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Overview of Legal and Ethical Guidelines FINAL EXAM (109893)

Posted on 01.03.19

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Question 1 of 25

1. Question
An agent’s two basic duties are to:
- Select a company and bind a coverage
- Select a company and select a coverage
- Select a coverage and bind a company
- Bind a company and bind a coverage
Question 2 of 25

2. Question
When a client does not know the meaning of a policy provision, who can they rely on to help them understand?
- An outside contractor
- No one, they need to do their own research
- Their agent
- A close friend
Question 3 of 25

3. Question
How does an agent’s standard of care change after they have been handling a client’s business for an extended period of time?
- There is no change; If an agent shows any type of favoritism to clients he could be opening himself up to numerous lawsuits
- The agent should charge more every year to make sure long term clients are worth keeping around
- The agent should only charge clients for the first five years he works for them, then do all the work for free
- The client and agent may be considered in a special relationship which may mean a higher standard of care is expected
Question 4 of 25

4. Question
General agents have more of which of the following when compared to other producers?
- Responsibility
- All of the answers supplied are correct
- Liability
- Business expenses
Question 5 of 25

5. Question
Brokers are thought of as representatives of which party?
- The insurer
- The insured
- The beneficiary
- The Insurance Commissioner
Question 6 of 25

6. Question
Surplus agents are used for which of the following types of insurance?
- Vague, all-inclusive coverage
- Annuities
- Highly specialized coverage
- Storage facility insurance
Question 7 of 25

7. Question
Agents that are considered “ostensible agents” do which of the following?
- Get express or implied authority from insurers and bind contracts
- Act in a way that suggests that they are acting as a broker when, in truth, they are not
- Act in a way that suggests that they are acting as a broker and bind contracts
- Bind the principal with the scope of their authority
Question 8 of 25

8. Question
Insurance companies are always attempting to do which of the following?
- Tightly define an agent's authority
- Broaden the scope of an agent's authority
- Loosely define an agent's authority
- Adhere to state regulations when it comes to agent authority
Question 9 of 25

9. Question
Agents encounter huge problems in which of the following ways?
- By disclosing the identity of their principal to the client
- The not acting as if they were a principal
- By acting like a principal or not disclosing their principal
- By not acting like a principal and disclosing the identity of their principal
Question 10 of 25

10. Question
Which of the following accurately describes an agent?
- None of the answers provided are correct
- A person who transacts insurance with an insurer on behalf of another person
- A person authorized to transact insurance on behalf of an insurer
- A person authorized to transact insurance on behalf of the client
Question 11 of 25

11. Question
When acting as a broker, a producer owes a much higher standard of care to which of the following?
- The insured
- The insurer
- The beneficiary
- The Insurance Commissioner
Question 12 of 25

12. Question
Essentially, most agent wrongdoings stem from which basic conflict?
- Bad signatures
- Poorly designed plans
- Failed promises
- Overzealous lawyers
Question 13 of 25

13. Question
Which of the following is a primary breach of contract?
- Failure to Act
- Failure to Notify Lack of Coverage
- Failure to Renew
- All of the answers provided are correct
Question 14 of 25

14. Question
An agent should notify a client in which of the following scenarios?
- The agent cannot obtain insurance
- The agent did not renew the insurance
- All of the answers provided are correct
- The agent cannot obtain coverage
Question 15 of 25

15. Question
An agent can NOT be held liable for which of the following?
- Promises that exceed or exaggerate the policy
- Promises about the agent's home-life that are patently untrue
- Promises about the provisions that skew their meaning
- Advertising materials that exaggerate the policy
Question 16 of 25

16. Question
Expert witnesses that are brought into court proceedings that involve agent negligence are typically there to prove which of the following?
- That the agent acted outside the standards of other agents working in the same field
- That the agent knew the insurer was insolvent and knowingly sold insurance policies from that insurer
- The insurer knew the agent was insolvent and knowingly sold policies through that agent
- That the client knew the policy wouldn't cover them completely and "played dumb" in the hopes of settling out of court
Question 17 of 25

17. Question
Bad faith can be hard to define because it is based around the concept of an agent NOT being which of the following?
- Strictly an agent of the insurance company
- Fair and reasonable with the client
- Strictly an agent of the client
- Cruel and negligent with the client
Question 18 of 25

18. Question
Which of the following is true of scenarios where an agent professes special knowledge then fails to deliver?
- That agent is safe from all liability
- The agent is safe from bad faith liability
- The agent can be creating contributory liability
- The agent can be establishing himself as a fiduciary
Question 19 of 25

19. Question
Which of the following is one of the easiest ways for agents to stop lawsuits in their tracks?
- Going over every available policy line by line
- Developing friendly relationships with their clients
- Checking every available insurance rating company before using an insurer
- Having agent insurance that covers every conceivable lawsuit
Question 20 of 25

20. Question
Negligence on the part of the agent towards the INSURER typically involves which of the following?
- Offering coverage that does not completely cover the needs of the client
- Offering coverage that holds the insurer liable and for which they suffer a loss
- Offering coverage that does completely meet the needs of the client
- Offering coverage that does not hold the insurer liable
Question 21 of 25

21. Question
What circumstance can lead to an agent being held liable for an insurer’s insolvency?
- The agent never learned about the insolvency until it was too late
- The client insisted on using the insurer even after the agent warned them
- The agent had been using the insurer for years and did not predict the insolvency
- The agent knew about the insolvency prior to selling the policy
Question 22 of 25

22. Question
Insurer insolvency and misrepresentation cases overlap in which of the following ways?
- All of the supplied answers are correct
- None of the supplied answers are correct
- When agents exaggerate warranties or promise returns
- When agents say they are using one insurer but really use another
Question 23 of 25

23. Question
Statements of confidence are dangerous for agents for which of the following reasons?
- Statements of confidence are not dangerous to agents
- The statements can be seen as warranties and the agent can be responsible for their truth
- Statements of confidence are dangerous to brokers, not agents
- Statements of confidence can be dangerous only if the agent is a fiduciary
Question 24 of 25

24. Question
Why should agents be especially careful with their advertising materials?
- Because advertising violations are extremely costly
- Because advertising violations are entirely beneficial
- Because advertising violations can result in jail time
- None of the answers provided are correct
Question 25 of 25

25. Question
Agents that are considered “actual agents” have what type of authority from the insurer?
- Apparent authority
- No authority
- Express or implied authority
- Surplus or general authority

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