ICB Chapter 2 Quiz

A body corporate that is appointed by a registered insurer, but is not an employee of the insure; solicits applications for insurance, collects money by way of premiums.

• Broker

• Agent

• Sub-agent

• Policy Owner

Part 1 of the Insurance Act covers________________

• Preliminary

• The Insurance Commission

• General Insurance

• Associations of Underwriters

Regulation of Insurance Intermediaries is covered in Part _____ of the Insurance Act.

• Part I

• Part VII

• Part V

• Part II

•A (n) ______________is an agent, broker, sub-agent, adjuster or salesperson who sells insurance or reinsurance products for another part.

• Insurance Company

• Commission

• Intermediary

• Policy Owner

True or False: Persons who are undischarged bankrupt can be registered to become an Insurance Sales agent in The Bahamas.

• True

• False

Which of the following statements is INCORRECT about the "Application for Registration"?

• Applications must be submitted to the Commission with the relevant fee and any document they require.

• A Salesperson can be sponsored by more than one insurer at the same time.

• A certificate of Registration will be issued to all persons registered under Part V of the Act. 

What are the two classes of Insurance?

• Long-Term Insurance & Motor Insurance

• General Insurance & Property Insurance

• Accident Insurance & Long-Term Insurance

• Long-Term Insurance & General Insurance

True or False: The Insurance Commission Board has the power to Suspend and Cancel Registration.

• True

• False

Market conduct refers to___________________

• to all violation of the Act by insurance companies and intermediaries.

• to all legal jargon that is used in the Insurance act.

• to all activities, any act, practice or omission in breach or violation of the Act by insurance companies and intermediaries.

• to all illegal activities that are carried out by the intermediaries.

What is the fine for a Corporate body (Company) if it is found guilty of an offense?

• $10,000

• $1,000

• $100,000

• $100