Chapter 15 Code and Ethics Questions and answers latest update

Chapter 15 Code and Ethics Questions and answers latest update All of the following are considered duties of the California Insurance Commissioner, except: A - Set insurance rates B - Keep all papers as required by law C - Structure and control insolvency procedures D - Regulate the internal affairs of the Department of Insurance A - Set insurance rates The Commissioner does not set rates. Upon receiving a request for records, insurers and/or agents must deliver the records to the Commissioner within ____ days. A - 30 B - 7 C - 10 D - 60 A - 30 Upon receiving a request for records, insurers and/or agents must deliver the records to the Commissioner within 30 days. If the requested files cannot be immediately furnished, on request the agent will be given an additional 60 days to provide the information. The purpose of a Certificate of Authority is to: A - Give a producer authority to represent a certain insurer B - Permit an insurance company to transact business C - Allow producers to transact business D - Permit a deceased producer's relative to act for the producer B - Permit an insurance company to transact business A Certificate of Authority permits an insurance company to transact business. Funds controlled by the Guarantee Association are used to: A - Subsidize insurer reserves B - Pay claims of insolvent insurers C - Subsidize state premium taxes D - Subsidize investment income losses B - Pay claims of insolvent insurers The Guarantee Association pays claims to the insureds of insolvent admitted insurers. Which statement is false of the California Life and Health Guarantee Association? A - The maximum amount that will be paid to a covered person on behalf of an admitted insolvent insurer is $500,000 per life B - Member insurers are those that are admitted to transact insurance in California and are required to participate C - Annuity benefits cannot exceed $250,000 in present value