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AZ Insurance Regs
Arizona Independent Insurance Adjusters Exam
| Question | Answer |
|---|---|
| "_____" means any person who for compensation, fee or commission either: Adjusts, investigates or negotiates settlement of claims arising under insurance contracts on behalf of either the insurer or the insured. | Adjuster |
| To be licensed as an adjuster the applicant shall meet all of the following qualifications: 1. Be a person who is at least ___ years of age. | eighteen |
| The following individuals do not need to be licensed as an Arizona insurance adjuster in order to adjust: | · If you are a licensed attorney qualified to practice law in Arizona; · If you are a salaried employee of an insurer or managing general agent; · If you are an Arizona-licensed insurance producer and you only perform adjuster activities 4 policys |
| Licensed Arizona adjusters must renew their license once every __ years by submitting a renewal application and a $120 renewal fee. | four |
| A license that is issued or renewed expires quadrennially as follows: 1. For an individual, the license expires on the ____ day of the birth month that falls more than 3 years but less than 4 years from licensure. | last |
| Within _____ days after the final disposition of the matter, an insurance producer shall report to the director any administrative action taken against the producer in another jurisdiction or by another governmental agency in this state. | thirty |
| Within ____ days after the initial pretrial hearing date, an insurance producer shall report to the director any criminal prosecution of the producer taken in any jurisdiction. | thirty |
| The director may deny, suspend for not more than ___ months, revoke or refuse to renew an insurance adjuster's license or may impose a civil penalty | twelve |
| after a hearing the director may: 1. Impose a civil penalty of not more than $___ for each unintentional failure or violation, up to an aggregate civil penalty of two thousand five hundred dollars. | $250 |
| after a hearing the director may: Impose a civil penalty of not more than $___ for each intentional failure or violation, up to an aggregate civil penalty of fifteen thousand dollars. | $2500 |
| After a policy has been in effect for ___ days or, if the policy is a renewal, effective immediately, the policy cannot be cancelled unless a specific set of circumstances occurs: | sixty |
| In the event of nonrenewal based on condition of the premises, the insured shall be given __ days notice to remedy the identified conditions. | 30 |
| The insurer must notify the insured at least __ days prior to the expiration date of the insurer’s intent to not renew the policy. If the insured is not notified accordingly, the insurer must renew based on current applicable rates. | 30 |
| The director shall deposit all civil penalties collected in the ___ ___ ___. | state general fund |
| Any first party claim not paid within __ days after the receipt of an acceptable proof of loss by the insurer which contains all information necessary for claim adjudication shall be required to pay interest. | 30 |
| Every insurer, upon receiving notification of a claim shall, within __ working days, acknowledge the receipt of such notice unless payment is made within such period of time. | 10 |
| Every insurer, upon receipt of any inquiry from the Department of Insurance respecting a claim shall, within __ working days of receipt of such inquiry, furnish the Department with an adequate response to the inquiry. | 15 |
| An appropriate reply shall be made within __ working days on all other pertinent communications from a claimant which reasonably suggest that a response is expected. | 10 |
| Every insurer, upon receiving notification of claim, shall within __ days provide necessary claim forms, instructions, and reasonable assistance so that 1st party claimants can comply with the policy conditions and the insurer's reasonable requirements. | 10 |
| Every insurer shall complete investigation of a claim within __ days after notification of claim, unless such investigation cannot reasonably be completed within such time. | 30 |
| Within __ working days after receipt by the insurer of properly executed proofs of loss, the first party claimant shall be advised of the acceptance or denial of the claim by the insurer. | 15 |
| If the insurer needs more time to determine whether a first party claim should be accepted or denied, it shall also notify the first party claimant within __ working days after receipt of the proofs of loss, giving the reasons more time is needed. | 15 |
| If the investigation remains incomplete, the insurer shall, __ days from the date of the initial notification and every __ days thereafter, send to such claimant a letter setting forth the reasons additional time is needed for investigation. | 45 |
