Which of the following is not an unfair method of competition or deceptive practice Quizlet
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Terms in this set (50)Which type of insurer is incorporated or organized under the laws of a country other than the United States? A. foreign C. alien Whom does an insurance producer represent when negotiating an insurance contract? A. policyholder B. insurer Which of the following is NOT a duty of the Insurance Commissioner? A. maintaining records C. writing Oklahoma insurance laws An insurer must appoint a producer withing how many days after accepting business from that producer? A. 5 C. 15 The Commissioner must examine the affairs of all domestic insurance companies every A. year B. 3 years An insurance company's license to do business in Oklahoma is called A. notice of risk assignment B. certificate of authority To be licensed, a producer must meet which of the following qualifications? A. 21 years old C. pass an examination Which of the following jobs does NOT require a certificate of authority or license? A. delivering insurance contracts D. writing advertisements for insurance companies Which of the following is a penalty for engaging in an unfair method of competition? A. cease a desist order A. cease and desist order Which of the following is NOT a consideration of the Commissioner while examining an insurer A. actuarial opinions D. internal revenue returns Which of the following licensing fees is CORRECT? A. $40 annually of a temporary license D. $60 biennially for a producer's license Which of the following does NOT need to be appointed by at least one insurer to transact insurance business? A. Producer B. consultant Which of the following is NOT an unfair trade practice? A. rebating
premiums D. replacing life insurance policies Any producer who fails to comply with the continuing education requirements may be subject to a fine up to A. $1,000 C. $500 what is the purpose of the Property and Casualty Insurance Guaranty Association? A. to ensure that consumers have access to the lowest possible insurance rates B. to protect policyholders, insureds, and claimants from insurers who become insolvent Which of the following statements about the appointment of producers is CORRECT? A. insurers may pay commissions to a producer before a producer's appointment has been approved D. a producer must be appointed to transact insurance business for at least one insurer A producer who does not comply with Oklahoma's continuing education requirements may be subject to all of the following EXCEPT A. non renewal of license B. a fine of not more than $5,000 Limited lines producers may be licensed to transact all of the following insurance business EXCEPT A. casualty A. casualty Which of the following statements about insurance consultants is NOT correct? A. their licenses
are valid for 1 year A. their licenses are valid for 1 year Using misrepresentations to persuade an insured to surrender an insurance policy is called A. rebating D. twisting Circulating a maliciously critical statement about an insurer's financial condition in order to injure the insurer is called A. conservation C. defamation All of the following constitute unfair trade practices EXCEPT A. making misleading statements about a producer's business in a direct mail letter D. paying bonuses to policy owners out of surplus accumulated from nonparticipating insurance
Who is responsible for providing the proof of loss form? A. insurer A. insurer Usually, a proof of loss form must be completed and returned within how many days of receipt? A. 15 C. 60 An insurer must respond to the insured after receiving the proof of loss form within how many days? A. 15 D. 90 Before selling insurance to the public, an unauthorized insurer must A. have a waiver from the National Association of Insurance Commissioners C. receive any new business directly through an eligible surplus lines licensee or broker Every surplus line broke must file with the Commissioner an annual statement of all surplus line insurance that the transacted by what date? A. January 1 B. April 1 Which of the following individuals needs to be licensed as a consultant? A. licensed attorney acting in a professional capacity D. financial professional who, for a fee, advises a client on the benefits or disadvantages of purchasing insurance A licensed resident producer must inform the Commissioner of a change of address within how many days of the change? A. 15 B. 30 Which of the following courses would NOT be approved for continuing education credit? A. closing the sale A. closing the sale Providers of continuing education courses are responsible for maintaining records of completed courses for how long? A. 6 months D. 4 years The Commissioner may suspend the license of a producer for any of the following EXCEPT A. providing incorrect or materially untrue information in a license application C. failing to notify the Commissioner of a change of address A producer who continues to transact insurance after the Commissioner has suspended his license may be fined a maximum of: A. $100 and jailed for up to 1 year B. $5,000 and jailed for up to 5 years A producer is offering $500 gift certificates as an incentive to buy a homeowners insurance policy. The producer is guilt of A. defamation