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Question 1 of 10
1. Question
When does the individual require to form a chart of the proposed name of the insurer, the insurance domain that will be sold, and the method of insurance?
Correct
The individual has to form a chart of the proposed name of the insurer, the insurance domain that will be sold, and the method of insurance in order to form a new insurance company.
Incorrect
The individual has to form a chart of the proposed name of the insurer, the insurance domain that will be sold, and the method of insurance in order to form a new insurance company.
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Question 2 of 10
2. Question
When an individual wants to establish an insurance company, the insurance department investigate to make sure that the organizing individuals have.
Correct
When an individual wants to establish a new insurance company, the insurance department must investigate and make sure that the organizing individuals have a good moral character.
Incorrect
When an individual wants to establish a new insurance company, the insurance department must investigate and make sure that the organizing individuals have a good moral character.
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Question 3 of 10
3. Question
Which of the following company has the requirement of a minimum number of applications, advance premiums of all applications and a surplus-value, to establish the insurance company.
Correct
The mutual insurance company has to fulfill requirements of a minimum number of applications, advance premiums of all applications, and a surplus-value, to establish the insurance company.
Incorrect
The mutual insurance company has to fulfill requirements of a minimum number of applications, advance premiums of all applications, and a surplus-value, to establish the insurance company.
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Question 4 of 10
4. Question
Why state statutes force to prepare annual financial statements and capital requirements.
Correct
State statutes force insurance companies to prepare annual financial statements and capital requirements in order to detect the financial crisis at an early stage.
Incorrect
State statutes force insurance companies to prepare annual financial statements and capital requirements in order to detect the financial crisis at an early stage.
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Question 5 of 10
5. Question
The taxed amount of insurance companies is surplus of whom.
Correct
The taxed amount of insurance companies is the surplus of shareholders.
Incorrect
The taxed amount of insurance companies is the surplus of shareholders.
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Question 6 of 10
6. Question
The earned surplus that an insurance company has is the sum amount of.
Correct
The surplus of shareholders and policyholders is sum up and that sum amount is the earned surplus of the insurance company.
Incorrect
The surplus of shareholders and policyholders is sum up and that sum amount is the earned surplus of the insurance company.
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Question 7 of 10
7. Question
What is the at least duration when the commissioner of insurance must investigate the insurer’s records?
Correct
The insurance commissioner can investigate the insurer’s record anytime required but it must be investigated at least within three to five years.
Incorrect
The insurance commissioner can investigate the insurer’s record anytime required but it must be investigated at least within three to five years.
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Question 8 of 10
8. Question
Market conduct is the nonfinancial regulatory activity that refers to conducting business in what way.
Correct
Market conduct is the nonfinancial regulatory activity that refers to fair and responsible business.
Incorrect
Market conduct is the nonfinancial regulatory activity that refers to fair and responsible business.
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Question 9 of 10
9. Question
Under the model act, the minimum age requirement for a producer is.
Correct
Under the model act, the individual must be at least 18 years of age to have a producer license.
Incorrect
Under the model act, the individual must be at least 18 years of age to have a producer license.
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Question 10 of 10
10. Question
Temporary agent license is valid for up to.
Correct
A temporary agent license is only valid for up to 180 days.
Incorrect
A temporary agent license is only valid for up to 180 days.