Group 1 Exam Questions and answers latest update

Group 1 Exam Questions and answers latest update Which of the following is not a duty of the Commissioner? A Issue an insurance license for a producer B Make state insurance laws C Handle insurance-related consumer complaints D Enforce state insurance laws B The Commissioner may examine the records of an insurance company for the purpose of: A Approving coverages B Approving claims C Setting rates D Determining solvency D The Commissioner is authorized to perform all of the following duties, except: A Adopt reasonable rules and regulations to enforce insurance laws B Suspend insurance licenses for up to 5 years C Issue cease and desist orders D Conduct investigations B (can suspend for 1 yr) A Certificate of Authority is issued to an insurer for which of the following reasons? A It recognizes the insurer for excellence in handling claims B It certifies the insurer is authorized to transact insurance in this state C It certifies the insurer has passed a market conduct exam in this state D It certifies the agent is authorized to transact insurance in this state B Which of the following is NOT transacting insurance? A Selling stocks, bonds, and mutual funds B Delivering an insurance contract C Collecting an insurance payment D Indirectly acting as an agent A According to the Texas Insurance Code, an insurance company incorporated in New Mexico is a(n): A Domestic insurer B Admitted insurer C Foreign insurer D Alien insurer C Which type of insurance company is owned by its policyholders? A Stock insurer B Admitted insurer C Mutual insurer D Non-admitted insurer C Who is NOT eligible for an agent license in this state? A An applicant intending to solicit insurance to the general public B A 17-year-old who passed the licensing exam 6 months ago C An applicant intending to be actively engaged in the business of insurance D A 43-year-old who submitted the appropriate application and fees 1 month ago B Holding which of the following professional designations will exempt a person from taking the life licensing examination? A Chartered Financial Consultant (ChFC) B Chartered Life Underwriter (CLU) C Certified Financial Analyst (CFA) D Certified Insurance Consultant (CIC) B A licensed agent is required to obtain which of the following before transacting insurance in Texas? A A CLU designation B A Certificate of Authority C An appointment from an insurer D An insurance counselor's license C An agent's appointment: A Must be renewed before the license expires B Is valid for a maximum of 2 years C Can only be canceled if the agent fails to write new business D Remains in force until terminated or withdrawn D To terminate an agent's appointment, the insurer must: A Notify the Texas Department of Insurance of the termination of appointment B Require the agent to cancel the license with the Texas Department of Insurance C Notify the Texas Department of insurance to cancel the license D Request a hearing through the Department of Insurance A The Texas Department of Insurance requires all licensees to: A Be honest, trustworthy, and reliable B Complete 40 hours of prelicensing education C Engage in the business of insurance for the sole purpose of transacting insurance with family members D Obtain a Certificate of Authority A General life, accident, and health agents must complete a minimum of ______ continuing education hours per renewal period. A 15 B 20 C 40 D 24 D Which of the following statements about continuing education is true? A Continuing education hours must be completed after the expiration date of the license B At least 50% of continuing education hours must be completed in a classroom or classroom equivalent setting C Every licensee must complete 3 continuing education hours on the topic of ethics D Licensees must complete 24 continuing education hours for each license held B An individual may be denied a license by the Department for all of the following reasons, except if the individual has: A Offered a premium rebate to an insured B Been convicted of a felony C Obtained a license by fraud or misrepresentation D Actively engaged in soliciting and writing insurance for the general public D A license may be suspended or revoked for which of the following? A An agent obtains a nonresident license in another state B A licensee completed 24 continuing education hours, including 2 hours of ethics before the expiration date C A licensed insurance counselor charges a fee to review a policy and provide advice D An agent is actively engaged in soliciting insurance only to family members D An individual who was denied a license must wait to reapply for a license a minimum of: A 6 months