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Question 1 of 10
1. Question
William encounters a car accident due to attending phone calls during driving. It is an example of.
Correct
Morale hazard is a hazard that takes place due to carelessness. William drives carelessly and attended a phone call.
Incorrect
Morale hazard is a hazard that takes place due to carelessness. William drives carelessly and attended a phone call.
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Question 2 of 10
2. Question
Insurance is a service that affects a large proportion of the general population. Therefore, insurance is a.
Correct
Insurance is a public trust because it is a service that affects a large proportion of the general public.
Incorrect
Insurance is a public trust because it is a service that affects a large proportion of the general public.
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Question 3 of 10
3. Question
Insurance is divided into three major channels. Why is it divided?
Correct
Insurance is divided into three major channels to regulate the insurance policies and process.
Incorrect
Insurance is divided into three major channels to regulate the insurance policies and process.
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Question 4 of 10
4. Question
The specific individual and companies whose actions affect interstate commerce, which jurisdiction applies to them.
Correct
Federal jurisdiction applies to individuals and companies that affect interstate commerce.
Incorrect
Federal jurisdiction applies to individuals and companies that affect interstate commerce.
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Question 5 of 10
5. Question
In which of the following situations should the insurer give advance notice to the insured.
Correct
The insurer has to give advance notice in case of any policy renewal and reinstated and if a third party is interviewed instead of the insured.
Incorrect
The insurer has to give advance notice in case of any policy renewal and reinstated and if a third party is interviewed instead of the insured.
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Question 6 of 10
6. Question
In a disclosure authorization notice, which of the following information is provided to the insured.
Correct
In a disclosure authorization notice, the insured provides information about what information will be collected, who will have access to that information, and with whom will it be disclosed if needed with no prior notice.
Incorrect
In a disclosure authorization notice, the insured provides information about what information will be collected, who will have access to that information, and with whom will it be disclosed if needed with no prior notice.
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Question 7 of 10
7. Question
What personal information is included in the disclosure notice.
Correct
In disclosure notice, the personal information section includes the employers of the insured, neighbors, and the previous or other current insurers.
Incorrect
In disclosure notice, the personal information section includes the employers of the insured, neighbors, and the previous or other current insurers.
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Question 8 of 10
8. Question
There are reasons that authorize the insurer to use and disseminate information for a certain period of time. Which of the following is a reason that authorizes insurer for 30 months and after that, another authorization must be made.
Correct
In a claim settlement authorization, the authorization period is restricted to 30 months and after that, the insurer has to have another disclosure authorization to use information if needed.
Incorrect
In a claim settlement authorization, the authorization period is restricted to 30 months and after that, the insurer has to have another disclosure authorization to use information if needed.
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Question 9 of 10
9. Question
The commissioner of insurance can investigate if the insurance company is following the insurance act. If the violation continues to occur, the commissioner can fine up to ten thousand dollars. But if the violation keeps on happening like a general practice then the file can be up to.
Correct
In usual cases of insurance act violation, the commissioner can fine up to ten-thousand dollars, but when the violation keeps on happening like general practice, then the commissioner can fine up to fifty-thousand dollars.
Incorrect
In usual cases of insurance act violation, the commissioner can fine up to ten-thousand dollars, but when the violation keeps on happening like general practice, then the commissioner can fine up to fifty-thousand dollars.
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Question 10 of 10
10. Question
According to Fair Credit Reporting Act, a person can have a fine of ten thousand dollars or up to one year in prison for the reason of.
Correct
Under Fair Credit Reporting Act, a person can be fined up to ten-thousand dollars and up to one year in prison that illegitimately collects information that he/she has no reason to collect.
Incorrect
Under Fair Credit Reporting Act, a person can be fined up to ten-thousand dollars and up to one year in prison that illegitimately collects information that he/she has no reason to collect.