Compliance Quiz #1 (4/18/14)
- 1.What type of documentation needs to be faxed in when agencies are solicited for Auto Proof of Prior?
- A.
Dec page(s) covering the period of time the agency declared information listing the required information.
- B.
LOE from prior Carrier from Underwriting, Claims or Customer Service listing the required information on Company Letterhead.
- C.
Phone Verification along with another form of documentation ( I.D. Card, current dec page, etc.).
- D.
All of the above
- 2.What type of narrative is required in order to remove a Young Driver?
- A.
The YD does not reside in the household and list the physical address-even if a PO Box.
- B.
The YD dosent drive any of the vehicles due to grades.
- C.
The YD is incarcerated-indicate the length of the incarceration (must be greater than 6 months).
- 3.When can agencies change the results of a PQB?
- A.
When it gives the customer a better rate.
- B.
When the agencies have documentation in hand validating the accident details-police report.
- C.
When the customer signs a statement indicating were not involved in the loss
- 4.When is a Restricted Rate compliant?
- A.
When there are more operators than vehicles.
- B.
When the Young Driver only uses the car part time.
- C.
When the Young Driver has the car at school most of the year.
- 5.Can one or more vehicles on the policy be rated for different addresses?
- A.
No, all vehicles must be rated at the same address.
- B.
Yes, even if a car is garaged out of State.
- C.
Yes, if all vehicles are garaged in the same State - this is called a split rate.
- 6.What is the minimum length of prior insurance required for Standard Auto new business?
- A.
30 days
- B.
12 months
- C.
Not required
- 7.A standard auto policy can be written in the name of:
- A.
An individual or individual and spouse
- B.
Individuals, DBAs, Estates
- C.
Any party that owns the vehicle
- 8.Vehicles can be written in Standard Auto as long as their actual cash value is:
- A.
$125,000 or less
- B.
$125,000 or less, and is also not a vehicle model listed in the RMP as ineligible
- C.
Under $250,000
- 9.Under Standard Auto, physical damage coverage cannot be written on:
- A.
Vehicles with a stated value
- B.
Vehicle with a Salvage Title
- C.
Both of the above
- 10.Under Standard Auto, Out of Country Licenses are acceptable:
- A.
Yes
- B.
No
- C.
Only if it was obtained in the past 3 years
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