Exam 5: Insurance Occupations

Which of the following was not listed in the text as a duty of an agent?

The Medical Information Bureau maintains information on people who have taken medical examinations in connection with the purchase of life insurance.

When an insurer @ratifies an agents actions,it:

Peggy's insurance agent,Skip Towne,convinces her to replace her existing health insurance policy with one that he claims is better. Peggy tells him that she will be glad to replace the policy if the coverage provided under the new one is the same or better than that provided by the existing policy. Skip assures her that coverage is equal or better under the new contract,so she changes policies. Three months later,when she becomes pregnant,the insurer denies all her claims for benefits. At that time,Peggy learns that her new policy does not provide maternity benefits,although her previous policy did. Based on information contained in the text,who should Peggy hold legally responsible for her lack of coverage?

The independent agency system:

Which of the following is not a duty of an insurance agent?

Quaniqua is an insurance agent who sells the products of over 20 different insurance companies. What type of agent is she?

If an applicant for insurance informs his broker of all material facts regarding the risk,and the broker does not pass those facts along to the insurer,it's possible that the insurer can legally deny any subsequent claim. .

Which of the following statements about insurance brokers is (are)true?

The first step in the underwriting process is:

"Ratifying" someone's actions is essentially the same as:

Ramone works as a claims adjuster. He is hired by insureds to evaluate their claims when they need his services. What kind of claims adjuster is Ramone?

Because of the Gramm-Leach-Bliley Act:

Insurance brokers are:

All of the following statements about the claims handling function are true except:

Simpson is an employee of United of Nowhere Insurance. He is also an agent for them. Based on these facts,what type of insurance company MUST United of Nowhere be?

Mathematicians specializing in insurance statistics are called "actuaries."

Brokers generally stand in the same position as life insurance agents with respect to the legal power to bind the insurer to a life insurance contract.

In Austin's agency contract,the insurer authorizes him to sell insurance policies,but does not specifically authorize him to make telephone calls to prospective clients. He makes such calls anyway. Does he have the authority to make these calls,and if so,what type of authority is this?

Consumers are not allowed to inspect their personal Medical Information Bureau files.