B. rebating A new homeowner is being forced to buy insurance from a particular insurer as a condition of receiving a mortgage. The lender is guilty of A. rebating C. coercion of borrowers All of the following benefits may be paid according to a schedule of compensation EXCEPT A. permanent total disability D. total partial disability Payments for temporary partial disability may NOT exceed how many weeks in the aggregate? A. 42 C. 156... A person who is awarded compensation for permanent partial disability, permanent total disability, or death benefits may obtain payment in a lump sum which may NOT exceed A. 10% of total award B. 25% of total award Employees who are temporarily totally disabled for less than 21 days do NOT receive any benefits under workers' compensation for how many calendar days after the disability occurs? A. 1 C. 7 Within how many days of being informed of an employee workplace injury must the employer provide reasonable and necessary medical care? A. immediately C. within 7 days Spouses of deceased employees are entitles to what percentage of the employee's average weekly wages? A. 20% D. 70 Which of the following is NOT a required provision in a motor vehicle policy issued in Oklahoma? A. Social Security number of the
insured A. Social Security number of the insured What are the minimum limits of coverage for a motor vehicle liability policy issued in Oklahoma? A. 5/10/5 B. 25/50/25 Which of the following situations would be covered under the uninsured/underinsured motorist provision in a motor vehicle liability policy? A. a hit-and-run motorist collides with the insure downer of a vehicle. D. all of the above situations would be covered insured motorists who successfully complete a motor vehicle accident prevention course are entitled to a reduced premium for how long? A. 6 months C. 3 years all motor vehicle liability policies expire at A. 12:00 midnight standard time on the
expiration date noted in the policy B. 12:01 am standard time on the expiration date noted in the policy which of the following provides motor vehicle liability insurance to those applicants who would otherwise be uninsureable? A. Auto Assigned Risk Plan A. Auto Assigned Risk Plan Which of the following is NOT an unfair claims settlement practice? A. Failing to fully disclose benefits, coverage, or other policy provisions that
pertain to a claim D. requesting a partial refund of a payment on a claim, when such payment was in excess of the claim Marine and transportation policies may provide coverage for all of the following EXCEPT A. imported property C. merchandise in storage Acme Imports has purchased a large number of wooden salt and pepper shakers from Poland and will import them to the United States. The shipment will be covered by an inland marine insurance policy while in all of the following places EXCEPT A. on a trans-Atlantic ship D. while stocked on shelves at the retail store. Sets with similar termsMO State laws62 terms carly_sherman3 Chapter 15: state laws43 terms toniedmo Alabama Law supplement50 terms hdsmith0313 Ga Life & Health Insurance- ADBanker58 terms nottodaythanks Sets found in the same folderAnnuities27 terms sarah_haines MD LIFE FINAL EXAM100 terms lizsan93 Disability Income Insurance30 terms Pursley_Flake XCEL Chapter 718 terms st538812 Other sets by this creatorCasualty and Property29 terms amysgonnapass State Insurance Law63 terms amysgonnapass Verified questionsQUESTION Broward Manufacturing recently reported the following information: $$ \begin{matrix} \text{Net income} & \text{\$ 615.000}\\ \text{ROA} & \text{10\\%}\\ \text{Interest expense} & \text{\$ 202.950}\\ \text{Accounts payable and accruals} & \text{\$ 950.000}\\ \end{matrix} $$ Broward’s tax rate is 30%. Broward finances with only debt and common equity, so it has no preferred stock. 40% of its total invested capital is debt, and 60% of its total invested capital is common equity. Calculate its basic earning power (BEP), its return on equity (ROE), and its return on invested capital (ROIC). Verified answer
QUESTION Barton Industries has operating income for the year of $3,500,000 and a 36% tax rate. Its total invested capital is$20,000,000 and its after-tax percentage cost of capital is 8%. What is the firm’s EVA? Verified answer
QUESTION The WACC is a weighted average of the costs of debt, preferred stock, and common equity. Would the WACC be different if the equity for the coming year came solely in the form of retained earnings versus some equity from the sale of new common stock? Would the calculated WACC depend in any way on the size of the capital budget? How might dividend policy affect the WACC? Verified answer
QUESTION A project has annual cash flows of $5,000 for the next 10 years and then$9,000 each year for the following 10 years. The IRR of this 20-year project is 8.52%. If the firm’s WACC is 8%, what is the project’s NPV? Verified answer Related questionsQUESTION how are HMOs and PPOs different? 8 answers QUESTION For a "hit and run" provision in a UM policy to apply, the insured typically has to notify the insurer within 3 answers QUESTION A dwelling policy would NOT be appropriate for: 13 answers QUESTION The terrorist attack on the World Trade Center on September 11, 2001 led to a debate over whether such risks are 3 answers |
