Both parties are required to provide services for the other.
One party draws up the contract provisions, and the other party adheres to the terms.
The contract can be revoked by any party at any time for any reason.
A contract that is formed without any consideration by either party.
Stated benefits and the dates on which they are to be paid
A promise to pay for certain losses if they occur
A promise to be conscientious about the customer's situation
Utmost good faith
Is managed by an attorney-in-fact.
Pays dividends to its stockholders.
Is owned by its insureds.
Is a voluntary association of individuals that shares in writing insurance contracts for a variety of risks.
Represents a single insurance company.
Works for a direct writer.
Is an independent businessperson.
Does not collect commissions.
Issue or countersign policies.
Sign an application.
State insurance department
Interstate Commerce Commission
Insurance Services Office
Failure of fiduciary responsibility.
The insurance industry is regulated exclusively by the federal government.
The insurance industry is very loosely regulated.
The state insurance department is responsible for controlling insurance matters within the state.
The state insurance department serves only the interests of the insurance industry.
Making appropriate coverage recommendations to prospective customers
Writing the provisions of a customer's policy
Helping prospective customers complete the application
Assuring that customers understand the coverage they are purchasing
No, that would be a violation of the principle of open competition.
No, they can only require that forms and rates be subject to prior approval.
No, insurers can always begin using forms and rates as soon as they are properly filed with the state.
Yes, some states have mandatory forms or rates for certain coverages.
They guarantee that a policy will be issued.
They can be issued by insurance companies, but not agents.
They expire on the effective date of the policy to which they apply, or on the expiration date of the binder if the policy is not issued.
They show an intent to consider issuing insurance, but do not include any commitment to provide coverage.
Concern material facts.
Both A and B are correct.
Neither A nor B are correct.
Certificate of insurance
Prenotification is required for both regular and investigative reports.
Postnotification is required when insurance coverage is denied because of adverse information in a credit report.
An agent who obtains information from a reporting agency under false pretenses can be sent to jail and fined.
Consumers have the right to challenge information in investigative reports and to have incorrect information removed.
Pro rata cancellation