Quiz 1 Day 3 General Lines
Quiz by Brian Morton
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- Q1
Tommie is a small town insurance agent. One of his clients has a hard-to-insure exposure that is on his state's exportable list. As a result, what can Tommie do?
He can place this client's coverage in the surplus lines market only after getting declinations from three admitted insurers.
He can seek coverage for this client from any unauthorized insurer.
He cannot seek coverage for this client's exposure.
He can place this client's coverage in the surplus lines market without three declinations from admitted insurers.
60s - Q2
Avery works as an intermediary between retail insurance agents and insurers to obtain unusual or hard-to-place insurance for the agents' insureds. However, Avery has no underwriting or binding authority. Based on this information, what does Avery appear to be?
a managing general agent
a retail broker
a surplus lines broker
a nonadmitted insurance broker
60s - Q3
Malcolm is a surplus lines broker who places a customer's risk with a nonadmitted insurer who later files for bankruptcy just as the insured filed a claim. Which of the following will likely be responsible for payment of the claim?
Malcolm
the State Insurance Guaranty Association
the state
the insurer
60s - Q4
Dewey Insurance Company is a nonadmitted insurer that is on a state's white list. From this information, it seems most likely that Dewey:
is operating illegally if it sells any insurance in that state
is a standard insurer
writes excess and surplus lines insurance in that state
is licensed or registered to do business in that state
60s - Q5
To place insurance with a nonadmitted insurer, an agent must obtain rejections from three admitted insurers and file with the stamping office a document showing those rejections. What is this documentation called?
white list
export license
stamp
affidavit
60s