Post Day One: Compliance

1. Agents on POSIS review are not allowed to purchase a book of business, mentor new agents or open a Satellite office, True or False?

True

False

Agents on POSIS review are not allowed to purchase a book of business, mentor new agents, or open a satellite office. This means that the statement is true, as it accurately reflects the restrictions placed on agents on POSIS review.

Explanation

Agents on POSIS review are not allowed to purchase a book of business, mentor new agents, or open a satellite office. This means that the statement is true, as it accurately reflects the restrictions placed on agents on POSIS review.

2. When submitting a Property Endorsement, the correct process is:

Wait until the RMBC sends the agent a solicitation for Documentation via e-mail.

Submit endorsement and fax the documentation as soon as the insured brings it in.

Pend the endorsement until the insured hands the agent the documentation and it meets the requirements, fax the same day the endorsement is submitted.

Submit the endorsement, no documentation required.

The correct answer is to pend the endorsement until the insured hands the agent the documentation and it meets the requirements, and then fax it on the same day the endorsement is submitted. This process ensures that the documentation is received and verified before the endorsement is finalized.

Explanation

The correct answer is to pend the endorsement until the insured hands the agent the documentation and it meets the requirements, and then fax it on the same day the endorsement is submitted. This process ensures that the documentation is received and verified before the endorsement is finalized.

3. The five key elements required when ordering CREDIT REPORTS are:

Full name, current address, previous address, driver’s license number, SSN.

Full name, previous address, Date of birth, SSN.

Full name, current address, previous address, date of birth, SSN.

Full name, current address, driver’s license number, make and model of vehicle.

The correct answer is "Full name, current address, previous address, date of birth, SSN." These five elements are necessary when ordering credit reports as they help to accurately identify and verify the individual's identity. The full name ensures that the report is for the correct person, while the current and previous addresses help to track the individual's residence history. The date of birth is used as an additional identifier, and the SSN is a crucial piece of information for accurately matching the report to the correct individual.

Explanation

The correct answer is "Full name, current address, previous address, date of birth, SSN." These five elements are necessary when ordering credit reports as they help to accurately identify and verify the individual's identity. The full name ensures that the report is for the correct person, while the current and previous addresses help to track the individual's residence history. The date of birth is used as an additional identifier, and the SSN is a crucial piece of information for accurately matching the report to the correct individual.

4. What information is not required when declaring Prior Insurance?

Current continuous 6 month policy period.

BI limits

Effective dates

Social Security numbers of all drivers listed on policy.

When declaring Prior Insurance, the information that is not required is the Social Security numbers of all drivers listed on the policy. The other three options, which include the current continuous 6 month policy period, BI limits, and effective dates, are necessary to provide accurate information about the prior insurance coverage. However, the Social Security numbers of the drivers listed on the policy are not relevant to the declaration of prior insurance.

Explanation

When declaring Prior Insurance, the information that is not required is the Social Security numbers of all drivers listed on the policy. The other three options, which include the current continuous 6 month policy period, BI limits, and effective dates, are necessary to provide accurate information about the prior insurance coverage. However, the Social Security numbers of the drivers listed on the policy are not relevant to the declaration of prior insurance.

5. Agents should check the Compliance Scorecard to:

Avoid POSIS review by pro-actively checking any non-compliant items monthly.

Check if they will be eligible to go on a promotion trip.

Make sure they are on pace for bonus.

All of the above.

Agents should check the Compliance Scorecard to avoid POSIS review by pro-actively checking any non-compliant items monthly. This means that by regularly reviewing the Compliance Scorecard, agents can identify any areas where they may be non-compliant and take corrective action before a POSIS review is conducted. This helps agents stay on top of their compliance obligations and avoid any potential penalties or consequences that may arise from non-compliance. Checking if they will be eligible for a promotion trip or if they are on pace for a bonus are not the primary purposes of checking the Compliance Scorecard.

Explanation

Agents should check the Compliance Scorecard to avoid POSIS review by pro-actively checking any non-compliant items monthly. This means that by regularly reviewing the Compliance Scorecard, agents can identify any areas where they may be non-compliant and take corrective action before a POSIS review is conducted. This helps agents stay on top of their compliance obligations and avoid any potential penalties or consequences that may arise from non-compliance. Checking if they will be eligible for a promotion trip or if they are on pace for a bonus are not the primary purposes of checking the Compliance Scorecard.

6. Legal Trailing Documents should be:

Signed and faxed to the RMBC within 10 business days.

Signed and faxed to the SWDC within 5 business days.

Kept in the insured’s file and wait for a solicitation.

None of the above.

The correct answer is "Signed and faxed to the SWDC within 5 business days." This is because the question is asking for the correct procedure for handling Legal Trailing Documents. According to the given options, these documents should be signed and faxed to the SWDC within 5 business days.

Explanation

The correct answer is "Signed and faxed to the SWDC within 5 business days." This is because the question is asking for the correct procedure for handling Legal Trailing Documents. According to the given options, these documents should be signed and faxed to the SWDC within 5 business days.