imprisoned up to 2 years. 
    Explanation
    Knowingly obtaining information on a consumer from a Consumer Reporting Agency under false pretenses is a violation of privacy and can be considered as fraud. In such cases, the individual may be subject to imprisonment for a maximum period of 2 years. This punishment is meant to deter individuals from engaging in fraudulent activities and protect the privacy and security of consumers' information.

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  • 6. 

    Under FCRA if a policy is declined or modified because of the information obtained in a consumer or investigative consumer report, the consumer must:

    • A. Be notified within 30 days

    • B. Be notified immediately

    • C. Both A and D

    • D. Be notified and provided with the name and address of the reporting agency. 

    Correct Answer
    A. D. Be notified and provided with the name and address of the reporting agency. 
    Explanation
    Under the FCRA, if a policy is declined or modified based on information from a consumer or investigative consumer report, the consumer must be notified and provided with the name and address of the reporting agency. This requirement ensures that consumers have access to the information used in the decision-making process and allows them to address any inaccuracies or disputes directly with the reporting agency. Providing this information is essential for transparency and consumer protection.

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  • 7. 

    Consumer reports cannot contain:

    • A. Medical history and criminal records

    • B. Bankruptcies more than 10 years old, civil suits, records of arrests, convictions of crimes.

    • Negative information (delinquencies, late payments, insolvency, or any other form of default).

    • D. Both options B and C

    Correct Answer
    A. D. Both options B and C
    Explanation
    Consumer reports cannot contain bankruptcies more than 10 years old, civil suits, records of arrests, convictions of crimes, and negative information such as delinquencies, late payments, insolvency, or any other form of default. Therefore, the correct answer is D, which states that both options B and C are not allowed in consumer reports.

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  • 8. 

    If activity jeopardizes insurer, the punishment can be up to? 

    • A. 7 years

    • B. 10 years

    • C. 5 years

    • D. 15 years

    Correct Answer
    A. D. 15 years
    Explanation
    If an activity jeopardizes the insurer, the punishment can be up to 15 years.

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  • 9. 

    If embezzlement is less than $5,000 prison time may be reduced to...

    • A. 5 years

    • B. 1 year

    • C. 2 years

    • D. 3 years

    Correct Answer
    A. B. 1 year
    Explanation
    If the embezzlement amount is less than $5,000, the prison time may be reduced to 1 year. This suggests that there is a specific threshold for the severity of the crime, and if the amount embezzled is below that threshold, the punishment is less severe.

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  • 10. 

    Federal law makes it illegal for any individual convicted of a crime involving dishonesty, breach of trust or a violation of the violent crime control and law enforcement act of 1994 to work in the business of insurance affecting interstate commerce without receiving a letter of consent from an insurance regulatory official, this is...

    • A. Title 18

    • B. Title 48

    • C.1033 Waiver

    • D. Section 1034

    Correct Answer
    A. C.1033 Waiver
    Explanation
    The correct answer is C. 1033 Waiver. This is because a 1033 Waiver refers to the specific provision in federal law that allows individuals convicted of crimes involving dishonesty, breach of trust, or a violation of the violent crime control and law enforcement act of 1994 to work in the insurance industry affecting interstate commerce, provided they receive a letter of consent from an insurance regulatory official.

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  • 11. 

    Section 1034...

    • A. States that the Attorney General may bring a civil action in the appropriate U.S. district court against any person who engages in conduct that is in violation of Section 1033 of not more than $50,000 for each violation, or the amount of compensation the person received as a result of the prohibited conduct, whichever is greater.

    • B. Civil Penalties and injunctions for violations of section 1033

    • C. Options both A and B

    • D. There is no Section 1034

    Correct Answer
    A. C. Options both A and B
    Explanation
    The correct answer is C because it states that the Attorney General may bring a civil action in the appropriate U.S. district court against any person who engages in conduct that is in violation of Section 1033 and imposes penalties and injunctions for violations of Section 1033. Therefore, both options A and B are correct.

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  • 12. 

    What is the Code of Washington?

