Insurance Regulations
Insurance Regulations
Study online at https://quizlet.com/_8had9a
1. What is the max for the NFIP? $250,000
2. How much time does one have to tell the commis- 30 days
sioner about a name change?
3. What is in Part I of the workers compensation policy? Statutory workers compensa-
tion benefits
4. What is in Part II of the workers compensation poli- Employers liability insurance
cy? (provides protection when
sued by an employee or third
party)
5. What type of benefits does workers compensation B Pain and suffering compen-
NOT provide? sation
A Rehabilitation benefits
B Pain and suffering compensation
C Death benefits
6. How many employees are needed to be applicable A) 1
for workers compensation insurance?
A) 1
B) 2
C) 3
D) 4
7. With respect to homeowner's insurance, an insur- 3
er may not cancel or refuse to renew coverage for
homewoners insurance based on the claims histo-
ry of an insured for weather-related claims, unless
there were _______ or more weather-related claims
within the preceeding 3-year period
1/6
, Insurance Regulations
Insurance Regulations
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8. What is the purpose of the Insurance Guaranty Cor- To provide funds when the
poration? insurance company or third
party is insolvent. They pro-
vide from $100-$100,000
9. A producer was found guilty of violating several reg- d) The producer still has to
ulations of the Insurance Code. The Commissioner fulfill his liabilities to the client
has issued a cease and desist order. Which of the
following is true regarding the producer's liabilities
to his clients?
a)The company will take over producer's liabilities.
b)The producer's liabilities will be transferred to the
Commissioner.
c)The producer will be relieved from all of his license
obligations and liabilities.
d)The producer still has to fulfill his liabilities to the
client.
10. Which of the following statements is correct regard- C) A Public Adjuster does not
ing a Public Adjuster? include a person that apprais-
A A Public Adjuster represents the insurer and is es claims for loss covered by a
compensated by them. motor vehicle policy
B A Public Adjuster does not need to be licensed by
the state.
C A Public Adjuster does not include a person that
appraises claims for loss covered by a motor vehicle
policy.
D A Public Adjuster includes a person that inves-
tigates claims for loss covered by a motor vehicle
policy.
11. C $1,000
2/6
Insurance Regulations
Study online at https://quizlet.com/_8had9a
1. What is the max for the NFIP? $250,000
2. How much time does one have to tell the commis- 30 days
sioner about a name change?
3. What is in Part I of the workers compensation policy? Statutory workers compensa-
tion benefits
4. What is in Part II of the workers compensation poli- Employers liability insurance
cy? (provides protection when
sued by an employee or third
party)
5. What type of benefits does workers compensation B Pain and suffering compen-
NOT provide? sation
A Rehabilitation benefits
B Pain and suffering compensation
C Death benefits
6. How many employees are needed to be applicable A) 1
for workers compensation insurance?
A) 1
B) 2
C) 3
D) 4
7. With respect to homeowner's insurance, an insur- 3
er may not cancel or refuse to renew coverage for
homewoners insurance based on the claims histo-
ry of an insured for weather-related claims, unless
there were _______ or more weather-related claims
within the preceeding 3-year period
1/6
, Insurance Regulations
Insurance Regulations
Study online at https://quizlet.com/_8had9a
8. What is the purpose of the Insurance Guaranty Cor- To provide funds when the
poration? insurance company or third
party is insolvent. They pro-
vide from $100-$100,000
9. A producer was found guilty of violating several reg- d) The producer still has to
ulations of the Insurance Code. The Commissioner fulfill his liabilities to the client
has issued a cease and desist order. Which of the
following is true regarding the producer's liabilities
to his clients?
a)The company will take over producer's liabilities.
b)The producer's liabilities will be transferred to the
Commissioner.
c)The producer will be relieved from all of his license
obligations and liabilities.
d)The producer still has to fulfill his liabilities to the
client.
10. Which of the following statements is correct regard- C) A Public Adjuster does not
ing a Public Adjuster? include a person that apprais-
A A Public Adjuster represents the insurer and is es claims for loss covered by a
compensated by them. motor vehicle policy
B A Public Adjuster does not need to be licensed by
the state.
C A Public Adjuster does not include a person that
appraises claims for loss covered by a motor vehicle
policy.
D A Public Adjuster includes a person that inves-
tigates claims for loss covered by a motor vehicle
policy.
11. C $1,000
2/6
