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MARYLAND TITLE INSURANCE PRODUCER QUESTIONS WITH 100% ACCURATE ANSWERS., Exams of Insurance Economics

University of MarylandInsurance Economics

MARYLAND TITLE INSURANCE PRODUCER QUESTIONS WITH 100% ACCURATE ANSWERS.

Typology: Exams

2024/2025

Available from 12/13/2024

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MARYLAND TITLE INSURANCE
PRODUCER QUESTIONS WITH
100% ACCURATE ANSWERS.
1) Title insurance producer independent contractor means a person
is all of these except:
A. Is licensed to act as a title insurance producer.
B. Is distinguished from another business, occupation, or
person.
C. Provides escrow , closing, or settlement services that may
result in issuance of a title insurance contract as an
independent contractor for, or on behalf of , a license and
appointed title insurance producer.
D. Is not an employee of or associated with, the licensed and
appointed title insurance producer. -- Correct Answer โœ”โœ” B.
Is distinguished from another business, occupation, or
person.
2) Title insurance producers may not convert or misappropriate
funds held in escrow or trust while:
A. Soliciting, procuring, or negotiations title insurance
contracts.
B. Performing escrow, closing, and settlement services.
C. A title insurer
D. A and B
E. B and C
F. C and A
G. All of the above. -- Correct Answer โœ”โœ” D. A and B
3) A bond or letter of credit required in addition to meeting any
applicable requirements for a license to act as and insurance
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Download MARYLAND TITLE INSURANCE PRODUCER QUESTIONS WITH 100% ACCURATE ANSWERS. and more Exams Insurance Economics in PDF only on Docsity!

MARYLAND TITLE INSURANCE

PRODUCER QUESTIONS WITH

100% ACCURATE ANSWERS.

  1. Title insurance producer independent contractor means a person is all of these except: A. Is licensed to act as a title insurance producer. B. Is distinguished from another business, occupation, or person. C. Provides escrow , closing, or settlement services that may result in issuance of a title insurance contract as an independent contractor for, or on behalf of , a license and appointed title insurance producer. D. Is not an employee of or associated with, the licensed and appointed title insurance producer. -- Correct Answer โœ”โœ” B. Is distinguished from another business, occupation, or person.
  2. Title insurance producers may not convert or misappropriate funds held in escrow or trust while: A. Soliciting, procuring, or negotiations title insurance contracts. B. Performing escrow, closing, and settlement services. C. A title insurer D. A and B E. B and C F. C and A G. All of the above. -- Correct Answer โœ”โœ” D. A and B
  3. A bond or letter of credit required in addition to meeting any applicable requirements for a license to act as and insurance

producer under this subtitle, a sole proprietor, a limited liability company, a partnership, or a corporate applicant for a license as a title insurance producer shall file with commissioner: A. A blanket fidelity bond covering appropriate employees and title insurance producer independent contractors. B. Notary commission. C. A blanket surety bond D. A letter of credit. E. A, B, and C. F. B, C, and D. G. A, C and D. -- Correct Answer โœ”โœ” G. A, C and D.

  1. How many days a surety insurer have to notify the title insurance producer and the Commissioner before canceling a bond or letter of credit? A. At least 30 days B. At least 45 days C. At least 90 days D. At least 60 days -- Correct Answer โœ”โœ” A. At least 30 days
  2. The MD insurance administration and Department of Labor, Licensing and Regulations shall do all except? A. Develop a document, entitled "The Title Insurance Consumers Bill of Rights", that explains a costumers rights and responsibilities in real Estate transaction closing. B. Make the document available on their websites C. Examine the current rate review and approval process for title insurance premiums. D. Adopt regulations requiring that the documents to be provided to a consumer at the same time that a good faith estimate is given to a consumer in connection with a mortgage loan. E. Shara information rehearsing complains received involving a real estate closing and Work collaboratively to track any patterns of problem transactions or licenses. -- Correct Answer โœ”โœ” C. Examine the current rate review and approval process for title insurance premiums.

forced by HUD. However has been a reassignment as to what government agency enforces RESPA and in what date and year? A. Effective June 21, 2010, the Bureau of competitive enforces RESPA. B. Effective July 21, 2011, the Consumer Protection Bureau enforcer RESPA. C. Effective July 30, 2010, the Housing Urban and Development enforces RESPA. D. Effective June 21, 2011, the Antitrust division of the Department of Justice enforces RESPA. -- Correct Answer โœ”โœ” B. Effective July 21, 2011, the Consumer Protection Bureau enforcer RESPA.

  1. FILL IN THE BLANKS and ANSWER THE MULTIPLE CHOICE: Rates on an owner's policy are generally HIGHER than that of a loan policy due to the assumption of risk and the likelihood that an owner's policy will probably be in effect longer than a loan policy. The policy should be a ___OWNER___Policy and not a Loan Policy. In Maryland the discount rate is usually 40% What are the two types of issue rates? A. Discount Rate and Policy Rate B. Simultaneous Issue and Discount Rate. C. Policy Rate Reissue and Premium Rate. D. Simultaneous Issue and Reissue Rate. -- Correct Answer โœ”โœ” D. Simultaneous Issue and Reissue Rate.