Idaho Property and Casualty Insurance Exam
Questions and Answers Updated Latest (Verified Answers)
1. Each of the following is listed under the Idaho statute defining "transacting
insurance" EXCEPT
Answer : premium trust accounting.
2. The Director of Insurance has the power to regulate Insurance transactionsunder
Answer : Title 41 of Idaho statutes.
3. It is illegal for an insurance company to advertise
Answer : that it is a member of theGuaranty Fund.
4. Client funds received by the Producer may be kept in the following accountsEXCEPT
Answer : Office checking account.
5. Which of the following must have an appointment?
Answer : A Producer who repre-sents an insurance company as an agent.
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,6. Funds in the account payable to the Insurer must be disbursed within
Answer : 21days
7. A temporary producer license is effective for
Answer : 180 days.
8. An Idaho producer wants to borrow money from a client. This is lawful
Answer : Ifthe Producer has a written loan agreement signed by both parties.
9. Exaggerating policy terms is
Answer : Misrepresentation
10. The Settlement Provider must pay settlement proceeds to an escrow account
within days of receiving the executed change of ownership
documents.
Answer : 3
11. Tim has used his cash assets to purchase an annuity. His creditors wantto seize
the annuity payments. His creditors will
Answer : Be able to seize annuity payments in excess of $1,250 per month.
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, 12. A credit life insurer may be considered to have excessive premiums unlessthe loss
ratio is at least
Answer : 50% of the premiums collected.
13. Which of the following is FALSE regarding advertisements for life settle-ments?
Answer : They cannot use paid testimonials.
14. A person with both licenses in Life, Health, Property, and Casualty must
complete how many hours of Continuing Education in a biennial 2 year peri-od?
Answer : 24 hours
15. The Director may fine anyone transacting insurance without a license upto
Answer : 15,000
16. A producer must notify the Director of any change of address within
Answer : 30days.
17. Making false or incomplete policy comparisons to induce policy replace-ment is
Answer : Twisting
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Questions and Answers Updated Latest (Verified Answers)
1. Each of the following is listed under the Idaho statute defining "transacting
insurance" EXCEPT
Answer : premium trust accounting.
2. The Director of Insurance has the power to regulate Insurance transactionsunder
Answer : Title 41 of Idaho statutes.
3. It is illegal for an insurance company to advertise
Answer : that it is a member of theGuaranty Fund.
4. Client funds received by the Producer may be kept in the following accountsEXCEPT
Answer : Office checking account.
5. Which of the following must have an appointment?
Answer : A Producer who repre-sents an insurance company as an agent.
1/6
,6. Funds in the account payable to the Insurer must be disbursed within
Answer : 21days
7. A temporary producer license is effective for
Answer : 180 days.
8. An Idaho producer wants to borrow money from a client. This is lawful
Answer : Ifthe Producer has a written loan agreement signed by both parties.
9. Exaggerating policy terms is
Answer : Misrepresentation
10. The Settlement Provider must pay settlement proceeds to an escrow account
within days of receiving the executed change of ownership
documents.
Answer : 3
11. Tim has used his cash assets to purchase an annuity. His creditors wantto seize
the annuity payments. His creditors will
Answer : Be able to seize annuity payments in excess of $1,250 per month.
2/6
, 12. A credit life insurer may be considered to have excessive premiums unlessthe loss
ratio is at least
Answer : 50% of the premiums collected.
13. Which of the following is FALSE regarding advertisements for life settle-ments?
Answer : They cannot use paid testimonials.
14. A person with both licenses in Life, Health, Property, and Casualty must
complete how many hours of Continuing Education in a biennial 2 year peri-od?
Answer : 24 hours
15. The Director may fine anyone transacting insurance without a license upto
Answer : 15,000
16. A producer must notify the Director of any change of address within
Answer : 30days.
17. Making false or incomplete policy comparisons to induce policy replace-ment is
Answer : Twisting
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