CISR PERSONAL LINES MISCELLANEOUS EXAM ACTUAL
EXAM 100 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES |AGRADE
declarations page includes: - ANSWER: •name of insured
•address
•amount of coverage provided
•description of property
•cost of the property
insuring agreement states: - ANSWER: •what is to be covered
•losses which the insured will be indemnified
•types of property covered
•perils against which it is insured
conditions - ANSWER: ground rulez
conditions describe: - ANSWER: the responsibilities and obligations of both the
Insurance company and the insured
duties of the insured after a loss include: - ANSWER: •giving prompt notice of claim
•protecting property from further damage
•completing detailed proof of loss
•making property available for inspection
•submitting exam under oath if required
•assisting during claim investigation procedure
proof of loss - ANSWER: policy holders statement of the amount of money being
requested, sign to and sworn by the policy holder with documentation to support
the amount requested
appraisal - ANSWER: procedure when insured and insured disagree on the amount of
loss
other insurance provision - ANSWER: establishes how loss is to apportioned among
insurers
elements of a contract - ANSWER: 1. competent parties
2. legal purpose
3. offer and acceptance
4. consideration
consideration insured gives: - ANSWER: premium payment
consideration insurer gives: - ANSWER: pay for certain losses
, gramm leach briley - ANSWER: federal law requires financial institutions to explain
how they share and protect their customers private info
fair credit reporting act - ANSWER: federal law allows consumers who are denied
insurance because of I do contained in a credit report to be notified and allowed to
obtain the info used in report
what are the insurance commissioners duties? - ANSWER: •governor appointed
•regulate affairs
•aid in interpretation of law
•issue, renew, revoke, suspend licenses
•prescribe forms
•forfeiture up to $1000
how often does the commissioner examine each admitted insurer? - ANSWER: a
least once every 5 years
how long will a company have to request a hearing after examination? - ANSWER: 20
days
NAIC - ANSWER: sets standards and regulates organizations
how long does a commissioner have to notify and individual of the charges, time,
and place of hearing? - ANSWER: 10 days
what are the commissioners hearing authorities? - ANSWER: 1. subpoena witnesses
2. administer oaths
3. examine
4. cross examine
5. receive evidence
6. require the production of books and records
what are the punitive authorities of the commissioner after hearing? - ANSWER: 1.
fines
2. penalties
3. assess costs of an investigation or proceeding
4. order restitution
5. other corrective action deemed necessary
cease and desist order - ANSWER: commissioner requests producer to stop selling
insurance until hearing
after receiving a cease and desist order, how long does an individual have to request
a hearing? - ANSWER: 30 day's
insurance license application - ANSWER: •18 years old
EXAM 100 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES |AGRADE
declarations page includes: - ANSWER: •name of insured
•address
•amount of coverage provided
•description of property
•cost of the property
insuring agreement states: - ANSWER: •what is to be covered
•losses which the insured will be indemnified
•types of property covered
•perils against which it is insured
conditions - ANSWER: ground rulez
conditions describe: - ANSWER: the responsibilities and obligations of both the
Insurance company and the insured
duties of the insured after a loss include: - ANSWER: •giving prompt notice of claim
•protecting property from further damage
•completing detailed proof of loss
•making property available for inspection
•submitting exam under oath if required
•assisting during claim investigation procedure
proof of loss - ANSWER: policy holders statement of the amount of money being
requested, sign to and sworn by the policy holder with documentation to support
the amount requested
appraisal - ANSWER: procedure when insured and insured disagree on the amount of
loss
other insurance provision - ANSWER: establishes how loss is to apportioned among
insurers
elements of a contract - ANSWER: 1. competent parties
2. legal purpose
3. offer and acceptance
4. consideration
consideration insured gives: - ANSWER: premium payment
consideration insurer gives: - ANSWER: pay for certain losses
, gramm leach briley - ANSWER: federal law requires financial institutions to explain
how they share and protect their customers private info
fair credit reporting act - ANSWER: federal law allows consumers who are denied
insurance because of I do contained in a credit report to be notified and allowed to
obtain the info used in report
what are the insurance commissioners duties? - ANSWER: •governor appointed
•regulate affairs
•aid in interpretation of law
•issue, renew, revoke, suspend licenses
•prescribe forms
•forfeiture up to $1000
how often does the commissioner examine each admitted insurer? - ANSWER: a
least once every 5 years
how long will a company have to request a hearing after examination? - ANSWER: 20
days
NAIC - ANSWER: sets standards and regulates organizations
how long does a commissioner have to notify and individual of the charges, time,
and place of hearing? - ANSWER: 10 days
what are the commissioners hearing authorities? - ANSWER: 1. subpoena witnesses
2. administer oaths
3. examine
4. cross examine
5. receive evidence
6. require the production of books and records
what are the punitive authorities of the commissioner after hearing? - ANSWER: 1.
fines
2. penalties
3. assess costs of an investigation or proceeding
4. order restitution
5. other corrective action deemed necessary
cease and desist order - ANSWER: commissioner requests producer to stop selling
insurance until hearing
after receiving a cease and desist order, how long does an individual have to request
a hearing? - ANSWER: 30 day's
insurance license application - ANSWER: •18 years old
