Arizona Adjuster Practice Exam

If Mary Jones wishes to change her assumed name for her insurance business, what action must she take?

1. She must cease operations immediately

2. She can change it without notification

3. She must notify the Director within 30 days of any change

4. She must publish a notice in a local newspaper

The correct answer is: She must notify the Director within 30 days of any change

When an individual operating an insurance business under an assumed name wishes to change that name, they are required to notify the Director within a specified timeframe, which is typically 30 days. This requirement ensures that the regulatory authority is aware of updated business practices and can maintain accurate records for consumer protection and compliance purposes. In the context of insurance regulations, transparency and accountability are vital. By notifying the Director, Mary Jones is ensuring that her new assumed name is officially recognized, which can help prevent potential legal complications or confusions in her dealings with clients and other entities in the insurance industry. This requirement is part of the regulatory framework designed to safeguard the interests of consumers and uphold the integrity of the insurance market. It is essential for insurance professionals to adhere to such protocols to enhance trust and reliability within the industry.