Producer Property Exam Illinois Questions with 100% Correct Answers

What is the NICB? Correct Answer National Insurance Crime Bureau. It is the nation's premier not-for-profit organization dedicated exclusively to fighting insurance fraud and crime. What are hate crimes motivated by? Correct Answer Race, color, ancestry, national origin, disability, gender, or sexual orientation. Who initiates legal action? Correct Answer Attorney General What are the two ways you can obtain insurance under the FAIR Plan? Correct Answer 1. Must make 3 Attempts to obtain coverage in the voluntary market. 2. Any owner of a 1-4 family dwelling whose coverage has been nonrenewed in the voluntary market. Who appoints the insurance director? Correct Answer The governor What are the powers of the Insurance Director? Correct Answer Issue cease and desist order, conduct examinations of businesses, subpoena witnesses, examine holders of producer licenses, and issue licenses for producers and certificates of authority for insurance companies Do insurance policies require a producers name? Correct Answer No, just the insurers. What does mine subsidence coverage protect? Correct Answer Residences or Commercial Buildings. It may be applied to buildings and to service structures such as driveways, sidewalks, and septic systems. What are the two ways mine subsidence coverage be waived/refused? Correct Answer 1. In writing by the insured because every policy automatically includes it. 2. An insurer can refuse if there is evidence of unrepaired mine subsidence damage until the damage is repaired. What is the Mine Subsidence Insurance Fund? Correct Answer Provides reinsurance for mine subsidence losses to Illinois INSURERS. What are the minimum policy limits required to have mine subsidence coverage? Correct Answer $200,000 per residence, $200,000 per commercial building, $15,000 per living unit Within how many days must the Mine Subsidence Insurance Fund reimburse the insurer for mine related claims? Correct Answer 90 days