Rate me
Underwriters use 3 types of rating. they are?
Manual, Merit, or Experience
I work for Mr. Smith a principal owner of an insurance agency as an insurance agent. This relationship is an example of:
The Law of Agency
A person in a position of trust, entrusted with premiums has a?
Fiduciary Duty
This act allows the merger of banks, securities companies, and insurance companies
Gramm - Leach - Bliley Act
I publicly traded insurance company is also know as a?
Stock Insurer
Sally has multiple accidents and tickets in the past. I use this to rate her insurance policy. This is an example of _________ Rating
Experience
The authority of an insurance agent to bind coverage. Is part of their___________ authority
Express
The act of mixing client and personal accounts together is known as?
Comingling
What does TRIA stand for
Terrorism Risk Insurance Act
State insurance Laws are enforced by?
Commissioner, Director or Superintendent of Ins
Use of a rate manual that has policyholders with similar exposures and experience is ________ Rating
Merit
The ability of me as an agent to take actions not specifically stated in my contract with the insurer but that would be reasonable for me to complete would be covered under __________Authority
Implied
The Insurance agents first duty is to?
The insured
Act that requires the customer be informed that credit will be pulled and advise of adverse action.
Fair Credit Reporting Act
A person who transacts insurance on behalf of the insurer
Agent
What are the three types of rating approval methods?
File and use
Use and File
Prior Approval
If I, while representing and insurer or the principal, take an action that is incorrect or exceeds my authority. The insurer/principal is bound by my actions when a third party reasonably believes the agent has power to act. This is called __________ Authority
Apparent
The office responsible for developing stand insurance forms
Insurance Services Office
How often does the GLB Act require ins cos to notify customer about sharing of personal info?
Annually
A person who transacts insurance on behalf of the insured
Broker
The primary thing used to determine information about a purchaser of insurance?
The insurance Applicaiton
The ability for an agent to legally represent an insurer
Agent's Authority
NAIC (National Assoc of Ins Commissioners)
What lines of insurance does the TRIA protect and which does the act not include?
commercial lines of ins, and EXCLUDES Health ins and personal lines
The "law" that grants the agent the authority to represent the insurer
Law of agency