Utah Life and Health Insurance Questions With All Correct Answers!!

Utah Life and Health Insurance Questions With All Correct Answers!! Minimum Age to receive a license - Answer18 Continuing Education Hours - Answer24 Hours every 2 years (3 Hours must be in ethics) Insurer must respond to claimant communications within how many days? - Answer15 days Commissioner Powers and duties include: - AnswerImposing penalties, including fines, suspensions, and revocations. All insurance forms (riders, policies, applications, endorsements, and contracts) must be filed and approved by the Commissioner. Gramm-Leach-Bliley Act (GLBA) - AnswerConsumer - An individual about whom a company collects information is a consumer. Customer - A customer is a consumer that has developed an ongoing relationship with a financial institution. Privacy Notices must explain: - AnswerWhat info the company gathers about the customer. Where that info is shared How the company safeguards that info Fair Credit Reporting Act - AnswerResponsible for the opt-out opportunity, but the privacy notice must inform the customer of this right under the GLBA. Insurance Consultants - AnswerTo become licensed as an insurance consultant, a producer must have been licensed and actively transacted inurance for at least three of the four years immediately preceding the application for a consultants license. License Requirements - Answer18 years old at least. Appointments - AnswerAll producers must be appointed by at least one insurer. Misrepresentation - AnswerIt is illegal to make any written or oral statement, sales presentation, or comparison that; misrepresents the dividends, benefits, advantages, conditions, or terms of any policy. Example: uses a name of any insurance policy that misrepresents its true nature. False Advertising - AnswerIt is illegal for any producer to formulate or use an advertisement or statement that is untrue, deceptive, or misleading regarding any insurance company or persons associated with that company. Defamation - AnswerMaking any statement, written or oral, that is false or maliciously critical of the financial condition of an insurance company or a producer representing that company is illegal. Rebating - AnswerOffering valuable consideration, other than that which is offered in the contract as an inducement to purchase a policy is illegal. Coercion - AnswerForcing a person to buy insurance through a particular company or producer.