ALASKA ADJUSTER COMPREHENSIVE EXAM QUESTIONS
AND SOLUTIONS RATED A+
✔✔A license can be suspended for no longer than BLANK?
a. 12 months
b. 18 months
c. 24 months
d. 6 months - ✔✔a. 12 months
✔✔Failure to comply with a cease and desist order may result in suspension of
revocation of licensure and a penalty of up to BLANK per violation - ✔✔$1 million
✔✔Transacting insurance - ✔✔A term used to describe the activities and practices
related to putting into effect an insurance contract, and it includes such activities as
solicitation and offer of services, submission of a proposal, and undertaking preliminary
and continuing discussions and negotiations to convince another person to agree and
accept the contract offer.
✔✔To apply for an original certificate of authority, an insurer must file an application,
accompanied by applicable fees, showing: - ✔✔1. It's name
2. Location of its home office
3. Lines of insurance to be transacted
4. Date of organization or incorporation
5. Form of organization
6. State or country of domicile
✔✔How soon after receiving and application for a certificate of authority must the
Director issue or refuse? - ✔✔60 days
✔✔Insurance Producer (license) - ✔✔A person who sells, solicits, or negotiates
insurance or insurance products
✔✔Firm (license) - ✔✔Business entities must have a firm license, which includes all
lines and classes of authority of each individual employee of the firm. A firm is an
organization of 2 or more licensees or an organization in which a single licensee has
less than 50% ownership interest.
✔✔Compliance Officer (license) - ✔✔A licensee designated for a specific line and class
of authority who is responsible for a firm's compliance with Alaska insurance statutes
and regulations.
✔✔Nonresident (license) - ✔✔The Director May issue a license to a nonresident
applicant on reciprocal terms with those of the applicant's home state.
, ✔✔The insurer must maintain a current list of appointments identifying the licensee's: -
✔✔-name
-mailing address
-license number
-effective date of appointment
✔✔The producer must maintain a list of appointments identifying the insurer's: - ✔✔-
name
-mailing address
-effective date of appointment
✔✔An employment contract must include (in writing): - ✔✔-the specific lines of
authorities of the firm
-the specific lines of authorities of the individual
✔✔How soon do an individual or firm have to reply (in writing) to an inquiry of the
Director? - ✔✔3 working days
✔✔How often does an agency have to compile and maintain a list of obligors who are at
least 60 days late paying a support order or payment schedule? - ✔✔Monthly
✔✔This obligors list must contain: - ✔✔-names
-SSNs
-birthdays
-last known addresses of the persons
✔✔If an applicant is on the obligors list, a licensing agency must issue a temporary
license valid for BLANK days if otherwise eligible for a license. - ✔✔150
✔✔How many hours of CE must be on insurance ethics? - ✔✔3
✔✔No more than how many hours in the general subjects of management, marketing or
sales training may be approved during each 2-year licensure period? - ✔✔8
✔✔Applicants must keep CE records available to the Director upon request for how
many years? - ✔✔2 years from the license renewal date (4 if credits are to be applied to
the next license renewal period)
✔✔Rebating - ✔✔Offering any rebate, discount of premium, advantage, or valuable
consideration not specified in the policy.
✔✔What does not count as rebating? - ✔✔-paying bonuses to policyholders or
otherwise reducing premium out of accumulated surplus from nonparticipating
insurance
AND SOLUTIONS RATED A+
✔✔A license can be suspended for no longer than BLANK?
a. 12 months
b. 18 months
c. 24 months
d. 6 months - ✔✔a. 12 months
✔✔Failure to comply with a cease and desist order may result in suspension of
revocation of licensure and a penalty of up to BLANK per violation - ✔✔$1 million
✔✔Transacting insurance - ✔✔A term used to describe the activities and practices
related to putting into effect an insurance contract, and it includes such activities as
solicitation and offer of services, submission of a proposal, and undertaking preliminary
and continuing discussions and negotiations to convince another person to agree and
accept the contract offer.
✔✔To apply for an original certificate of authority, an insurer must file an application,
accompanied by applicable fees, showing: - ✔✔1. It's name
2. Location of its home office
3. Lines of insurance to be transacted
4. Date of organization or incorporation
5. Form of organization
6. State or country of domicile
✔✔How soon after receiving and application for a certificate of authority must the
Director issue or refuse? - ✔✔60 days
✔✔Insurance Producer (license) - ✔✔A person who sells, solicits, or negotiates
insurance or insurance products
✔✔Firm (license) - ✔✔Business entities must have a firm license, which includes all
lines and classes of authority of each individual employee of the firm. A firm is an
organization of 2 or more licensees or an organization in which a single licensee has
less than 50% ownership interest.
✔✔Compliance Officer (license) - ✔✔A licensee designated for a specific line and class
of authority who is responsible for a firm's compliance with Alaska insurance statutes
and regulations.
✔✔Nonresident (license) - ✔✔The Director May issue a license to a nonresident
applicant on reciprocal terms with those of the applicant's home state.
, ✔✔The insurer must maintain a current list of appointments identifying the licensee's: -
✔✔-name
-mailing address
-license number
-effective date of appointment
✔✔The producer must maintain a list of appointments identifying the insurer's: - ✔✔-
name
-mailing address
-effective date of appointment
✔✔An employment contract must include (in writing): - ✔✔-the specific lines of
authorities of the firm
-the specific lines of authorities of the individual
✔✔How soon do an individual or firm have to reply (in writing) to an inquiry of the
Director? - ✔✔3 working days
✔✔How often does an agency have to compile and maintain a list of obligors who are at
least 60 days late paying a support order or payment schedule? - ✔✔Monthly
✔✔This obligors list must contain: - ✔✔-names
-SSNs
-birthdays
-last known addresses of the persons
✔✔If an applicant is on the obligors list, a licensing agency must issue a temporary
license valid for BLANK days if otherwise eligible for a license. - ✔✔150
✔✔How many hours of CE must be on insurance ethics? - ✔✔3
✔✔No more than how many hours in the general subjects of management, marketing or
sales training may be approved during each 2-year licensure period? - ✔✔8
✔✔Applicants must keep CE records available to the Director upon request for how
many years? - ✔✔2 years from the license renewal date (4 if credits are to be applied to
the next license renewal period)
✔✔Rebating - ✔✔Offering any rebate, discount of premium, advantage, or valuable
consideration not specified in the policy.
✔✔What does not count as rebating? - ✔✔-paying bonuses to policyholders or
otherwise reducing premium out of accumulated surplus from nonparticipating
insurance
