Exam (elaborations)
Chapter 8 Utah personal Lines (insurance) Questions with correct Answers
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Chapter 8 Utah personal Lines (insurance)
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Chapter 8 Utah personal Lines(insurance)
Which one of the following is considered to be an unfair claim settlement practices in
Utah?
a)Paying a claim without investigation
b)Compensating agents based on the insurer's savings that result from denying a claim
c)Trying, in good faith, to settle a claim for which liability has become reasonably clear
d)Paying a claim for covered medical treatment after preauthorization has been given -
answerB) Compensating agents based on the insurer's savings that result from denying
a claim
It is a(n) _________ to knowingly and intentionally transact insurance other than
through a qualified insurer. - answer Felony
How often can the Commissioner request any records of an insurer for the enforcement
of state statutes or to help the Commissioner in the performance of his/her duties? -
answerWhenever such records are deemed necessary
A licensee must report to the Commissioner any administrative action taken against the
person in another jurisdiction or by another regulatory agency in this state within ____
days of the final disposition of the administrative action. - answer30 days
In an action against the insurer on a contract entered into in violation of state insurance
laws, the ______ is bound by the terms of the contract. - answerInsured
Each insurer must file a _____________ with the Commissioner for any agent or
organization authorized to conduct business on the insurer's behalf. - answerCertificate
of Appointment
What must an individual have in order to transact insurance business? - answerA
license and an insurer's appointment
For a business entity, controlled business means insurance issued on the life, person,
or property of all of the following, except:
A) Partners
B) Fellow chamber of commerce members
C) Employees
D) Shareholders or directors - answerB) Fellow chamber of commerce members
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