Utah Property & Casualty Insurance License Exam — All Questions
2 questions
Which agency regulates insurance and licenses resident property and casualty producers in Utah?
- a.The Utah Division of Motor Vehicles
- b.The Utah Insurance Department✓
- c.The Utah Secretary of State
- d.The Utah Department of Commerce, Division of Corporations
Insurance in Utah is regulated by the Utah Insurance Department, led by the Insurance Commissioner (insurance.utah.gov). It licenses producers and adjusters, reviews forms and rates, and enforces the Insurance Code (Title 31A). On the exam, remember it is the Utah Insurance Department, not the DMV or Secretary of State, that licenses property and casualty producers.
A Utah producer offers to rebate part of the commission to a client as an inducement to buy a policy. Under the Utah Insurance Code this is generally:
- a.Permitted if the insurer approves
- b.Permitted for commercial clients only
- c.Prohibited rebating✓
- d.Required to be disclosed but otherwise lawful
Giving any part of the premium or commission, or other valuable consideration not stated in the policy, as an inducement to buy is prohibited rebating under the Utah Insurance Code's unfair-practices provisions and can bring fines and license action by the Utah Insurance Department.