CPCU 520 Practice Test Questions and Answers Rated A+

CPCU 520 Practice Test Questions and Answers Rated A+ Which one of the following functional areas of Keithly can assist Alex with this audit's irregularity? Special Investigation Unit Which one of the following best describes a FAIR plan and its insureds? State-run plans with cost spread among private insurers in the state Which one of the following departments provides information to the underwriting department to assist in selecting and rating risks? Risk control All corporations are obligated to promote the well-being of society. At the minimum, this obligation demands that the insurer should Avoid causing any public harm. Which one of the following insurer functions includes calculating insurance rates, developing rating plans, estimating loss reserves, and providing predictive modeling services? Actuarial Property-casualty insurers can be classified in which one of the following ways? Licensing status Which one of the following statements is correct with regard to an insurer's goals? A proprietary insurer must earn competitive profits to raise the capital needed to operate. The United States regulatory framework has evolved over time into which one of the following approaches used by insurance regulators today? Risk-focused approach Which one of the following statements regarding licensing of insurers or insurance personnel is true? Some states permit the insurance commissioner to deny a license to an otherwise worthy applicant if the commissioner believes that no additional insurers are needed in the state. Which one of the following statements is correct? If insurers become insolvent, future claims might not be paid and the insurance protection already paid for might become worthless. One way state insurance regulators help to protect consumers is by reviewing insurance policy forms to determine whether they benefit consumers and Comply with state consumer protection laws. Every state insurance department is headed by a state insurance commissioner, a director, or by a Superintendent. How often does the National Association of Insurance Commissioners (NAIC) meet to discuss important problems and issues in insurance regulation? Three times a year Which one of the following statements is correct? An insurer does not know what its actual expenses will be when a policy is sold. Filip is quoting to get Osakri's business and is not concerned with the adequacy of Mellfor's coverage with actual cash value on contents. Filip's behavior involving Osakri is known as Twisting. All states attempt to ensure that continuous auto insurance coverage is available to consumers by Restricting the rights of insurers to cancel or nonrenew personal auto insurance policies Under the terms of her agency contracts, the insurers forward policies promptly to Rhonda's customers and send a premium invoice with the policy. Insureds are instructed to remit premium payments to their insurer. The insurers