Certified Financial Consultant (CFC) Practice Exam

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Prepare for the Certified Financial Consultant Exam. Enhance your understanding with detailed questions, hints, and explanations. Boost your confidence for the CFC test!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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How many days does an agent have to issue a complete response after the Dept. of insurance contacts them about a settled claim?

10 Days
14 Days
21 Days
30 Days

The correct answer is: 21 Days

When an agent receives communication from the Department of Insurance regarding a settled claim, they are required to provide a complete response within a stipulated timeframe to ensure compliance and uphold regulatory standards. The requirement for a response period of 21 days aligns with regulatory practices that facilitate thorough investigations and prompt resolutions. This timeframe allows agents to gather necessary documentation, review relevant details of the claim, and formulate a comprehensive reply. Having a standard period, such as 21 days, helps ensure that agents act promptly, promoting accountability and transparency in insurance practices. It also provides a reasonable amount of time for agents, who may be managing multiple claims and inquiries, to respond without jeopardizing efficient workflow or thoroughness in their responses.