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Question 1 of 10
1. Question
Rebeka is a producer for Hoosier Insurance Company. Her contract states that he can put the company’s logo on her business cards and the door to his office. This is an example of
Correct
Express authority is spelled out in an agent’s written contract.
Incorrect
Express authority is spelled out in an agent’s written contract.
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Question 2 of 10
2. Question
Jenny has always practiced having her policyholders mail their premium checks directly to her and forwarding them to the insurer. He is aware of anyone missing a payment and can contact policy owners directly if that should happen. Her contract does not allow this, but the insurer is aware of the practice and has not asked her to stop. This practice is an example of
Correct
Apparent authority is the authority an agent appears to have because of past actions that have not been challenged by the insurance company.
Incorrect
Apparent authority is the authority an agent appears to have because of past actions that have not been challenged by the insurance company.
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Question 3 of 10
3. Question
George accepts the initial premium when he sells an insurance policy and sends it to the company with the application. Nothing in his contract mentions handling of initial premiums. This is an example of
Correct
Implied authority is not expressly stated in an agent’s contract, but it is actual authority related to common business practices, such as accepting premiums for the insurer.
Incorrect
Implied authority is not expressly stated in an agent’s contract, but it is actual authority related to common business practices, such as accepting premiums for the insurer.
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Question 4 of 10
4. Question
While representing an insurer, a producer acting as an agent has a responsibility to act with the degree of care that
Correct
A producer has a duty to act with a reasonable degree of care when representing an insurer.
Incorrect
A producer has a duty to act with a reasonable degree of care when representing an insurer.
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Question 5 of 10
5. Question
Mindy applies for a life insurance policy and pays the initial premium. Mindy has made an offer to the insurer.
Correct
Applying with a premium payment is an offer that is still subject to acceptance by the insurer. Mindy has made an offer to the insurer.
Incorrect
Applying with a premium payment is an offer that is still subject to acceptance by the insurer. Mindy has made an offer to the insurer.
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Question 6 of 10
6. Question
The insurer looks at Kim’s application and decides to offer Kim a modified policy, including an exclusion Kim did not request. The insurer has
Correct
By not accepting the initial offer and offering alternative terms, the insurer has made a counteroffer. The insurer has made a counteroffer to Kim.
Incorrect
By not accepting the initial offer and offering alternative terms, the insurer has made a counteroffer. The insurer has made a counteroffer to Kim.
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Question 7 of 10
7. Question
What is called the failure to disclose known facts?
Correct
The failure to disclose known facts is concealment. Intentionally giving false answers or misstating facts would be a misrepresentation, and possibly fraud.
Incorrect
The failure to disclose known facts is concealment. Intentionally giving false answers or misstating facts would be a misrepresentation, and possibly fraud.
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Question 8 of 10
8. Question
In most of the jurisdictions, testing for the presence of HIV infection needs all the following except
Correct
Consent forms, the confidentiality of results, and release forms are required. There is no requirement for medical oversight by a research specialist.
Incorrect
Consent forms, the confidentiality of results, and release forms are required. There is no requirement for medical oversight by a research specialist.
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Question 9 of 10
9. Question
Which one of the following is not likely to be contained in a MIB report?
Correct
MIB reports do not include any information about the action taken by insurers.
Incorrect
MIB reports do not include any information about the action taken by insurers.
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Question 10 of 10
10. Question
Alex is a 30-year-old who does not smoke, drinks very occasionally, and does not have known health problems. An insurer would probably classify Alex as
Correct
Alex falls into the standard risk category. An insurer would probably classify Alex as a standard risk.
Incorrect
Alex falls into the standard risk category. An insurer would probably classify Alex as a standard risk.