PROPERTY & CASUALTY TEST
(INDIANA SECTION)
What happens after Rehabilitation? - ANSWERS-If company cannot
be restored to a financially healthy state, Commissioner has the
authority to liquidate the Company for the benefit of the
Policyholders
Life and Health and Property & Casualty Guarantee Associations -
ANSWERS-All admitted insurers must belong to the appropriate
association; to pay policyowner claims of an insolvent insurance
company
Life and Health (L&H insurance company) - ANSWERS-Covers
policy for insured if company went bankrupt; $100,000 cash value for
Life Insurance policy/Annuity; $300,000 death benefits and health
claim benefits
Property & Casualty (P&C insurance company) - ANSWERS-
$100,000 per claim; $300,000 per occurrence; any claim for return of
unearned premium, the Association will pay 80% of the unearned
premiums paid/$650 per month for up to 12 months (7,800),
whichever is less
2nd major responsibility of commissioner - ANSWERS-Tasks with
protecting the consumers of the State by making certain that those
individuals selling insurance
, Seven types of licenses - ANSWERS-1. Resident Producer
2. Non-Resident Producer
3. Temporary
4. Consultant
5. Limited Lines
6. Surplus Lines (P&C only)
7. Independent Adjuster
When you let you license lapse you must be..? - ANSWERS-
Reinstated
Violations of Exam - ANSWERS-1. Cheating
--COMMON SENSE
Unfair Competition Law - ANSWERS-Golden Rule of Insurance;
everybody involved in the transaction shall be given a fair shake; if
you wouldn't want it done to you...don't do it to someone else
Violations Under the Law - ANSWERS-Reference book
Insurance commissioner has the authority to..? - ANSWERS-enforce
state insurance laws
(INDIANA SECTION)
What happens after Rehabilitation? - ANSWERS-If company cannot
be restored to a financially healthy state, Commissioner has the
authority to liquidate the Company for the benefit of the
Policyholders
Life and Health and Property & Casualty Guarantee Associations -
ANSWERS-All admitted insurers must belong to the appropriate
association; to pay policyowner claims of an insolvent insurance
company
Life and Health (L&H insurance company) - ANSWERS-Covers
policy for insured if company went bankrupt; $100,000 cash value for
Life Insurance policy/Annuity; $300,000 death benefits and health
claim benefits
Property & Casualty (P&C insurance company) - ANSWERS-
$100,000 per claim; $300,000 per occurrence; any claim for return of
unearned premium, the Association will pay 80% of the unearned
premiums paid/$650 per month for up to 12 months (7,800),
whichever is less
2nd major responsibility of commissioner - ANSWERS-Tasks with
protecting the consumers of the State by making certain that those
individuals selling insurance
, Seven types of licenses - ANSWERS-1. Resident Producer
2. Non-Resident Producer
3. Temporary
4. Consultant
5. Limited Lines
6. Surplus Lines (P&C only)
7. Independent Adjuster
When you let you license lapse you must be..? - ANSWERS-
Reinstated
Violations of Exam - ANSWERS-1. Cheating
--COMMON SENSE
Unfair Competition Law - ANSWERS-Golden Rule of Insurance;
everybody involved in the transaction shall be given a fair shake; if
you wouldn't want it done to you...don't do it to someone else
Violations Under the Law - ANSWERS-Reference book
Insurance commissioner has the authority to..? - ANSWERS-enforce
state insurance laws
