Utah Life Insurance Test Questions and Answers Already Passed

Utah Life Insurance Test Questions and Answers Already Passed Minimum Age to receive a license 18 Continuing Education Hours 24 Hours every 2 years (3 Hours must be in ethics) Insurer must respond to claimant communications within how many days? 15 days Commissioner Powers and duties include: Imposing penalties, including fines, suspensions, and revocations. All insurance forms (riders, policies, applications, endorsements, and contracts) must be filed and approved by the Commissioner. Gramm-Leach-Bliley Act (GLBA) Consumer - An individual about whom a company collects information is a consumer. Customer - A customer is a consumer that has developed an ongoing relationship with a financial institution. Privacy Notices must explain: What info the company gathers about the customer. Where that info is shared How the company safeguards that info Fair Credit Reporting Act Responsible for the opt-out opportunity, but the privacy notice must inform the customer of this right under the GLBA. Insurance Consultants To become licensed as an insurance consultant, a producer must have been licensed and actively transacted inurance for at least three of the four years immediately preceding the application for a consultants license. License Requirements 18 years old at least. Appointments All producers must be appointed by at least one insurer. Misrepresentation It is illegal to make any written or oral statement, sales presentation, or comparison that; misrepresents the dividends, benefits, advantages, conditions, or terms of any policy. Example: uses a name of any insurance policy that misrepresents its true nature. False Advertising It is illegal for any producer to formulate or use an advertisement or statement that is untrue, deceptive, or misleading regarding any insurance company or persons associated with that company. Defamation Making any statement, written or oral, that is false or maliciously critical of the financial condition of an insurance company or a producer representing that company is illegal. Rebating Offering valuable consideration, other than that which is offered in the contract as an inducement to purchase a policy is illegal. Coercion Forcing a person to buy insurance through a particular company or producer. Unfair Discrimination It is illegal to unfairly discriminate between individuals of the same class and equal life expectancy in the rates, dividends, benefits, or terms of any life or life annuity contract. Unfairly discriminate between neighborhoods within a municipality and of essentially the same hazard. Use sexual orientation in the underwriting process or in the determination of insurability. A producer cannot share commissions with: Someone that is not a life insurance agent. Monies may not be commingled with the producer's personal funds. Insurance Fraud: Anyone who knowingly misappropriates insurance premiums, makes any material false statement of an insurance application, or makes a false insurance claim commits insurance fraud. McCarran Ferguson Act The fed govt had the right to regulate the business of insurance but only to the extent that such business is not regulated by state law (which most are) They did this with the intent of not having to regulate them against the provisions of the fed antitrust laws. Notice to Applicant Notifies the applicant that a report will be ordered concerning their past credit history and any other life or health insurance for which they have previously applied. Consumer Reports Information on a