Rhode island insurance License test exam 2024

Reg 73 letter states: - correct answer Insurer must respond with in 10 days Insurance Commissioner Inquires ICI respond within 15 days After proof of loss Insurer has 15 days to pay or deny coverage letter must be sent if there is some sort of denial An adjuster license can be revoked, by who? - correct answer Insurance comissioner Unfair Claims Practices Act - correct answer an adjustor must throughly investigate a loss prior to settlement if an insurance company operates in an unfair manner they would be prosecuted by Insurance Regulartory Act (IRA) Waiting for witness statement is not unfair claims practice Rhode Island is a pure comparitive state. What does that mean - correct answer It means if one party is negligent at all (1 Percent) they can recover from the damages. Statue of limitations - correct answer 3 years: BI, wrongful Death, Medical Claims 10 years: PD, Contract Rhode Island policy miniums - correct answer BI: 25k per person 50k per occurance PD 25k