IDAHO INSURANCE QUESTIONS AND
ANSWERS WITH COMPLETE VERIFIED
SOLUTIONS
IntroductionExams serve as a fundamental tool in evaluating a student's understanding of a subject, particularly in fields as diverse as business, law, and mathematics. These disciplines not only
have distinct areas of focus
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
IntroductionExams serve as a fundamental tool in evaluating a student's understanding of a subject, particularly in fields as diverse as business, law, and mathematics. These disciplines not only
have distinct areas of focus
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.
IntroductionExams serve as a fundamental tool in evaluating a student's understanding of a subject, particularly in fields as diverse as business, law, and mathematics. These disciplines not only
have distinct areas of focus
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.
ANSWERS WITH COMPLETE VERIFIED
SOLUTIONS
IntroductionExams serve as a fundamental tool in evaluating a student's understanding of a subject, particularly in fields as diverse as business, law, and mathematics. These disciplines not only
have distinct areas of focus
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
IntroductionExams serve as a fundamental tool in evaluating a student's understanding of a subject, particularly in fields as diverse as business, law, and mathematics. These disciplines not only
have distinct areas of focus
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.
IntroductionExams serve as a fundamental tool in evaluating a student's understanding of a subject, particularly in fields as diverse as business, law, and mathematics. These disciplines not only
have distinct areas of focus
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.
