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Question 1 of 10
1. Question
Consumer reporting agencies are prohibited from putting any of the following details in their reports, except for
Correct
There are no time limitations on reporting arrests or criminal convictions. Consumer reporting agencies are prohibited from putting any of the following details in their reports, except for arrests, indictments, or conviction of crime reports.
Incorrect
There are no time limitations on reporting arrests or criminal convictions. Consumer reporting agencies are prohibited from putting any of the following details in their reports, except for arrests, indictments, or conviction of crime reports.
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Question 2 of 10
2. Question
According to the Financial Modernization Act, an individual about whom a financial institution collects any information is a
Correct
The term “consumer” is used to describe a person who is the subject of information gathering. An individual about whom a financial institution collects any information is a consumer; under the Financial Modernization Act.
Incorrect
The term “consumer” is used to describe a person who is the subject of information gathering. An individual about whom a financial institution collects any information is a consumer; under the Financial Modernization Act.
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Question 3 of 10
3. Question
Which of the following power is not possessed by The Commissioner of Insurance?
Correct
The Commissioner has no authority to make insurance laws but has the authority to make rules and regulations, conduct investigations and examinations, and approve or disprove policy forms.
Incorrect
The Commissioner has no authority to make insurance laws but has the authority to make rules and regulations, conduct investigations and examinations, and approve or disprove policy forms.
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Question 4 of 10
4. Question
Under which broad heading do the Nonfinancial regulatory activities of an insurance department fall?
Correct
“Market conduct” is a term that means nonfinancial activities and practices that may be investigated and regulated by the insurance department. The Nonfinancial regulatory activities of an insurance department fall under Market conduct.
Incorrect
“Market conduct” is a term that means nonfinancial activities and practices that may be investigated and regulated by the insurance department. The Nonfinancial regulatory activities of an insurance department fall under Market conduct.
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Question 5 of 10
5. Question
Associations organized to protect policyholders, claimants, creditors, and annuitants, of financially impaired insurers are known as
Correct
Guaranty associations were established to protect policyholders and claimants if an insurer becomes financially impaired or insolvent.
Incorrect
Guaranty associations were established to protect policyholders and claimants if an insurer becomes financially impaired or insolvent.
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Question 6 of 10
6. Question
All of the following is a requirement for obtaining a producer’s license in most states except
Correct
In nearly all states, the minimum age to qualify for a license is 18 years. Being at least 19 years of age is not a requirement for obtaining a producer’s license in most states.
Incorrect
In nearly all states, the minimum age to qualify for a license is 18 years. Being at least 19 years of age is not a requirement for obtaining a producer’s license in most states.
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Question 7 of 10
7. Question
Which one of the following people must have to obtain an insurance license in most states?
Correct
Phoebe is the only one actively selling insurance. In each of the other cases, the individual is not acting as an insurance producer.
Incorrect
Phoebe is the only one actively selling insurance. In each of the other cases, the individual is not acting as an insurance producer.
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Question 8 of 10
8. Question
Which one of the following persons is least likely to be granted a temporary license?
Correct
Temporary licensing is not intended to allow people to test the water before they are qualified to serve the public interest. Temporary licenses are commonly granted when a producer can no longer conduct business due to death, disability, or active military service.
Incorrect
Temporary licensing is not intended to allow people to test the water before they are qualified to serve the public interest. Temporary licenses are commonly granted when a producer can no longer conduct business due to death, disability, or active military service.
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Question 9 of 10
9. Question
What is the name of the business written on the producer’s own life or interests?
Correct
“Controlled business” means insurance on a producer’s own life or interests, or those of family members or business associates. The name of the business written on the producer’s own life or interests is Controlled business.
Incorrect
“Controlled business” means insurance on a producer’s own life or interests, or those of family members or business associates. The name of the business written on the producer’s own life or interests is Controlled business.
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Question 10 of 10
10. Question
What are the organization that establishes model laws that are often adopted by states with only slight differences?
Correct
The NAIC is the national organization that drafts and proposes model laws to the states.
Incorrect
The NAIC is the national organization that drafts and proposes model laws to the states.