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Ethics for Life Insurance Agents FINAL EXAM (GA 47280) Copy

Posted on 01.03.19

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Question 1 of 38

1. Question
Professionalism implies which of the following?
- Integrity and dedication
- Showmanship and salesmanship
- None of the answers provided are correct
- Freedom and independence
Question 2 of 38

2. Question
Ethical business practices are good for the insurance industry for which of the following reasons?
- Insurance companies sell ethics packages
- Insurance is based on trust and good ethics build trust
- Ethics is not legally regulated and good ethical choices have costly ramifications
- Overarching ethical standards of practice have been established and must be followed
Question 3 of 38

3. Question
Compliance measures dictate which of the following?
- Which people are allowed to be harmed
- How much harm is legally allowed to be inflicted without negative repercussions
- What should and shouldn't be done in order for people to avoid harm
- What should and shouldn't be done in order for people to benefit
Question 4 of 38

4. Question
Ethics dictate which of the following?
- Which people are allowed to benefit and which are allowed to fail
- How much harm is legally allowed to be inflicted without negative repercussions
- What should and shouldn't be done in order for people to avoid harm
- What should and shouldn't be done in order for people to benefit
Question 5 of 38

5. Question
Compared to compliance regulations, ethics offers which of the following?
- A lower benchmark as to how a producer should deal with a client
- A benchmark of a similar level
- A high, consistent, and impeccable benchmark
- A benchmark that varies widely depending on the wealth of the client in question
Question 6 of 38

6. Question
By its legal definition, which of the following is an agent?
- A broker who negotiates for a prospective insurance client
- All of the listed answers are examples of agents
- An agent who sells policies for an insurance company
- A person who is authorized to act for a person in regards to contracts with third parties
Question 7 of 38

7. Question
Which of the following answers includes all the levels of authority discussed in this course?
- Express, implied, and apparent
- Complete, incomplete, and false
- Express, implied, and fraudulent
- Misrepresentative, twisted, and fraudulent
Question 8 of 38

8. Question
When an agent performs the actions and activities that the principal clearly defined and extended to him, the agent is using which type of authority?
- Implied authority
- Express authority
- Apparent authority
- Fraudulent authority
Question 9 of 38

9. Question
When an agent performs an action that is not strictly a part of his express authority, but that help him perform the actions of his express authority, that agent is using which type of authority?
- Apparent authority
- Express authority
- Implied Authority
- Fraudulent authority
Question 10 of 38

10. Question
If the agent performs an action outside of his express authority and the principal condones or does not actively discourage this action, that agent has which type of authority?
- Express authority
- Fraudulent Authority
- Implied Authority
- Apparent authority
Question 11 of 38

11. Question
Which of the following accurately describes the position of a fiduciary?
- A special position that rates insurance companies and offers advice about their reliability and solvency
- A special position of trust that mediates conflicts by upholding impartial and fair values
- A special position of trust, confidence, or responsibility, typically in regards to financial matters
- None of the answers supplied accurately describe the position of a fiduciary
Question 12 of 38

12. Question
Which of the following is a fiduciary duty of the agent to the insurer?
- The duty of loyalty
- All of the listed answers are fiduciary duties of agents to insurers
- The duty of care and skill
- The duty to act only as authorized
Question 13 of 38

13. Question
Which of the following accurately compares the legal applications of fiduciary duty to the ethical applications of fiduciary duty?
- The ethical applications of fiduciary duty extend far beyond the legal applications.
- The legal applications of fiduciary duty extend far beyond the ethical applications.
- The legal and ethical applications of fiduciary duty are generally the same.
- There is no need to apply ethics to fiduciary duty because the legal applications pretty much cover everything.
Question 14 of 38

14. Question
In insurance terms, an agent is the agent for which of the following parties?
- The broker
- The insurer
- The insured
- The beneficiary
Question 15 of 38

15. Question
In insurance terms, a broker is the agent for which of the following parties?
- The agent
- The insurer
- The insured
- The producer
Question 16 of 38

16. Question
When constructing and selling policies, ethics demands an agent do which of the following?
- Adhere to the highest levels of due care and responsibility for the client
- Adhere to the highest levels of due care and responsibility for the insurer
- Adhere to the highest levels of due care and responsibility for the public
- Adhere to the highest levels of due care and responsibility for all parties who could potentially be affected by the transaction
Question 17 of 38

17. Question
Most of the ethical concerns of the insurance industry occur between which two parties?
- The principal and the agent
- The principal and the producer
- The producer and the insured
- The principal and the insured
Question 18 of 38

18. Question
When it comes to ethical considerations, how do the responsibilities of a broker to a client differ from those of an agent to a client?
- The broker should only think of the client while the agent should only think of the insurer.
- There is little ethical difference between their responsibilities to the client.
- The broker should only think of the insurer while the agent should only think of the insured.
- The broker only needs to think of the insured where the agent must consider both the insured and the insurer.
Question 19 of 38

19. Question
Most states have prohibited which of the following?
- Misrepresentation
- Enthusiastic selling
- Free information sessions
- Advertisements
Question 20 of 38

