UT Property & Casualty Insurance Producer Exam Questions Correctly Answered.
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Course
UTAH.
Institution
UTAH.
UT Property & Casualty Insurance Producer Exam Questions Correctly Answered.
Someone who is eligible to become a Consultant if he or she has how many years of related experience? - CORRECT ANSWER At least 3 years of experience in the last 4 years
What is a fiduciary? - CORRECT ANSWER Someon...
UT Property & Casualty Insurance
Producer Exam Questions Correctly
Answered.
Someone who is eligible to become a Consultant if he or she has how many years of related experience?
- CORRECT ANSWER At least 3 years of experience in the last 4 years
What is a fiduciary? - CORRECT ANSWER Someone who is trusted with someone else's money
What level of education does someone need to become a licensed insurance producer in Utah? -
CORRECT ANSWER No education is required
What type of agreement does UT have with other states that allows a non-resident licensed producer to
obtain a Utah license without having to take the UT insurance exam?? - CORRECT ANSWER Reciprocal
agreement
The records of insurance transactions that a licensee keeps must be available for the Commissioner to
inspect during business hours for at least how long? - CORRECT ANSWER The rest of the current
calendar year plus 3 years
A party in an insurance contract has engaged in misrepresentation if he or she has done what? -
CORRECT ANSWER Lied or provided information that is untrue or misleading
An insurance shall maintain a complete and accurate record of the forms it uses for how long? -
CORRECT ANSWER The balance of the current year plus 5 years
What are the 3 types of insurance licensed for UT residents ? - CORRECT ANSWER Producer, consultant,
adjuster
For up to how long may the Commissioner suspend an insurance license? - CORRECT ANSWER 1 years
,Up to what amount of payment or gift to a customer- that is conditional upon getting a quote or
purchasing a policy- is allowable and not considered illegal rebating? - CORRECT ANSWER $10
If an individual that lives in another state has a producer license in that state, what license does he or
she need to sell insurance in UT? - CORRECT ANSWER Non-Resident Producer license
What are the rules regarding "binding of coverage" for property and casualty producers compared to life
and health producers? - CORRECT ANSWER Property and casualty producers normally have binding
authority, while life and health producers do not.
How many continuing education credits in ethics training are required in each license period? - CORRECT
ANSWER 3 credits
Unless an insurance license is renewed, by it will expire when? - CORRECT ANSWER On the last day of
the licensees birth month every two years
A licensee must report to the commissioner an action taken against him or her within how many days? -
CORRECT ANSWER 30 days
Who approved the appointment of three state insurance commissioner? - CORRECT ANSWER State
senate
What is an assumed name and what are the requirements of using an assumed name? - CORRECT
ANSWER It is doing business under a name other than a licensee must notify the commissioner before
using the assumed name.
For up to how long May the commissioner por a license under probation? - CORRECT ANSWER 2 years
Within how long after terminating a producer appointment must an insurer notify the commissioner? -
CORRECT ANSWER 30 days
Rate filings must be submitted to the commissioner within how many days of the effective date? -
CORRECT ANSWER 30 days
, When the office of the commissioner is vacant, or when the commissioner is unable to perform the
duties of the office, who shall fill the position? - CORRECT ANSWER The governor
If an insurance license has become inactive how long does the license have the option to reinstate it? -
CORRECT ANSWER 1 year
How many continuing credits must be earned in a classroom setting during each license period? -
CORRECT ANSWER 12 credits
By state law two producers are allowed to share the commission from an insurance transaction if both
individuals are what? - CORRECT ANSWER Licensed in the same line of insurance that was sold
What are the requirements to get a Utah insurance license? - CORRECT ANSWER 18y/o, pass exam, pay
fees, finger prints and pass background check, be competent and trustworthy
Who makes the insurance laws in Utah? - CORRECT ANSWER The state legislature. The commissioners
office enforces the laws
Which government ensures that insurers which operate within the state are solvent? - CORRECT
ANSWER The commissioner (insurance department)
It is illegal for a producer to __________ funds collected from premiums with good oye her own
personal funds - CORRECT ANSWER Commingle
Licensees must notify the commissioner within how many days after a change of address, email address,
or phone number? - CORRECT ANSWER 30 days
An insurance license is not required to take continuing education if he or she was first licensed before
what date? - CORRECT ANSWER December 31, 1982
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