    • A. Title 48

    • B. Title 248

    • C. Title 50

    • D. Title 68

    Correct Answer
    A. A. Title 48
    Explanation
    The Code of Washington refers to the codified laws of the state of Washington. It is a collection of statutes that have been enacted by the Washington State Legislature. The correct answer is A. Title 48 because it indicates that Title 48 of the Code of Washington contains the relevant laws for the state of Washington.

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  • 13. 

    What is the Washington Administrative Code (WAC)?

    • A. Title 68

    • B. Title 48

    • C. Title 50

    • D. Title 284

    Correct Answer
    A. D. Title 284
  • 14. 

    How long is the Commissioner's term in Washington?

    • A. 2 years

    • B. 4 years

    • C. 5 years

    • D. 6 years

    Correct Answer
    A. B. 4 years
    Explanation
    The Commissioner's term in Washington is 4 years. This means that once elected, the Commissioner will serve a 4-year term before having to run for re-election. This allows for stability and continuity in the position, as well as providing enough time for the Commissioner to implement their policies and initiatives.

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  • 15. 

    Commissioner's main duties are?

    • A. To regulate insurance companies

    • B. To solicit insurance

    • C. Issue cease and desist orders

    • D. Administration and enforcement of the rules of the Insurance Code.

    Correct Answer
    A. D. Administration and enforcement of the rules of the Insurance Code.
    Explanation
    The correct answer is D. Administration and enforcement of the rules of the Insurance Code. The main duties of a Commissioner involve overseeing the implementation and enforcement of the rules and regulations outlined in the Insurance Code. This includes ensuring that insurance companies comply with the code, investigating any violations, and taking appropriate administrative and enforcement actions. The Commissioner plays a crucial role in maintaining the integrity and fairness of the insurance industry by upholding the standards set forth in the Insurance Code.

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  • 16. 

    Title 48 is the Washington Insurance Code and it...

    • A. Protects insurance companies

    • B. Protects the Department of Health

    • C. Protects the public

    • D. Both A and C

    • E. All of the above

    Correct Answer
    A. C. Protects the public
    Explanation
    Title 48 of the Washington Insurance Code is designed to protect the public. This means that the regulations and provisions outlined in this code are aimed at ensuring that insurance companies operate in a fair and ethical manner, providing adequate coverage and protection to policyholders. The code likely includes regulations regarding consumer rights, claims handling procedures, and licensing requirements for insurance agents, all of which are intended to safeguard the interests of the public. Therefore, option C is the correct answer.

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  • 17. 

    General powers, duties and responsibilities include:

    • A. Follow rules and regulations to enforce provisions of the Insurance Code.

    • B. Conduct Examinations, investigations and hearings to determine if anyone has violated any provisions of the Insurance Code.

    • C. Maintain confidentiality of documents, materials, or other information used in regulatory or legal action.

    • D. Issue cease and desist order if any one is believed to have violated rules.

    • E. Issue insurance licenses or certificates of authority, and take action against, fine, or suspend the license of any company and or producers.

    • F. Spread information concerning insurance laws of Washington and provide assistance to the public in obtaining information about insurance products.

    • G. Appoint a Chief Deputy Commissioner (assists the Commissioner) and other deputies

    • H. Answers A, C, and D

    • I. All of the above

    Correct Answer
    A. I. All of the above
    Explanation
    The correct answer is I. All of the above. This is because all of the options listed in the question are general powers, duties, and responsibilities that are typically associated with the role of a commissioner in enforcing the provisions of the Insurance Code. These include following rules and regulations, conducting examinations and investigations, maintaining confidentiality, issuing cease and desist orders, issuing licenses or certificates of authority, spreading information about insurance laws, and appointing deputies.

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  • 18. 

    Examination of an Alien insurer may be...

    • A. limited to its amount of insurance

    • B. limited to the amount of insureds

    • C. Both A and D

    • D. limited to its transactions in the U.S.

    Correct Answer
    A. D. limited to its transactions in the U.S.
    Explanation
    The correct answer is D. limited to its transactions in the U.S. When examining an Alien insurer, the examination is focused on the insurer's transactions within the United States. This means that the examination is limited to the insurer's activities, operations, and financial transactions that occur within the U.S. It does not consider the amount of insurance or the number of insureds. The examination is specifically concerned with the insurer's compliance with U.S. regulations and laws.

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  • 19. 

    The Commissioner may rely on an audit report from an...

