Compliance Quiz #1 (4/18/14)

10 Questions | Total Attempts: 40

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Compliance Training Quizzes & Trivia

Questions and Answers
  • 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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