COMPS MODELING WALL
STREET PREP EXAM
Which of the following persons is EXEMPT from insurance licensing Requirements -
CORRECT ANSWER>>>>A personnel officer who enrolls agency employees in a group
health insurance program.
What is the penalty for transacting insurance in SC without a license? - CORRECT
ANSWER>>>>A fine of up to $10,000.00, imprisonment for two years or both
Unfair claims practices include all the following EXCEPT: - CORRECT
ANSWER>>>>Actively pursuing a full release on a claim
Statements that are true to the applicant's best knowledge and belief are: - CORRECT
ANSWER>>>>representations
How is the SC Guaranty Association Funded? - CORRECT ANSWER>>>>Members
are assessed for their share of expenses and losses
What describes legal negligence? - CORRECT ANSWER>>>>Tort
An employee is asked to operate a piece of machinery known to be in need of repair.
The employee refuses and the employer insists that the employee operate the machine
or face being laid off the job. The employee uses the machine and is severely injured
and loses a limb. His wife sues the employer. What workers compensation coverage
might protect the employer? - CORRECT ANSWER>>>>Employers liability coverage
would respond
A second or subsequent violation of the fraud insurance act is considered to be a
felony, regardless of the amount of economic benefit received and is punishable by a
maximum fine of up to: - CORRECT ANSWER>>>>$100,000.00
A couple has volunteered to do the cooking at special events for their church. The
church is concerned that one of these volunteers might be injured in the kitchen and
wants to protect them in case of an accident. The church maintains workers
compensation coverage for its maintenance personnel. What should the church do to
provide coverage? - CORRECT ANSWER>>>>Add the voluntary compensation
endorsement to the workers compensation policy.
Workers Compensation Part II - Employer's Liability Coverage, provides which of the
following workers compensation coverages? - CORRECT ANSWER>>>>Claims that
are not subject to workers compensation laws.
, To receive workers compensation benefits, an employee's bodily injury by disease must
be caused by: - CORRECT ANSWER>>>>The conditions of employment and in the
course of employment - the disease must be identified with the occupation or place of
employment
The promise by one party that is conditioned on an uncertain event and where the value
given by each party is unequal is called: - CORRECT ANSWER>>>>Aleatory
Which of the following is NOT one of the common law defenses against employer's
liability under a workers compensation policy? - CORRECT ANSWER>>>>Proximate
cause
Normally, which of the following would be excluded as a workers compensation claim in
SC? - CORRECT ANSWER>>>>Normally, which would be excluded as a workers'
compensation claim in SC?
Contract Basics are: - CORRECT ANSWER>>>>1. Competent Parties
2. Legal Purposes/object
3. Offer and acceptance
4. Consideration
When does a contract come into existence? - CORRECT ANSWER>>>>1. Parties have
established all the elements to make it enforceable.
2. Contract is valid by a court of law if intent on the part of both parties to enter into a
legal relationship.
Which of the following represents an indirect loss? - CORRECT ANSWER>>>>
What does the term "luxation" refer to? - CORRECT ANSWER>>>>Dislocation
Which of the following causes a dislocation of cells in the membrane, usually in the
skin? - CORRECT ANSWER>>>>Dislocation
Carpel Tunnel Syndrome is an example of a - CORRECT ANSWER>>>>Repetitive
Motion Injury
In a hospital emergency room, the attending physician often requests the staff to
respond "stat" This means - CORRECT ANSWER>>>>The staff must respond
immediately
What is used to test for anemia? - CORRECT ANSWER>>>>Hemoglobin testing
Alice has been prescribed a dietary supplement that is to be taken "ad lib". This
medication is to be taken - CORRECT ANSWER>>>>As desired