Insurance Licensing and Regulations Quiz

Insurance Licensing and Regulations Quiz

Professional Development

15 Qs

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Insurance Licensing and Regulations Quiz

Insurance Licensing and Regulations Quiz

Assessment

Quiz

Other

Professional Development

Hard

Created by

Quizizz Content

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is required by Alabama law for drivers regarding insurance?

Have comprehensive coverage

Maintain minimum liability coverage

Have uninsured motorist coverage

Have collision coverage

Answer explanation

Alabama law requires drivers to maintain minimum liability coverage to ensure they can cover damages or injuries they may cause in an accident. This is essential for legal driving in the state.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What must drivers carry as evidence of insurance?

A digital or physical insurance card

A copy of their vehicle registration

A letter from their insurer

A receipt of payment

Answer explanation

Drivers must carry a digital or physical insurance card as it serves as proof of insurance coverage, which is legally required in most jurisdictions. Other options do not fulfill this requirement.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of a surplus lines broker?

To investigate claims

To adjust premiums

To provide temporary coverage

To place coverage with nonadmitted carriers

Answer explanation

A surplus lines broker specializes in placing coverage with nonadmitted carriers, which are insurers not licensed in a particular state. This role is crucial for obtaining insurance for risks that standard markets cannot cover.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is required for a new producer to obtain a license in Alabama?

Complete prelicensing education, pass the state exam, and submit fingerprints

Only pass the state exam

Submit fingerprints and proof of citizenship

Complete a 40-hour course

Answer explanation

To obtain a license in Alabama, a new producer must complete prelicensing education, pass the state exam, and submit fingerprints. This ensures they are adequately prepared and vetted for the responsibilities of the role.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Alabama Insurance Guaranty Association do?

Regulates insurance rates

Offers discounts on insurance premiums

Protects policyholders if an admitted insurer becomes insolvent

Provides grants for home retrofitting

Answer explanation

The Alabama Insurance Guaranty Association protects policyholders by providing coverage if an admitted insurer becomes insolvent, ensuring that claims are paid even if the insurer cannot fulfill its obligations.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a binder in the context of insurance?

A document for policy cancellation

A type of insurance claim

A temporary coverage agreement

A permanent insurance policy

Answer explanation

A binder is a temporary coverage agreement that provides immediate insurance protection until a formal policy is issued. It is not a cancellation document, claim, or permanent policy.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the minimum continuing education requirement for producers in Alabama?

24 hours every two years, including 3 hours of ethics

15 hours every year

30 hours every three years

12 hours every year

Answer explanation

In Alabama, producers must complete a minimum of 24 hours of continuing education every two years, which includes 3 hours specifically focused on ethics. This ensures they stay updated on industry standards and practices.

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