Compliance Quiz #3 (5/1/14)

10 Questions | Total Attempts: 38

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Compliance Quiz #3 (5/1/14)

Questions and Answers
  • 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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