The legal basis for state, rather than exclusively federal, regulation of the insurance business rests primarily on which federal law?
A. The Sherman Antitrust Act
B. The McCarran-Ferguson Act
C. The Dodd-Frank Act
D. The Gramm-Leach-Bliley Act
Source: NH Insurance Dept./PSI Candidate Bulletin, Life Producer Exam 12-61, Insurance Regulation
An insurance company incorporated in New Hampshire and doing business there is classified, with respect to New Hampshire, as a:
A. Foreign insurer
B. Alien insurer
C. Domestic insurer
D. Non-admitted insurer
Source: NH Insurance Dept./PSI Candidate Bulletin, Life Producer Exam 12-61, Insurance Regulation
An insurer's authorization to transact business in a given state, issued by that state's insurance department, is known as a:
A. Binder
B. Certificate of authority
C. Producer appointment
D. Reinsurance treaty
Source: NH Insurance Dept./PSI Candidate Bulletin, Life Producer Exam 12-61, Insurance Regulation
An insurer owned by its policyholders, who share in dividends and voting rights, is organized as a:
A. Stock insurer
B. Mutual insurer
C. Reciprocal exchange
D. Risk retention group
Source: NH Insurance Dept./PSI Candidate Bulletin, Life Producer Exam 12-61, Insurance Regulation
A producer who deceives a client into believing a policy has different benefits than it actually provides has likely engaged in:
A. Twisting
B. Misrepresentation
C. Rebating
D. Coinsurance
Source: NH Insurance Dept./PSI Candidate Bulletin, Life Producer Exam 12-61, Insurance Regulation
