Idaho Insurance Questions (100% Correct solutions)

Each of the following is listed under the Idaho statute defining "transacting insurance" EXCEPT: correct answers premium trust accounting. The Director of Insurance has the power to regulate Insurance transactions under: correct answers Title 41 of Idaho statutes. It is illegal for an insurance company to advertise: correct answers that it is a member of the Guaranty Fund. Client funds received by the Producer may be kept in the following accounts EXCEPT: correct answers Office checking account. Which of the following must have an appointment? correct answers A Producer who represents an insurance company as an agent. Funds in the account payable to the Insurer must be disbursed within: correct answers 21 days A temporary producer license is effective for: correct answers 180 days. An Idaho producer wants to borrow money from a client. This is lawful: correct answers If the Producer has a written loan agreement signed by both parties. Exaggerating policy terms is: correct answers Misrepresentation The Settlement Provider must pay settlement proceeds to an escrow account within _____ days of receiving the executed change of ownership documents. correct answers 3 Tim has used his cash assets to purchase an annuity. His creditors want to seize the annuity payments. His creditors will: correct answers 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: correct answers 50% of the premiums collected. Which of the following is FALSE regarding advertisements for life settlements? correct answers 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? correct answers 24 hours The Director may fine anyone transacting insurance without a license up to: correct answers 15,000 A producer must notify the Director of any change of address within: correct answers 30 days.