Solicitation of insurance - Study guides, Class notes & Summaries

NY Life, Accident, and Health Insurance Agent/Broker Exam Series 17-55 actual exam Process 2103 (d-i) - CORRECT ANSWER-1. The Superintendent may issue a license to any person, firm or corporation who has complied with the requirements of the Insurance Code, authorizing the licensee to act as agent of any authorized insurer. Every individual applicant for a license under this section and every proposed sublicensee must be 18 years of age or older at the time of issuance of such licens...

The West Virginia Insurance Commissioner attains office in which of the following ways? - Gubernatorial appointment (Governor of WV) An offer of life insurance by an insurance company in West Virginia to individuals who are personally invited to apply on the basis of the offer is known as what type of solicitation? - Direct response When a producer is soliciting a client to effect a contract of insurance, the producer is engaged in - transacting insurance Courses are approvedfor continu...

WV Life Insurance Laws and Rules Latest Update Graded A+ Examination of Records The Commissioner can examine anyone in the business of insurance in the state at anytime. A company shall be examined every 5 years. Notice and Hearing the Commissioner may call and hold hearings for any purpose deemed necessary. Insurance Commissioner the commissioner may conduct investigations or examinations whenever deemed necessary, subpoena the witnesses to testify. cease and desist order the ...

NJ Life Producer Exam Study Life Insurance Questions and Answers 100% Pass An insurer must renew a renewable term policy at the policyowner's request regardless of the insurability status of the insured. Renewable Term Life Insurance The settlement option that provides for payments to be made in regular installments to a beneficiary until the principal and interest are exhausted best describes: Fixed-amount What hours of operation is a branch office required to have? Must give pu...

NY Life, Accident, and Health Insurance Agent/Broker Exam Series 17-55 actual exam Process 2103 (d-i) - CORRECT ANSWER-1. The Superintendent may issue a license to any person, firm or corporation who has complied with the requirements of the Insurance Code, authorizing the licensee to act as agent of any authorized insurer. Every individual applicant for a license under this section and every proposed sublicensee must be 18 years of age or older at the time of issuance of such licens...

Which of the following is not a duty of the Commissioner? a. Issue an insurance license for a producer b. Make state insurance laws c. Handle insurance-related consumer complaints d. Enforce state insurance laws - ️️b. Make state insurance laws During policy solicitation an insurer exaggerates the financial condition of one of its competitors and makes it sound worse than it is. This is an example of an unfair trade practice called? a. Twisting b. False advertising c. Controlle...

What type of report provides information about an applicant's hobbies, habits, and financial status? - CORRECT ANSWER-Investigative consumer report What are the three factors that determine the premium for a particular life insurance policy? - CORRECT ANSWER-Mortality, interest, expense How does the premium mode affect the total premium paid for insurance for the year? - CORRECT ANSWER-Higher frequency of payments will result in higher overall premium Can insurers advertise the existence...

Faulty wiring in a home is an example of a: a) loss b) peril c) risk d) hazard - correct answer Hazard When a person buys insurance what method of handling risk has been undertaken? a) transfer b) reduction c) avoidance d) retention - correct answer Transfer In property and casualty insurance, insurable interest must exist: a) at the time a change is made to a policy b) at the time of policy application c) at the time of loss d) at the time of policy solicitation - correct...

What is insurance? correct answer: Insurance transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. What is risk? correct answer: Risk is the uncertainty or chance of a loss occurring. What is peril? correct answer: Perils are the causes of loss insured against in an insurance policy. What are the elements of insurable risk? correct answer: Loss must be 1. due to chance 2....

Insurance broker means a person who, for compensation and on behalf of another person, transacts insurance other than life with, but not on behalf of, an insurer. True or False? correct answer: False - An insurance broker is a specialist in insurance and risk management. Brokers act on behalf of their clients and provide advice in the interests of their clients. Transacting insurance includes: A. Execution of a contract of insurance B. All of the choices C. Solicitation D. Negotiation c...