    • A. Investigative Consumer Agency

    • B. Independent certified public accountant 

    • C. The IRS

    • D. Both B and C

    Correct Answer
    A. B. Independent certified public accountant 
    Explanation
    The Commissioner may rely on an audit report from an independent certified public accountant because they are professionals who have the expertise and knowledge to conduct thorough and unbiased audits. Their independence ensures that their findings and conclusions are objective and reliable. This allows the Commissioner to make informed decisions based on the audit report's findings. The IRS, on the other hand, is a government agency responsible for enforcing tax laws and collecting taxes, but they may not have the same level of expertise and independence as a certified public accountant. Therefore, option B is the correct answer.

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  • 20. 

    State Administrative Code makes the procedures that the...

    • A. office of the Insurance Commissioner must follow to provide the public with information regarding insurance

    • B. office of the Insurance Commissioner must follow to provide the public with access to information of general accounts

    • C. office of the Insurance Commissioner must follow to provide the public with full access to public records.

    • D. All of the above

    Correct Answer
    A. C. office of the Insurance Commissioner must follow to provide the public with full access to public records.
    Explanation
    The State Administrative Code outlines the procedures that the office of the Insurance Commissioner must follow. This includes providing the public with full access to public records. This means that any information regarding insurance or general accounts that is considered public record must be made available to the public. Therefore, option C is the correct answer as it encompasses both insurance information and general account information.

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  • 21. 

    A Licensee may request to have a ____ present at a hearing

    • A. a Lawyer

    • B. A jury

    • C. The Commissioner

    • D. Administrative law judge 

    Correct Answer
    A. D. Administrative law judge 
    Explanation
    A licensee may request to have an administrative law judge present at a hearing. Administrative law judges are impartial individuals who preside over administrative hearings and make decisions based on the facts and evidence presented. They ensure that the hearing is conducted fairly and in accordance with the law.

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  • 22. 

    Every filing containing a certificate by the Chief Executive Officer (CEO) of the Insurer, attesting that the filing complies with the Washington Administrative Code (WAC), may be used ____ after the filing. 

    • A. 15 days

    • B. 30 days

    • C. 10 days

    • D. immediately

    Correct Answer
    A. D. immediately
    Explanation
    The CEO of the Insurer can use the filing immediately after submitting it, as long as it contains a certificate attesting that it complies with the Washington Administrative Code (WAC). There is no waiting period specified, so the filing can be used right away.

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  • 23. 

    At the end of 30 days the form is approved unless...

    • A. the Commissioner denies the form

    • B. Both A and C

    • C. disapproved by prior order of the Commissioner

    • C. Is not filed within the time limit

    Correct Answer
    A. A. the Commissioner denies the form
    Explanation
    The correct answer is A. the Commissioner denies the form. This means that if the Commissioner denies the form at the end of the 30-day period, then it will not be approved. This implies that if the Commissioner does not deny the form, it will be approved. The other options (B, C, and D) do not necessarily prevent the form from being approved, as they either involve additional conditions (B and C) or are unrelated to the approval process (D).

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  • 24. 

    Commissioner may extend the approval period for forms by a maximum of ____ days, if notice of extension is given before expiration of 30 days.

    • A. 30 days

    • B. 10 days

    • C. 15 days

    • D. 31 days

    Correct Answer
    A. C. 15 days
    Explanation
    The correct answer is C. 15 days. The question states that the Commissioner may extend the approval period for forms by a maximum of ____ days, if notice of extension is given before expiration of 30 days. This means that the approval period can be extended for a maximum of 15 days, as long as the notice of extension is given before the initial 30-day expiration period.

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  • 25. 

    If extension period is over and notice of disapproval is not given, the form is deemed to be

    • A. Approved

    • B. Disapproved

    Correct Answer
    A. A. Approved
    Explanation
    If the extension period is over and no notice of disapproval is given, it implies that the form has not been rejected. Therefore, it can be inferred that the form is deemed to be approved.

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  • 26. 

    Commissioner can withdraw approval at...

