Compliance Quiz #3 (5/1/14)
- 1.The RMBC classifies a Young Driver as:
- A.
A licensed person who is between the ages of 16-20
- B.
A licensed person who obtained their license within the past 12 months
- C.
A licensed person who is less than 25 years of age
- D.
A licensed person between 16-24 years old
- 2.When declaring on the auto policy that the customer owns a residence, what would be acceptable documentation to prove it?
- A.
Utility bills with customers name appearing on the statement.
- B.
Property Tax appraisal or bill
- C.
Flood policy
- D.
Trusts with first and last name of the named insured.
- E.
All of the above
- F.
B and/or D
- 3.What does CCDB stand for?
- A.
Current Carrier Data Base
- B.
Correct Class Data Base
- C.
Current Claim Data Base
- D.
Claim Class Data Base
- 4.True or False, the agency will be compliant with POSIS if sufficient documentation for prior auto insurance is submitted before the policy is cancelled in the underwriting review period?
- A.
True
- B.
False
- 5.What is the countrywide goal for SRM Tier Verification and where does West Central rank CW with March 2014 data?
- A.
85%, ranked 11th
- B.
80%, ranked 14th
- C.
75%, ranked 9th
- D.
70%, ranked 12th
- 6.Allstate can write exhibition autos.
- A.
Yes
- B.
No
- C.
Only if it is written under Line 16 Specialty Auto
- 7.Where would an agency check for their outstanding TDocs?
- A.
RMBC website
- B.
SMART report
- C.
Agency Gateway
- 8.True or False: UM/UIM TDoc is required when limits are not equal?
- A.
True
- B.
False
- 9.How many days does an agency have to fax in Legal TDocs before they are considered outstanding?
- A.
14
- B.
7
- C.
21
- D.
28
- 10.If an agency writes an auto policy for the customer and declares prior auto insurance without documentation in hand, the policy may:
- A.
Be re-tiered and the premium increased
- B.
Cancelled in the underwriting review period due to lack of sufficient documentation.
- C.
Be cancelled by the insured because they choose not to pay the higher rates.
- D.
All of the above.
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