Idaho Insurance Questions and Answers
Correct 100% Each of the following is listed under the Idaho statute defining "transacting insurance" EXCEPT: - ANSWER-premium trust accounting.
The Director of Insurance has the power to regulate Insurance transactions under: - ANSWER-Title 41 of Idaho statutes.
It is illegal for an insurance company to advertise: - ANSWER-that it is a member of the Guaranty Fund.
Client funds received by the Producer may be kept in the following accounts EXCEPT: -
ANSWER-Office checking account.
Which of the following must have an appointment? - ANSWER-A Producer who represents an insurance company as an agent.
Funds in the account payable to the Insurer must be disbursed within: - ANSWER-21 days
A temporary producer license is effective for: - ANSWER-180 days.
An Idaho producer wants to borrow money from a client. This is lawful: - ANSWER-If the
Producer has a written loan agreement signed by both parties.
Exaggerating policy terms is: - ANSWER-Misrepresentation
The Settlement Provider must pay settlement proceeds to an escrow account within _____ days of receiving the executed change of ownership documents. - ANSWER-3
Tim has used his cash assets to purchase an annuity. His creditors want to seize the annuity payments. His creditors will: - ANSWER-Be able to seize annuity payments in excess of $1,250 per month.
A credit life insurer may be considered to have excessive premiums unless the loss ratio is at least: - ANSWER-50% of the premiums collected.
Which of the following is FALSE regarding advertisements for life settlements? - ANSWER-They cannot use paid testimonials. A person with both licenses in Life, Health, Property, and Casualty must complete how many hours of Continuing Education in a biennial 2 year period? - ANSWER-24 hours
The Director may fine anyone transacting insurance without a license up to: - ANSWER-
15,000
A producer must notify the Director of any change of address within: - ANSWER-30 days.
Making false or incomplete policy comparisons to induce policy replacement is: - ANSWER-Twisting
The Life Settlement Provider has _____ days to give written notice to the Insurer that the policy is going to be sold through a settlement contract. - ANSWER-20
Of the courses required for Continuing Education, how many hours must cover insurance law or ethics? - ANSWER-3
Before selling an annuity, the Producer must ascertain each of the following EXCEPT the applicant's: - ANSWER-Marital status.
Once settlement proceeds are paid to an escrow account, the Escrow Agent must submit the policy owners's change of ownership documents to the Settlement Provider and pay the settlement proceeds to the policy owner with _____ days - ANSWER-3
An Idaho producer may share a commission with: - ANSWER-another Producer with the
same type of license.
A credit life policy may be: - ANSWER-Term only.
Which of the following is correct regarding the situation where a producer pays a client's
premium? - ANSWER-This is legal only if the Producer collects reasonable interest from
the client.
The Director may fine a producer for willfully violating any insurance law up to: - ANSWER-5,000
The amount of a credit life policy sold in Idaho may be - ANSWER-Up to the amount of the debt.
Which claims adjuster is NOT required to be licensed? - ANSWER-an adjuster employed on a salaried basis by an Insurer.
A producer must notify the Director of any fraudulent claim within: - ANSWER-60 days
Correct 100% Each of the following is listed under the Idaho statute defining "transacting insurance" EXCEPT: - ANSWER-premium trust accounting.
The Director of Insurance has the power to regulate Insurance transactions under: - ANSWER-Title 41 of Idaho statutes.
It is illegal for an insurance company to advertise: - ANSWER-that it is a member of the Guaranty Fund.
Client funds received by the Producer may be kept in the following accounts EXCEPT: -
ANSWER-Office checking account.
Which of the following must have an appointment? - ANSWER-A Producer who represents an insurance company as an agent.
Funds in the account payable to the Insurer must be disbursed within: - ANSWER-21 days
A temporary producer license is effective for: - ANSWER-180 days.
An Idaho producer wants to borrow money from a client. This is lawful: - ANSWER-If the
Producer has a written loan agreement signed by both parties.
Exaggerating policy terms is: - ANSWER-Misrepresentation
The Settlement Provider must pay settlement proceeds to an escrow account within _____ days of receiving the executed change of ownership documents. - ANSWER-3
Tim has used his cash assets to purchase an annuity. His creditors want to seize the annuity payments. His creditors will: - ANSWER-Be able to seize annuity payments in excess of $1,250 per month.
A credit life insurer may be considered to have excessive premiums unless the loss ratio is at least: - ANSWER-50% of the premiums collected.
Which of the following is FALSE regarding advertisements for life settlements? - ANSWER-They cannot use paid testimonials. A person with both licenses in Life, Health, Property, and Casualty must complete how many hours of Continuing Education in a biennial 2 year period? - ANSWER-24 hours
The Director may fine anyone transacting insurance without a license up to: - ANSWER-
15,000
A producer must notify the Director of any change of address within: - ANSWER-30 days.
Making false or incomplete policy comparisons to induce policy replacement is: - ANSWER-Twisting
The Life Settlement Provider has _____ days to give written notice to the Insurer that the policy is going to be sold through a settlement contract. - ANSWER-20
Of the courses required for Continuing Education, how many hours must cover insurance law or ethics? - ANSWER-3
Before selling an annuity, the Producer must ascertain each of the following EXCEPT the applicant's: - ANSWER-Marital status.
Once settlement proceeds are paid to an escrow account, the Escrow Agent must submit the policy owners's change of ownership documents to the Settlement Provider and pay the settlement proceeds to the policy owner with _____ days - ANSWER-3
An Idaho producer may share a commission with: - ANSWER-another Producer with the
same type of license.
A credit life policy may be: - ANSWER-Term only.
Which of the following is correct regarding the situation where a producer pays a client's
premium? - ANSWER-This is legal only if the Producer collects reasonable interest from
the client.
The Director may fine a producer for willfully violating any insurance law up to: - ANSWER-5,000
The amount of a credit life policy sold in Idaho may be - ANSWER-Up to the amount of the debt.
Which claims adjuster is NOT required to be licensed? - ANSWER-an adjuster employed on a salaried basis by an Insurer.
A producer must notify the Director of any fraudulent claim within: - ANSWER-60 days