    • A. 10 days

    • B. anytime

    • C. 15 days

    • D. None of the above

    Correct Answer
    A. B. anytime
    Explanation
    The correct answer is B. anytime. This means that the Commissioner has the authority to withdraw approval at any given time, without any specific timeframe or restrictions. This suggests that the Commissioner has the flexibility to revoke their approval whenever they deem necessary, regardless of how much time has passed since the initial approval was granted.

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  • 27. 

    The Commissioner may suspend, revoke, or refuse to issue or renew a producer license; as well as fine for violations in any of the following areas:

    • A. Laws, rules or regulations of the Insurance Code

    • B. Licensing laws, producer's fiduciary responsibility, and unfair trade practices

    • C. Embezzelment

    • D. Both A and B

    Correct Answer
    A. A. Laws, rules or regulations of the Insurance Code
    Explanation
    The correct answer is A. Laws, rules or regulations of the Insurance Code. This means that the Commissioner has the authority to suspend, revoke, or refuse to issue or renew a producer license, as well as impose fines, if there are violations of the laws, rules, or regulations outlined in the Insurance Code. This includes any violations related to insurance laws, regulations, or requirements that govern the insurance industry.

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  • 28. 

    An insurance contract is...

    • A. An agreement between the insurance company and insured 

    • B. An agreement between the policyowner and the insured

    • C. An agreement between the policyowner and an insurer

    • D. None of the above

    Correct Answer
    A. C. An agreement between the policyowner and an insurer
    Explanation
    The correct answer is C. An agreement between the policyowner and an insurer. This answer is correct because an insurance contract is a legally binding agreement between the policyowner (the person purchasing the insurance policy) and an insurer (the insurance company). The contract outlines the terms and conditions of the insurance coverage, including the premiums to be paid and the benefits to be provided. The insurer agrees to provide financial protection to the policyowner in exchange for the payment of premiums.

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  • 29. 

    The insurer agrees for a ___, to compensate for ___of the insured by specific events.

    • A. license, peril

    • B. payment, loss

    • C. Both A and B

    • D. None of the above

    Correct Answer
    A. B. payment, loss
    Explanation
    The correct answer is B. payment, loss. In insurance, the insurer agrees to make a payment to the insured in the event of a loss. The payment is meant to compensate for the financial loss suffered by the insured due to specific events that are covered by the insurance policy. This can include events such as accidents, theft, or damage to property. The insurer's agreement to make a payment is a key aspect of the insurance contract, as it provides financial protection to the insured in case of unexpected events.

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  • 30. 

    In Washington state any of the following is considered transacting insurance:

    • A.Fiduciary Responsibility, and insuring of a contract

    • B.Solicitation, Negotiations preliminary to execution, and put into effect of an insurance contract

    • C. Transaction of a contract under consideration, to the execution of the contract, and insuring

    • D. Both B and C

    Correct Answer
    A. D. Both B and C
    Explanation
    The correct answer is D. Both B and C. This means that in Washington state, transacting insurance includes both the activities of solicitation, negotiations preliminary to execution, and putting into effect an insurance contract (option B), as well as the activities from the transaction of a contract under consideration to the execution of the contract and insuring (option C). In other words, any activity related to the process of selling and executing an insurance contract is considered as transacting insurance in Washington state.

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  • 31. 

    Types of licenses include?

    • A. Life and Health

    • B. Property and Casualty 

    • C. Individual and Group

    • D. Individual and Temporary

    Correct Answer
    A. D. Individual and Temporary
    Explanation
    The question asks about the types of licenses, and the correct answer is "D. Individual and Temporary." This suggests that there are different types of licenses, and two of them are "Individual" and "Temporary." These types of licenses may refer to specific permissions granted to individuals for a limited period of time, such as for a specific project or event.

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  • 32. 

    Individual licenses are:

    • A. Foreign and Domestic

    • B. Valid for 180 days

    • C. Resident and nonresident

    • D. Commercial and noncommercial

    Correct Answer
    A. C. Resident and nonresident
    Explanation
    Individual licenses are categorized as either resident or nonresident licenses. A resident license is issued to individuals who are permanent residents of a particular state or country, while a nonresident license is issued to individuals who do not reside permanently in that state or country. This categorization helps differentiate between individuals who are eligible for certain privileges and benefits based on their residency status.

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  • 33. 

    A temporary license is?

