CH EXAM: Basic Principles Exam 100% solved

CH EXAM: Basic Principles Exam 100% solved ABC insurance company transfers part of their risk to XYZ insurance company, this situation is called: -reciprocity -reinsurance -conservation -risk transfer - ANSWERreinsurance a life insurance company has transferred some of its risk to another insurer. the insurer assuming the risk is called the: -mutual insurer -reinsurer -reciprocal insurer -participating insurer - ANSWERreinsurer a nonparticipating party will: -provide a return of premium -provide tax advantages -not pay dividends -give policyowners special privileges - ANSWERnot pay dividends ken is a producer who has obtained Consumer Information Reports under false pretenses. under the fair credit reporting act, what is the maximum penalty that may be imposed on ken? -$1,000 -$3,000 -$5,000 -$7,000 - ANSWER$5,000 an insurer's claim settlement practices are regulated by the: -securities and exchange commission -national association of claims adjusters -national association of insurance commissioners -state insurance departments - ANSWERstate insurance departments the Do Not Call Registry offers exemptions for