XCEL Chapter 12 Idaho Laws & Rules with Complete Solutions

A producer has committed an Insurance crime that violates U.S. code 1033 (interstate commerce). Who would be responsible for the prosecution of this crime? - ANSWER-Us attorney General A life settlement broker may NOT - ANSWER-Make any transactions before being approved for a license What provision states that the policy and the application shall constitute the entire contract between the parties? - ANSWER-Entire contract A temporary license is valid for a maximum of __________ days. - ANSWER-180 The fair Credit Reporting Act protects consumers - ANSWER-With guidelines regarding credit reporting and distribution A non-admitted insurance company - ANSWER-Is not protected by the guaranty fund An example of misrepresentation is - ANSWER-Providing incorrect, misleading, incomplete, or materially untrue information in the license application A life policy loan in Idaho cannot charge a fixed rate of interest higher than - ANSWER-8% ________ can be defined as the act of using threat or force to restrict insurance business - ANSWER-Coercion What is the purpose of the Idaho life and health insurance guaranty association - ANSWER-Ensures that claims filed against insolvent insurance companies will be paid An alien insurer - ANSWER-Is an insurer operating in the US but headquartered outside the US A producer must report to the director any administrative action or criminal charges taken against the producer within _____days of the final disposition of the matter - ANSWER-30 days The director must examine the financial affairs of each admitted insurer operating in Idaho at least once every - ANSWER-5 years Which of the following actions is required by a producer who is replacing an existing life insurance policy - ANSWER-Submit to the replacing insurer a list of the policies to be replaced A life insurance replacement transaction gives a policy owner of the right to return the policy for 100% refund within____ days of the policy delivery - ANSWER-20 days If an insurer terminates, a producers appointment, it must notify the Director within____ days of the termination - ANSWER-30 As a condition for a loan, a bank requires the borrower to purchase credit insurance