| Insurers shall not require a claimant to travel _____ either to inspect a replacement automobile, to obtain a repair estimate or to have the automobile repaired at a specific repair shop. | unreasonably |
| A person or entity named in a complaint or notice shall file with the claims manager a written response to the complaint or notice, within __ days after service by the Commission of the complaint or notice. | 30 |
| "_____" includes any notice, proof of injury, bill for services, payment for services, hospital or doctor records, x-rays, test reports, medical or legal expenses, or other evidence of loss or injury, or other expense or payment. | Statement |
| This coverage, subject to the conditions of the policy, guarantees to pay the full cost of replacing the dwelling and/or appurtenant structures if the property is destroyed or damaged beyond repair. | Guaranteed Replacement Cost |
| Under this Coverage, If any unscheduled personal property covered under the Replacement Cost endorsement is damaged, destroyed or stolen, the term "Replacement Cost" will be substituted for the term "Actual Cash Value" wherever it appears on the policy. | Replacement Cost on Contents |
| This policy provides for Broad Theft Protection which covers the theft of clothing, furniture, appliances - any personal property of yours that is not part of the dwelling structure - if it is stolen from your home. | The Homeowners Plus Endorsement Policy |
| In order to operate a motor vehicle in the state of Arizona, you must carry minimum ___ ____ coverage. | liability insurance |
| The following minimum liability insurance amounts apply to all Arizona drivers: $____ for bodily injury per person per in an accident, $____ for all bodily injuries per accident, and $___ for property damage per accident. | 15,000/30,000/10,000 |
| An authorized insurer shall issue at least ___ motor vehicle insurance identification cards for a motor vehicle or automobile liability policy that meets the requirements . | two |
| True or False- By definition, Any motor vehicle with a load capacity of more than fifteen hundred pounds is not considered a Motor Vehicle. | TRUE |
| notice of cancellation or reduction in the limits of liability or coverage for reasons other than nonpayment shall be sent with __ days, certified mail | 10 |
| The grace period provided in such policies shall be satisfied by the ___ day notice of intent of the premium finance company to cancel the insurance contract unless the default is cured within the ___ day period. | 10 |
| Marine and/or transportation policies may cover under the following conditions: | Imports Exports Domestic Shipments Bridges, tunnels and other instrumentalities of transportation and communication excluding buildings Personal Property Floater Risks Commercial Property Floater Risks |
| In Arizona, the minimum limit of liability for Property Damage is: | $10,000 for any one accident |
| All claims in Arizona must be paid within _____ days from the notice and proof of loss. | 30 |
| Coverage that guarantees to pay the full cost of replacing the dwelling is called? | Guaranteed Replacement Cost |
| The Homeowner's Plus Endorsement does not cover: | Boats |
| Insurers shall acknowledge receipt of a claim within _____ days. | 10 |
| Marks: 1 Each Arizona insurance adjuster must complete _____ hours of continuing education each renewal period. | 0 |
| A licensee must notify the department of insurance within _____ days of a change of address. | 30 |
| To become an adjuster in the state of Arizona, a person must be: | at least 18 years of age |
| In order for a person to be subject to liability regarding insurance statements, they must act with ___, ____ ____ or _____ _____. | Malice, Bad Faith or Fraudulent Intent |
| In 1945, Congress passed the ____ ____ which granted individual states the duty of the regulation of insurance. | McCarren-Ferguson Act |
| insurers and adjusters must provide full and honest ____ of pertinent policy coverages and adhere to them as prescribed in the policy. | disclosure |
| insurance companies cannot make a habit of "_____" its policyholders, who then in turn must fight insurance companies in court to recover the proper amount of damages. | lowballing |
| Insurance companies are required by law to maintain all complaints against the company at all times for a period of no less than ___ years. | three |
| Insurers are not permitted to require a claimant to produce a recent ___ ___ ___ unless the tax return has a specific relevance to a claim. | federal tax return |
| The ____ _ _____ has final say whether a settlement practice is unfair, unethical, or unjustified. | Commissioner of Insurance |
Created by:
ajramirez1969
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