CASUALTY IDAHO EXAM PREP QUESTIONS AND ANSWERS 2024

A violation of the insurance laws and regulations in Idaho could result in a monetary fine up to: $5000 The minimum limits of a basic automobile liability insurance required by the state of Idaho is: 25/50/15 A violation of unfair insurance claims practices will result in which of the following fine amounts? $10,000 A violation of a cease and desist order will result in a monetary penalty of: $5000 The purpose of the Idaho Automobile Insurance Plan is: Providing the guarantee that automobile insurance coverage will be available to any person who is unable to procure that insurance through ordinary methods Which of the following would be considered an Unfair Insurance Trade Practice in Idaho? Promising to lend money to the client if they purchase insurance through a specific carrier In Idaho, and insurer must provide at least______ advance notice for cancellation of property coverages for nonpayment of premium 10 days An insurer wishing to appoint a producer must request the appointment within_______ of the execution of the agent's contract or the submission of the first application for insurance by the agent. 15 days The purpose of the Idaho Property & Casualty Insurance Guaranty Fund is to pay the claims of insolvent member insurers. In order to cancel a Property insurance policy, an insurer must give the insured a ______ advance notice 30 days Which of the following is NOT required to be licensed in the State of Idaho? A person helping enroll a group benefit program. Licenses for a business entity renew every ___ years. 2 In order to cancel a Casualty insurance policy other than for nonpayment, an insurer must give the insured a ______ advance notice 20 days Insurers wishing to cancel or non renew a block of business must request approval of the process from the Department of Insurance ______ prior to the action. 120 days Prior to appointing a producer as its agent, the insurer must file the appointment request with the Department of Insurance within____from the date the agency contract is executed or the first insurance application is submitted. 15 days In Idaho, and insurer must provide at least______ advance notice for nonrenewal of property coverages. 30 days Upon receipt of all requested information, how long does a company have to accept or deny a first party claim? 30 days A person acting as an agent without a license could result in a fine of? $15,000 An agent must notify the Department of Insurance of any administrative actions levied against her within 30 days of the final disposition of the matter A false statement meant to injure a person in the business of insurance is the unfair trade practice of defamation. Someone wishing to hold an Idaho insurance license but does not live in Idaho will request to be appointed as a non-resident agent. An insurer is required to give at least a _____advance notice if an auto policy is going to be non renewed. 30 day A license suspended for non renewal may be reinstated within______ of the original renewal date by paying double the renewal fee and providing proof that continuing education requirements have been met. 12 months A nonresident agent moving to Idaho can change their status to resident agent without taking the Idaho insurance exam if application is made within _____ of moving to Idaho. 90 days The lender financing read as new home purchase insists that she buy insurance on the house through their affiliated insurance company. This unfair method of competition is known as: Coercion of borrower