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State Farm State Test 100% Solved
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State Farm State Test
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State Farm State TestInsurance producer - Answers -An individual or an entity authorized in writing by a
lawfully qualified insurance compnay to transact, negotiate or effect contracts of
insurance of behalf of that insurance company.
Resident Producer - Answers -Any person that lives in kansas and is licensed to
transact insurance business for at least one insurer.
A Non-resident producer - Answers -A producer that lives in some other state;they are
licensed in their owen home stae and has written permission from the kansas insurance
commisioner to sell in our state.
Commissioner - Answers -The insurance induster is regulated by the kansas insurance
commissioner, who is elected by the people to a 4 year term in kansas
Purpose of the commissioner - Answers -The insurance commissioner administers or
regulates the laws that have been passed by the legislature. The commissioner does
not make or change insurance laws, but instead has the power to make reasonable
rules and regulations to ensure that the laws are beng followed.
Redlining - Answers -the practice of not seeling insurance to those who live in the low-
income, high-crime areas of town and is considered to be a form of unfair
discrimination.
Unfair Trade Practices Act - Answers -a state law that details illegal actions performed
by producers. if a producer is found guilty of any of the following actions, penalties could
include licensure suspension or revocation, fines, cease and desist orders and redress
of injury.
Fair Credit Reporting Act - Answers -The kansas property and casualty guarantee
association provide payment for covered claims under certain insurance plicies in the
event of insolvency of the insurer. All insurance companies holding certificates of
authority to conduct business in kansas must be members and participate in this
program through assessments. Each member is assessed a pro-rata share based on
net written premiums from the previous year. the maximum assessment is 2% of net
written premiums.
Peril - Answers -a specific "cause of loss"
Direct loss - Answers -The cost to repair the damaged property. The physical loss to the
property, auto, etc. cause by the peril itself. The direct loss is visible physical loss.
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