Idaho Portion – Insurance Exam Questions and Answers 100% Correct(GRADED A+)

Insurance Transaction - ANSWER-Solicitation, negotiations, sale, advising an individual concerning coverage or claims negotiation - ANSWER-offer advice/communicate directly with purchaser regarding benefits Sale - ANSWER-effectuation of a contract of insurance Insurance Contract - ANSWER-Agreement between the insured and insurer, where the insurer agrees to indemnify the insured for specific losses in exchange for a premium stock companies - ANSWER-owned by stockholders (can profit) mutual companies - ANSWER-owned by policyholders Fraternal - ANSWER-provide insurance for members of religious or fraternal organization Certificate of Authority - ANSWER-license granted to insurers so that they may transact business in the state Director - ANSWER-Appointed by the Governor Serves 4 years with 5 years prior experience Duties of Director - ANSWER-enforce idaho insurance codes make reasonable rules and regs issues licenses and certificates of authority issues orders and notices conduct examinations and investigations collect all required fees provide annual reports to the governor authorize publications and sale of copies of Idaho Ins. laws, rules, regs Director examination - ANSWER-subpoena witnesses administer oaths examine and cross examine witnesses Recieve oral and documentary evidence Examination - ANSWER-only effective when in writing and signed, hearing must be held within 30 days of request, director must give notice 14 days in advance Limited Lines Producer - ANSWER-sells, solicits, and negotiates limited lines insurance Credit life credit disability credit property credit unemployment involuntary unemployment mortgage life mortgage guarantee mortgage disability guaranteed automobile protection transportation ticket policies pet insurance Surplus lines - ANSWER-property and casualty with at least 2 years experience for the