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Exam FX Flashcards: Insurance Regulation/Laws, Rules and Regulations Common to All Lines

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Exam FX Flashcards: Insurance Regulation/Laws, Rules and Regulations Common to All Lines To whom may a certificate of authority be issued? ✔✔To an insurer authorized to transact business in th... is state Who must be a member of insurance guaranty associations? ✔✔Any authorized insurer within a state If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered what type of insurer? ✔✔Authorized or admitted What type of licensee represents the insured? ✔✔broker An agent offers a client free tickets to a sporting event in exchange for the purchase of an insurance policy. What is the agent guilty of? ✔✔Rebating What is the purpose of insurance guaranty associations ✔✔To protect policyowners, insureds and beneficiaries from financial losses caused by insolvent insurers Who must be notified of a producers change of address ✔✔The Department of Insurance (Commissioner/Director/Superintendent) In general, who can be excluded from producer licensing and examination requirements? ✔✔Insurance company officers, directors, or any other employees who do not transact insurance and who do not receive commissions for their services (usually, their responsibilities include administrative, executive or clerical) Who can usually be granted a temporary license? ✔✔Producer's spouse or designee in case the licensed producer dies or becomes disabled Who is an insurance agent? ✔✔A person authorized to sell, solicit and negotiate insurance contracts For what reason can a temporary license be issued ✔✔For continuation of business in case the licensed producer dies or becomes disabled [Show More]

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