20. Question
Clients typically think of a producer as an expert; how should producers respond?
- By telling their clients that they are not experts and then not helping them select a policy
- By striving to live up to the standard of an expert including studying both the policies and the client to find a perfect fit
- By agreeing with the client and never again doing research because it has already been established that they are experts
- By agreeing with the client and using that clients trust to get them to buy insurance that they do not want or need
Question 21 of 38

21. Question
Which of the following is a party to whom the producer should remain ethically responsible?
- The insured
- The public
- All the answers provided are correct
- The insurer
Question 22 of 38

22. Question
Ethically, a producer owes it to himself and his clients to do which of the following?
- Always meet his sales quotas
- Always push the products that the insurer is trying to sell
- Always know the answers to questions without looking them up
- Always associate with companies that maintain high ethical standards
Question 23 of 38

23. Question
The IAIS and the IMSA are two organizations that are attempting to do which of the following?
- Decrease the number of regulations on insurance companies
- Increase the number of regulations on insurance rating companies
- Set industry-wide, ethical standards of care
- Limit the selling capacity of individual producers
Question 24 of 38

24. Question
Suitability refers to which specific relationship?
- The relationship between a producer and an insurer
- The relationship between a clients needs and a producer's product recommendation
- The relationship between a client and a producer
- The relationship between a producer's product recommendation and the principal's favorite product
Question 25 of 38

25. Question
Needs-based selling is another way to describe which of the following?
- Good suitability practices
- Bad suitability practices
- Illegal selling practices
- Unethical selling practices
Question 26 of 38

26. Question
From an ethical standpoint, fact-finding helps in which of the following ways?
- It helps establish a client's goals
- All of the answers presented here are correct
- It helps determine the client's risk and protection
- It helps to determine a client's experience
Question 27 of 38

27. Question
From a purely practical standpoint, fact-finding helps in which of the following ways?
- It helps determine a client's comfort level.
- It helps determine how a client feels about a certain product.
- It helps discover future opportunities for sales and service.
- It helps to determine a client's experience.
Question 28 of 38

28. Question
Which of the following are practices that lead to increased suitability?
- All of the answers here are practices that lead to increased suitability
- Producers must never disclose a product's limitations
- Producers must get the client to sign the contract on the first visit
- Producers must attempt to have a complete knowledge of all the products they are attempting to sell
Question 29 of 38

29. Question
Replacing an insurance policy, though lucrative for the producer and technically legal, is typically which of the following?
- A great financial decision
- An ethical idea
- A poor financial decision
- All of the answers provided are correct
Question 30 of 38

30. Question
At the very minimum, what does an agent owe to every client?
- An affordable policy
- Good faith, reasonable skill, care, and diligence
- Complete knowledge of products and impeccable teaching ability
- Agents don't owe their client's anything
Question 31 of 38

31. Question
Negligence is commonly a problem caused by which of the following?
- Carelessness
- Malicious intent
- Entrapment
- None of the answers are causes of negligence
Question 32 of 38

32. Question
When you encounter an ethical problem with no apparent answer, which of the following practices is a good first step?
- Abandon the problem
- Analyze and evaluate all of the available options
- Report the problem to your immediate supervisor
- Force the client to resolve the problem
Question 33 of 38

33. Question
When managing a policy, it is best to document which of the following?
- Phone calls
- Premium payments
- All of the answers are examples of events that deserve documentation
- Claims
Question 34 of 38

34. Question
What is the best way to identify issues with existing clients before they get out of control?
- Use predictive computer software
- Map out all possible problems and prepare for them
- Trying to identify issues before they happen is more expensive than fixing issues and is therefore a waste of time
- Follow up on your clients, keep yourself informed as to their needs, and keep them informed of their policy
Question 35 of 38

35. Question
When a producer is creating his or her own personal code of ethics, which of the following is a good exercise to determine a producer’s relationship with his or her clients?
- Asking clients what they think of the producer/client relationship
- Asking producers what they think of the producer/client relationship
- Determining what attributes the producer would value if they were seeking a producer of their own
- Determine what attributes a client would value if they were seeking a client of their own
Question 36 of 38

36. Question
What role do Standards of Practice have in the insurance industry?
- None, there are no standards of practice whatsoever
- There are no industry-wide standards of practice, but there are specific practice designations
- Every state have its own Standards of Practice for insurance personnel
- There is a single, overarching Standard of Practice that all insurance personnel must comply with
Question 37 of 38

37. Question
What ethical responsibilities do insurers have towards their producers?
- They must encourage ethical practices and employ ethically minded individuals.
- They must check on client's personally and send out surveys.
- They have no ethical responsibilities because they do not deal with clients directly.
- All of the answers are examples of an insurer's ethical responsibilities.
Question 38 of 38

38. Question
What ethical responsibilities do clients have towards their producers?
- They must encourage ethical practices and employ ethically minded individuals.
- They must be open and honest in their dealings, especially when it comes to their understanding of the product.
- They have no ethical responsibilities because they are the ones that typically lodge complaints.
- They must check with the insurer and become more knowledgeable than a producer.

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