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UTAH LIFE AND HEALTH
INSURANCE QUESTIONS WITH
ALL CORRECT ANSWER S!!
Question : Minimum Age to receive a license
CORRECT ANSWER : 18
Question : Continuing Education Hours
CORRECT ANSWER : 24 Hours every 2 years (3 Hours
must be in ethics)
Question : Insurer must respond to claimant
communications within how many days?
CORRECT ANSWER : 15 days
Question : Commissioner Powers and duties include:
CORRECT ANSWER : Imposing penalties, including
fines, suspensions, and revocations. All insurance forms (riders, policies, applications, endorsements, and contracts) must be filed and approved by the Commissioner.
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Question : Gramm-Leach-Bliley Act (GLBA)
CORRECT ANSWER : 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.
Question : Privacy Notices must explain:
CORRECT ANSWER : What info the company gathers
about the customer. Where that info is shared How the company safeguards that info
Question : Fair Credit Reporting Act
CORRECT ANSWER : Responsible for the opt-out
opportunity, but the privacy notice must inform the customer of this right under the GLBA.
Question : Insurance Consultants
CORRECT ANSWER : To become licensed as an
insurance consultant, a producer must have been licensed
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and actively transacted inurance for at least three of the four years immediately preceding the application for a consultants license.
Question : License Requirements
CORRECT ANSWER : 18 years old at least.
Question : Appointments
CORRECT ANSWER : All producers must be appointed
by at least one insurer.
Question : Misrepresentation
CORRECT ANSWER : 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.
Question : False Advertising
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CORRECT ANSWER : 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.
Question : Defamation
CORRECT ANSWER : 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.
Question : Rebating
CORRECT ANSWER : Offering valuable consideration,
other than that which is offered in the contract as an inducement to purchase a policy is illegal.
Question : Coercion
CORRECT ANSWER : Forcing a person to buy
insurance through a particular company or producer.