Exam (elaborations)
Life-Health - A.D. Banker - Chapter 14 - North Carolina Questions and Answers 100% Solved
- Course
- Institution
Life-Health - A.D. Banker - Chapter 14 - North Carolina
[Show more]
Content preview
Life-Health - A.D. Banker - Chapter 14 -North Carolina
Which of the following statement regarding North Carolina insurance law is FALSE?
A. The Commissioner is appointed by the Governor
B. A licensee must notify the Commissioner of a change of address within 10 days of
the change
C. During a hearing, all parties may examine and cross-examine witnesses
D. A contract of insurance is an agreement that obligates an insurer to pay an insured
for a loss of something in which the insured has an interest - answerA.
The Commissioner of Insurance is elected by North Carolina residents for a 4-year
term.
All of the following are duties of the Commissioner EXCEPT:
A. Extending times for filing proofs of loss in declared disaster areas
B. Selling contracts of insurance
C. Issuing licenses to insurance agents
D. Arresting any person suspected of violating insurance laws - answerB.
The Commissioner administers the state's insurance laws. This included issuing
certificates of authority and licenses, various actions to stop violations of the law
(including arresting the suspected violators), declaring disasters and arranging for
orderly administration of claims during disasters. The Commissioner does not sell
insurance.
Which of the following is considered "twisting"?
A. Accepting premiums by credit card but charging a fee for the service
B. Willfully misrepresenting or incompletely comparing the terms of an insurance policy
to induce the policyholder to replace it
, C. Discriminating between individuals of the same class in the amount of premium
charged or benefits paid
D. Refusing to approve a loan unless the applicant buys insurance from an affiliated
insurer - answerB.
Twisting is giving prospects misleading information or comparisons about an insurance
policy in order to sell them a replacement policy. The other choices describe prohibited
practices, but they are not called "twisting."
An insurance professional who represents the insured is which of the following?
A. Insurance Producer
B. Agent
C. Limited Representative
D. Broker - answerD.
An insurance broker is a person who places insurance with an authorized insurer that
has not appointed the person, and is deemed to represent an insured.
Which of the following individuals does not require an insurance agent's license in North
Carolina?
A. An individual wishing to represent purchasers of insurance
B. An individual who has earned the Chartered Life Underwriter (CLU) designation
C. An agency clerk who maintains records for agents
D. An individual licensed in Virginia wishing to sell insurance in Winston-Salem -
answerC.
Employees of insurance producers do not require an agent's license as long as they do
not receive commissions from policies written or sold in the state. An individual licensed
in another state is required to get a nonresident license before selling insurance in North
Carolina. An individual representing purchasers require a broker's license, but first must
obtain and agent license. A CLU is exempt from the exam, not the licensing
requirement.
The Commissioner may revoke an agent's license for all of the following EXCEPT:
A. Reporting a crime from another jurisdiction to the Commissioner
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
85169 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now