    • A. Valid for 15 days; issued to maintain the existing business

    • B. Valid for 180 days; issued to maintain the existing business

    • C. Valid for 90 days; issued to maintain the existing business

    • D. Valid for 75 days; issued to maintain the existing business

    Correct Answer
    A. B. Valid for 180 days; issued to maintain the existing business
    Explanation
    A temporary license is valid for 180 days and is issued to maintain the existing business. This suggests that the temporary license is a short-term authorization that allows a business to continue its operations while it goes through the necessary processes to obtain a permanent license. The 180-day duration provides a reasonable amount of time for the business to complete any required paperwork or meet any specific requirements before obtaining a long-term license.

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  • 34. 

    License must be renewed every?

    • A. 1 year

    • B. 2 years

    • C. 3 years

    • D. 5 years

    Correct Answer
    A. B. 2 years
    Explanation
    A license must be renewed every 2 years. This means that after obtaining a license, the individual must go through a renewal process every 2 years to ensure that their license remains valid. This renewal process may involve submitting updated documentation, paying a renewal fee, and possibly completing any required continuing education or training. Renewing a license helps to ensure that the individual's qualifications, knowledge, and skills are up to date and in line with current regulations and standards.

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  • 35. 

    No license is required for people who do not receive ___?

    • A. Salary

    • B. Profit

    • C. Both A and D

    • D. Commissions

    Correct Answer
    A. D. Commissions
    Explanation
    No license is required for people who do not receive commissions. This means that if an individual does not earn any income from commissions, they do not need to obtain a license. This implies that licenses are only necessary for individuals who receive commissions as part of their income.

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  • 36. 

    Disciplinary actions include:

    • A. Denial of license, suspension, revocation, or refusal to renew

    • B. Cease and desist order

    •  C. Fines

    • D. All of the above

    Correct Answer
    A. D. All of the above
    Explanation
    The correct answer is D. All of the above. Disciplinary actions in this context refer to the actions that can be taken against an individual or organization for violating rules or regulations. These actions can include denial of license, suspension, revocation, refusal to renew, cease and desist orders, and fines. Therefore, the correct answer is D, as all of these actions are included in disciplinary actions.

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  • 37. 

    Minimum age for a producer license is?

    • A. 18 years old

    • B. 21 years old

    • C. 16 years old

    • D. There is no minimum age required

    Correct Answer
    A. A. 18 years old
    Explanation
    The minimum age for a producer license is 18 years old. This means that individuals who are at least 18 years old are eligible to obtain a producer license.

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  • 38. 

    Producer licensing period is for?

    • A. 1 year

    • B. 5 years

    • C. 2 years

    • D. There is no licensing period

    Correct Answer
    A. C. 2 years
    Explanation
    The correct answer is C. 2 years. This means that the producer licensing period lasts for a period of 2 years. This implies that producers, who are individuals or companies engaged in the production of goods or services, are required to obtain a license to operate in their respective industry. This license is valid for a period of 2 years, after which it needs to be renewed. This allows regulatory authorities to ensure that producers are complying with the necessary standards and regulations, and helps to maintain the quality and integrity of the goods or services being produced.

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  • 39. 

    License reinstatement period is?

    • A. 6 months

    • B. 12 months

    • C. 8 months

    • D. 24 months

    Correct Answer
    A. B. 12 months
    Explanation
    The correct answer is B. 12 months. This means that the period for license reinstatement is 12 months.

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  • 40. 

    Time period to complete Continuing Education (CE) requirements?

    • A. 24 hours

    • B. 1 year

    • C. 2 years

    • D. 3 years

    Correct Answer
    A. C. 2 years
    Explanation
    The correct answer is C. 2 years. Continuing Education (CE) requirements typically need to be completed within a specific time period to ensure professionals stay up to date with the latest advancements and knowledge in their field. In this case, the requirement is to complete the CE within 2 years. This allows professionals enough time to fulfill their educational obligations without rushing or falling behind.

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  • 41. 

    How many hours of CE credit are required for each licensing period?

    • A. 15 hours

    • B. 30 hours

    • C. 3 hours

    • D. 24 hours

    Correct Answer
    A. D. 24 hours
    Explanation
    Each licensing period requires 24 hours of CE credit.

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  • 42. 

    How many CE credit hours are required in ethics?

