Insurance MCQ

Although most auto polices have a minimal duration of the three months, auto polices issued under Missouri's MIAP program must have a minimal duration of Answer: 12 months

A binder has been terminated because the applicant has chosen another insurer. The producer musty charge a binder premium if the pro-rata amount exceeds Answer: $20

Em ordered a new car with an option but factory installed computerized video/audio system. The system was damaged in a vehicular accident. The insurer Answer: Must cover the system under the polices physical damage

If a business is formed as a limited liability partnership, which of the following may request an exclusion from workers comp coverage? Answer: Members only

The purpose of the joint underwriting association is to provide medical malpractice insurance for Answer: Medical professionals who have Ben unable to obtain insurance in the voluntary market

Membership is required in the FAIR plans joint reinsurance association. TRUE or FALSE Answer: TRUE

FAIR plan coverage is provided ion the basis of Answer: Basic form

Property's insured under the Missouri's FAIR plan must be reinspected every Answer: 5 years

After an auto policy haas been in effect for 60 days, it can be cancelled for Answer: Suspension of the drivers license

A retail store must have workers comp if it has - workers Answer: 5

The directed does not have the authority to Answer: Regulate insurance profits

The minimum age of maturity under the defensive driving law is Answer: 55 years old

A temp license can be issued to the following Answer: A member of a business entity licensed as an insurance producer

A nonresident producer may get a license without taking the exam if Answer: The persons reciprocate by giving nonresident producer lives to Missouri producers

Required auto property damage liability coverage Answer: $10,000

The director may issue a cease and desist order: Answer: When any insurance company or producer violates insurance laws

The director may grant an extension of time to complete all education courses Answer: CANNOT exceed 12 months

1943 New York standard fire policy Answer: It set the minimum standard policy for Missouri fire polices

A home covered under the FAIR plan is insured for which if the following perils Answer: Volcanic eruption

The directory may issue a fine for each intentional violation up to Answer: $25,000

Insure must obtain the following from the director before transactions insurance begins Answer: Certificate of authority

A hurt worker is entitled to disability compensation after Answer: The 3rd day

Producers appointment letter may be revoked by the Answer: Insurer

An application for FAIR plan coverage Answer: made by either the property owner OR any licensed producer

A 4 family apartment building is: Answer: Eligible for coverage under the Missouri FAIR plan

If the director fails to act on an application within 25 days; the application Answer: Will be deemed approved UNLESS the applicant has indicted a felony or Crome involving moral turpitude

Insurance companies web site must not contain Answer: A list of licensed producers

What can not be an underwriting factor in Missouri? Answer: Race

Prepaid application has been submitted to the FAIR plan but no response has been received in 20 days automatically insured under which provision Answer: Deemer

Under the Missouri law a new vehicle or replacement vehicle has a "grace period" for how many days Answer: 30 days

The director may issue a if he for unintentional fine for each violation up to Answer: $1,000

A person is entitled to a public hearing with the director hearing with the director on an issue it made Answer: Within 15 days

The director won't suspend/revoke a license for Answer: Contributing money to a political organization

All premiums received by a producer must be kept in Answer: A trust account

Producer must pay a renewal fee every Answer: 2 years

If a worker is killed, the company will pay the children of the dead worker until Answer: The reach adulthood

A producer in another state moving to Missouri must make applications with the commission within Answer: 90 days

Under the MIAP the actual insurance policy is issued by Answer: Private insurance companies

A surplus lines broker may split commissions with any Answer: Property and casualty producer

Maximum length of time a binder will be effective under Missouri law is Answer: Negotiable

The director of insurance is Answer: Appointed by the governor

If a business entity terminates a producer, the director of insurance must be notified within Answer: 20 days

A Missouri driver may comply with the financial responsibilities laws providing an auto liability surety bond in the amount of Answer: $60,000

The guaranty association Answer: Protects insured If an insurance company is insolvent