Utah Property and Casualty (100% correct)

What are the requirements to get a Utah Insurance License? correct answers At least 18 years old; pass the exam; pay fees; get finger printed and pass a background check; be competent and trustworthy. If an individual that lives in another state has a producer license in that state, what license does he or she need to sell insurance in Utah? correct answers Non-Resident Producer License What are the rules regarding 'binding of coverage' for Property and Casualty producers compared to Life and Health producers? correct answers Property and Casualty producers normally have binding authority, while Life and Health producers do not. What are the three types of insurance licenses for Utah residents? correct answers Producer Consultant Adjuster What does an insurance adjuster do? correct answers Evaluates damages and losses and determines how much the insurer should pay the claimant. Whom does an Independent Adjuster represent? correct answers Insurance companies, also known as carriers The Insurance Department, the commissioner, does NOT do what? correct answers Endorse Insurers; make laws; make insurance policies, contracts, forms, and rates; establish fines and penalties. How many total continuing education credits must a licensee take during each license period in order to renew his or her license? correct answers 24 credits How many continuing education credits must be earned in a classroom setting during each license period? correct answers 12 credits If an insurance license has become inactive, how long does the licensee have the option to reinstate it? correct answers 1 year When the office of the Commissioner is vacant, or when the Commissioner is unable to perform the duties of the office, who shall fill the position? correct answers The Governor How often must the Commissioner examine insurers that operate within the state? correct answers At least once every 5 years. An insurer is considered to be solvent if it is able to do what? correct answers Meet all of its financial obligations and pay claims.