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2024 HEALTH INDIANA LAWS & RULES PERTINENT TO INSURANCE CH. 8 EXAM WITH CORRECT ANSWERS
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2024 HEALTH INDIANA LAWS & RULES PERTINENT TO INSURANCE CH. 8 EXAM WITH CORRECT ANSWERS
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2024 HEALTH INDIANA LAWS &RULES PERTINENT TO INSURANCE
CH. 8 EXAM WITH CORRECT
ANSWERS
Which of these is considered to be a violation of the Unfair Competition Law?
Charging the same rate for two people in the same risk classification
Basing discrimination on a pre-existing health condition
Unfair discrimination
Basing discrimination on age - CORRECT ANSWERS-Unfair discrimination
would be considered a violation of the Unfair Competition Law.
If a Producer offers something of value as an inducement to a potential
customer to purchase a policy, this Producer may be found guilty of
coercion
rebating
twisting
misrepresentation - CORRECT ANSWERS-Rebating is when a Producer offers
something of value to a potential Policyowner outside of the promises
contained in the policy to convince them to buy a policy.
Which statement regarding Indiana Limited Lines licenses is true?
Can be under the age of 18
Pre-license education is not a requirement
Continuing education requirements are less than the continuing education
requirements for a Resident Producer's license
An exam is not required - CORRECT ANSWERS-The correct answer is
"Continuing education requirements are less than the continuing education
requirements for a Resident Producer's license".
What kind of insurance license is recommended for those individuals who
would like to sell pre-need Life Insurance for a funeral home?
Producer
Consultant
Limited Lines
Surplus Lines - CORRECT ANSWERS-A Limited Lines license is appropriate for
a person that wants to sell only pre-need Life Insurance for a funeral home.
, Which of these is NOT considered to be a violation of the Unfair Competition
Law in Indiana?
monopolize or restrain trade
making unsubstantiated criticisms about an insurance company
pay insurance commissions to an unlicensed individual
paying a finder's fee to an individual who provides a sales lead - CORRECT
ANSWERS-Paying a finder's fee to someone who generates sales leads is not
a violation of the Unfair Competition Law.
In order to conduct business in Indiana, admitted Insurance Companies must
have a
Certificate of Insurance
Certificate of Authority
Business Entity license
Domestic Insurer license - CORRECT ANSWERS-Insurance Companies
admitted to do business in Indiana must have a Certificate of Authority.
Which of these statements regarding licensed Indiana Insurance Consultants
is true?
Must hold meetings with clients in an approved facility
Can also be licensed as an Insurance Producer
Commissions are split with licensed Producers
Insurance advice is sold for a fee - CORRECT ANSWERS-A licensed Indiana
Insurance Consultant sells insurance advice for a fee.
Under Indiana's Unfair Claims Settlement laws, which of these activities by
an Insurance Company is considered illegal?
Leave the insured no choice but to sue the Insurance Company to settle a
claim
Promptly pay a claim
Ask for additional information to settle a claim
Pay a partial claim - CORRECT ANSWERS-Forcing an insured to sue the
Insurance Company in order to receive a claim settlement is considered
illegal under the Indiana Unfair Claims Settlement laws.
Which of these would be a valid reason for the Indiana Insurance
Commissioner to issue a Temporary Producer License?
A disabled Producer would like his spouse to maintain his insurance agency
while disabled
A new recruit would like to determine if selling insurance is a viable career
choice
To allow a retired Producer to receive renewal commissions
To allow a Producer from another state to sell insurance in Indiana -
CORRECT ANSWERS-In this situation, a Temporary Producers License may be
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