Utah Life Insurance Test With 100% Correct Answers.
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Course
UTAH.
Institution
UTAH.
Utah Life Insurance Test With 100% Correct Answers.
Minimum Age to receive a license - CORRECT ANSWER 18
Continuing Education Hours - CORRECT ANSWER 24 Hours every 2 years (3 Hours must be in ethics)
Insurer must respond to claimant communications within how many days? - CORRECT ANSWER ...
Utah Life Insurance Test With 100%
Correct Answers.
Minimum Age to receive a license - CORRECT ANSWER 18
Continuing Education Hours - CORRECT ANSWER 24 Hours every 2 years (3 Hours must be in ethics)
Insurer must respond to claimant communications within how many days? - CORRECT ANSWER 15 days
Commissioner Powers and duties include: - CORRECT ANSWER Imposing penalties, including fines,
suspensions, and revocations.
All insurance forms (riders, policies, applications, endorsements, and contracts) must be filed and
approved by the Commissioner.
Gramm-Leach-Bliley Act (GLBA) - CORRECT ANSWER Consumer - An individual about whom a company
collects information is a consumer.
Customer - A customer is a consumer that has developed an ongoing relationship with a financial
institution.
Privacy Notices must explain: - CORRECT ANSWER What info the company gathers about the customer.
Where that info is shared
How the company safeguards that info
Fair Credit Reporting Act - CORRECT ANSWER Responsible for the opt-out opportunity, but the privacy
notice must inform the customer of this right under the GLBA.
Insurance Consultants - CORRECT ANSWER To become licensed as an insurance consultant, a producer
must have been licensed and actively transacted inurance for at least three of the four years
immediately preceding the application for a consultants license.
License Requirements - CORRECT ANSWER 18 years old at least.
, Appointments - CORRECT ANSWER All producers must be appointed by at least one insurer.
Misrepresentation - CORRECT ANSWER It is illegal to make any written or oral statement, sales
presentation, or comparison that; misrepresents the dividends, benefits, advantages, conditions, or
terms of any policy.
Example: uses a name of any insurance policy that misrepresents its true nature.
False Advertising - CORRECT ANSWER It is illegal for any producer to formulate or use an advertisement
or statement that is untrue, deceptive, or misleading regarding any insurance company or persons
associated with that company.
Defamation - CORRECT ANSWER Making any statement, written or oral, that is false or maliciously
critical of the financial condition of an insurance company or a producer representing that company is
illegal.
Rebating - CORRECT ANSWER Offering valuable consideration, other than that which is offered in the
contract as an inducement to purchase a policy is illegal.
Coercion - CORRECT ANSWER Forcing a person to buy insurance through a particular company or
producer.
Unfair Discrimination - CORRECT ANSWER It is illegal to unfairly discriminate between individuals of the
same class and equal life expectancy in the rates, dividends, benefits, or terms of any life or life annuity
contract. Unfairly discriminate between neighborhoods within a municipality and of essentially the same
hazard. Use sexual orientation in the underwriting process or in the determination of insurability.
A producer cannot share commissions with: - CORRECT ANSWER Someone that is not a life insurance
agent. Monies may not be commingled with the producer's personal funds.
Insurance Fraud: - CORRECT ANSWER Anyone who knowingly misappropriates insurance premiums,
makes any material false statement of an insurance application, or makes a false insurance claim
commits insurance fraud.
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