UTAH TITLE & ESCROW STUDY GUIDE WITH
COMPLETE SOLUTIONS
Insurance means an agreement - Correct Answers -dealing with future risk events
Which of the following is usually not defined as the business of insurance - Correct
Answers -enforcing of claims settlement
The cause of any loss such as may be caused by fire, hail, or other risk is known as -
Correct Answers -peril
With property, having a financial interest is a demonstration of - Correct Answers -an
insurable interest
Which of the following is a special requirement when a policy of insurance contains an
arbitration clause? - Correct Answers -the binder must have a statement indicating that
arbitration is in the policy
Which of the following is not an element of a contract? - Correct Answers -be written
The principle which requires a real estate contract to be executed as a written document
is known as - Correct Answers -statute of frauds
The commissioner has all power specifically granted, and all further powers that are
reasonable and necessary to enable him to perform the duties imposed on him - Correct
Answers -true
An insurance license expires - Correct Answers -end of month, 2 years after issuance
Which insurance premiums and rates can be used in the State of Utah? - Correct
Answers -specific rate for services of the agent which is filed with the insurance dept.
At what age may an individual enter into an insurance contract? - Correct Answers -16
Which of the following insurance licenses are exempt from continuing education? -
Correct Answers -credit insurance
Business records of an agent must be maintained for - Correct Answers -3 years
Business reasonably incidental to title insurance business includes - Correct Answers -
selling abstracts
, providing a closing
Reserves for outstanding losses for a title insurance company can be covered with
reinsurance - Correct Answers -true
The net retained liability of a title insurer for a single risk - Correct Answers -may not
exceed 50% of capital and surplus of the insurer
Sharing of commission is permitted when - Correct Answers -it contributes to the search
and examination of the title order
The effective date of a title insurance rate filing must be - Correct Answers -not less
than 30 days after the date of filing
What are two requirements for a title insurance agent - Correct Answers -a reserve fund
of 1% of gross income for title insurance business
a fidelity bond or error and omission insurance for $50k
The following are limited title insurance licenses, except - Correct Answers -title attorney
& title officer
Escrow funds received through a bank wire may be disbursed - Correct Answers -same
business day
Which of the following is not an unfair marketing practice - Correct Answers -using a
similar name
When an insured pays a premium they are not entitled to, it is called a - Correct
Answers -reduction
How much may a title company pay for a business meal with a producer? - Correct
Answers -$300
What is an "off record risk?" - Correct Answers --misindexing of documents
-delivery to the transferee
-notice to creditors
-validity of execution
To create tenants in common, which of the following must be done? - Correct Answers -
nothing
A notary public must be - Correct Answers --18 years of age
-Have a $5000 bond
-able to pass a test
COMPLETE SOLUTIONS
Insurance means an agreement - Correct Answers -dealing with future risk events
Which of the following is usually not defined as the business of insurance - Correct
Answers -enforcing of claims settlement
The cause of any loss such as may be caused by fire, hail, or other risk is known as -
Correct Answers -peril
With property, having a financial interest is a demonstration of - Correct Answers -an
insurable interest
Which of the following is a special requirement when a policy of insurance contains an
arbitration clause? - Correct Answers -the binder must have a statement indicating that
arbitration is in the policy
Which of the following is not an element of a contract? - Correct Answers -be written
The principle which requires a real estate contract to be executed as a written document
is known as - Correct Answers -statute of frauds
The commissioner has all power specifically granted, and all further powers that are
reasonable and necessary to enable him to perform the duties imposed on him - Correct
Answers -true
An insurance license expires - Correct Answers -end of month, 2 years after issuance
Which insurance premiums and rates can be used in the State of Utah? - Correct
Answers -specific rate for services of the agent which is filed with the insurance dept.
At what age may an individual enter into an insurance contract? - Correct Answers -16
Which of the following insurance licenses are exempt from continuing education? -
Correct Answers -credit insurance
Business records of an agent must be maintained for - Correct Answers -3 years
Business reasonably incidental to title insurance business includes - Correct Answers -
selling abstracts
, providing a closing
Reserves for outstanding losses for a title insurance company can be covered with
reinsurance - Correct Answers -true
The net retained liability of a title insurer for a single risk - Correct Answers -may not
exceed 50% of capital and surplus of the insurer
Sharing of commission is permitted when - Correct Answers -it contributes to the search
and examination of the title order
The effective date of a title insurance rate filing must be - Correct Answers -not less
than 30 days after the date of filing
What are two requirements for a title insurance agent - Correct Answers -a reserve fund
of 1% of gross income for title insurance business
a fidelity bond or error and omission insurance for $50k
The following are limited title insurance licenses, except - Correct Answers -title attorney
& title officer
Escrow funds received through a bank wire may be disbursed - Correct Answers -same
business day
Which of the following is not an unfair marketing practice - Correct Answers -using a
similar name
When an insured pays a premium they are not entitled to, it is called a - Correct
Answers -reduction
How much may a title company pay for a business meal with a producer? - Correct
Answers -$300
What is an "off record risk?" - Correct Answers --misindexing of documents
-delivery to the transferee
-notice to creditors
-validity of execution
To create tenants in common, which of the following must be done? - Correct Answers -
nothing
A notary public must be - Correct Answers --18 years of age
-Have a $5000 bond
-able to pass a test