UTAH State Insurance Exam Questions & Answers.
Agent Licensing - CORRECT ANSWER -At least 18 years old
-Pass licensing exam
-Be of good character
Purpose of Licensing - CORRECT ANSWER Protect the consumer
6 elements of unfair trade practices - CORRECT ANSWER -Unfair Discrimination- ra...
Risk Retention Group - CORRECT ANSWER -licensed in at least one state
-owned by policyholders
-must have liquid assets to meet obligations
-members have similar liability risks
Ex. Theme parks, Grocery Chains, etc.
Fraternal Benefit Societies - CORRECT ANSWER -non-profit, or religious organization
-faith based communities or societies
Lloyds of London - CORRECT ANSWER -meeting place and clerical services
-members are called syndicates
-members are liable for assumed risks
-syndicate manager is attorney-in-fact/proprietor
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