    • A. 24 hours

    • B. 3 hours

    • C. 30 hours

    • D. 15 hours

    Correct Answer
    A. B. 3 hours
    Explanation
    In order to maintain professional standards and ethical practices, professionals are required to complete a certain number of Continuing Education (CE) credit hours in ethics. The correct answer is B. 3 hours, as this is the minimum requirement for ethics CE credit hours.

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  • 43. 

    Producers must retain CE certification of completion for?

    • A. 2 years

    • B. 10 years

    • C. 3 years

    • D. 5 years

    Correct Answer
    A. C. 3 years
    Explanation
    Producers must retain CE certification of completion for 3 years. This is because CE certification ensures that a product meets the necessary health, safety, and environmental standards required within the European Economic Area (EEA). By retaining the certification for 3 years, producers can demonstrate that their product complied with these standards during that period, ensuring transparency and accountability.

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  • 44. 

    The maximum length of a temporary license is?

    • A. 30 days

    • B. 15 days

    • C. 90 days

    • D. 180 days

    Correct Answer
    A. D. 180 days
    Explanation
    The maximum length of a temporary license is 180 days. This means that individuals who are granted a temporary license can legally operate for a period of 180 days before they are required to obtain a permanent license. This longer duration allows individuals to fulfill certain requirements or complete necessary training before obtaining a permanent license.

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  • 45. 

    How many days for a licensee to reply to an inquiry from the Commissioner regarding the business of insurance?

    • A. 10 days

    • B. 15 days

    • C. 30 days

    • D. 60 days

    Correct Answer
    A. B. 15 days
    Explanation
    A licensee is required to reply to an inquiry from the Commissioner regarding the business of insurance within 15 days. This time frame allows the licensee sufficient time to gather the necessary information and provide a timely response to the Commissioner's inquiry. It is important for licensees to promptly address any inquiries from the Commissioner to ensure compliance with regulatory requirements and maintain a transparent and accountable business operation.

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  • 46. 

    How many days after receiving notice from the Commissioner, for a producer to request a hearing?

    • A. 90 days

    • B. 60 days

    • C. 30 days

    • D. 15 days

    Correct Answer
    A. A. 90 days
    Explanation
    Producers have 90 days to request a hearing after receiving notice from the Commissioner. This means that they have three months to respond to the notice and request a hearing if they wish to do so. It is important for producers to be aware of this timeline and ensure that they take the necessary steps within the 90-day period to protect their rights and interests.

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  • 47. 

    How many years does a producer need to maintain records of compensation disclosures?

    • A. 2 years

    • B. 3 years

    • C. 5 years

    • D. 10 years

    Correct Answer
    A. C. 5 years
    Explanation
    Producers are required to maintain records of compensation disclosures for a period of 5 years. This is important for transparency and accountability purposes, as it allows regulators and stakeholders to access and review these records to ensure compliance with regulations and ethical standards. By keeping these records for 5 years, producers can demonstrate their adherence to proper compensation practices and provide evidence of any disclosures made during that period if needed.

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  • 48. 

    True or False? Prizes, goods or merchandise is allowed and not considered rebating as long as they are no more than $100?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    According to the given statement, prizes, goods, or merchandise are allowed and not considered rebating as long as they are no more than $100. This implies that offering prizes or goods as an incentive or reward for a certain action, such as purchasing a product, is permissible as long as the value of those prizes or goods does not exceed $100. Therefore, the statement is true.

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  • 49. 

    _____ proves the insurer has the power to write insurance contracts?

    • A. Authorized Insurer

    • B. Certificate of Authority

    • C. Commissioner

    • D. Both A and B

    Correct Answer
    A. B. Certificate of Authority
    Explanation
    A Certificate of Authority proves that the insurer has been authorized by the regulatory authority to write insurance contracts. It is a document that grants the insurer the power and legal permission to operate and provide insurance coverage to policyholders. This certificate ensures that the insurer meets the necessary requirements and regulations to carry out insurance activities in a specific jurisdiction. Therefore, the correct answer is B. Certificate of Authority.

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Quiz Review Timeline (Updated): Jun 7, 2024 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Jun 07, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 19, 2020
    Quiz Created by
    Mikaylakleinsass

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