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THESE QUESTIONS FROM <<RISK MANAGEMENT AND INSURANCE>>

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Q6.All of the following are included in the 10 Guiding Principles EXCEPT:

A)Require surplus lines intermediaries to show that a diligent effort was made to secure coverage in the admitted market.

B)Ensure that obtaining a lower rate is the reason for placing the risk in the nonadmitted market

C)Charge a premium tax of surplus lines business at a rate decided by each state

D)Require surplus lines brokers to file an annual tax return show gross, net, and return premiums

Q7.Which of the following would provide some financial protection to insurance consumers if an insurer became insolvent?

A)Triennial financial examination

B)State guaranty fund association

C)IRIS

D)Market assistance plan

Q8.An export list consists of which of the following?

A)Insurance coverages not subject to diligent search requirements

B)Insurers that are acceptable to state regulators

C)Supporting documentation requirements

D)Premium taxes by state

Q9.A property-casualty producer in the admitted market who is granted binding authority with an insurer is an example of:

A)Implied authority

B)Actual authority

C)Apparent authority

Q10.Which of the following is NOT an argument FOR federal regulation of insurance?

A)Federal regulation would allow for greater experimentation with new regulatory ideas

B)Federal regulation would provide for national uniformity in insurance

C)Federal departments would be in a better position to attract and pay highly competent staff

D)Federal regulation would be more efficient since insurers would deal with just one agency

Expert Answer

Answers :

6). Charge a premium tax of surplus lines business at a rate decided by each state, Option C.

7). State Guaranty Fund Association provides some financial protection to insurance consumers if an insurer becomes insolvent. Option B.

8). The Export list consists of the Insurance coverages not subject to diligent search requirements, Option A.

9). A property-casualty producer in the admitted market who is granted binding authority with an insurer is an example of Apparent Authority, Option C.

10). Federal regulation would allow for greater experimentation with new regulatory ideas, Option A.

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