Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
28 Cards in this Set
- Front
- Back
|
How is the Insurance Commissioner appointed?
|
appointed by the governor and subject to confirmation by the senate
|
|
|
When does the Commissioner require insurers to file an annual report?
|
annually by March 1st
|
|
|
How often must the Insurance Commissioner examine the financial condition of insurers?
|
a minimum of once every 5 years
|
|
|
Who may amend insurance laws?
|
th insurance commissioner
|
|
|
What is the penalty for negligent violations?
|
-$3000 per single violation
-maximum aggregate of $30000 in a 12 month period |
|
|
What is the penalty for willful violations of an insurer?
|
-$30000 per single violation
-maximum aggregate of $750000 in a 12 month period |
|
|
What is the penalty if an insurer violates a cease and desist order?
|
$10000 for each and every act and/or $25000 for violations regarding unauthorized insurance
|
|
|
What is the penalty if a producer violates a cease and desist order?
|
$500 for each and every act
|
|
|
What are the licensing requirements for an individual producer?
|
-must be at least 18 years old
-must satisfy the requirement of 90 hours of pre-license training (for L & H) |
|
|
What are the requirements for agency producers?
|
-must register at least 1 individual who holds a valid producer's license who is responsible for compliance
-disclosure of all agency officers, partners, and directors -registration of each individual producer who is soliciting insurance on behalf of the agency -registration of the trade name |
|
|
How often must insurers renew producer appointments?
|
every 2 years
|
|
|
How long does a producer have to inform the Division of Insurance of a name or address change?
|
within 30 days of change
|
|
|
When must premium tax revenues be paid to the State?
|
by March 1st
|
|
|
When are surplus lines insurance reports due to the division of insurance?
|
by the 15th of the following month
|
|
|
What is the surplus lines premium tax rate?
|
3%
|
|
|
How long does an insurer have to refund any unearned premium to the producer or client when a policy such as health, auto, or fire is cancelled?
|
within 45 days
|
|
|
How long does a producer have to refund any unearned premium to the client when a policy such as health, auto, or fire is cancelled?
|
within 30 days
|
|
|
How long does a producer have to remit premiums from a client to the insurer?
|
within 45 days of receipt
|
|
|
After 1st renewal, what are the continuing education requirements for producers?
|
24 hours of approved continuing education every two years of which three hours must be in ethics
|
|
|
When do licensees have to comply with the continuing education requirements?
|
at their second license renewal date
|
|
|
What are the continuing education requirements for producers marketing long-term policies?
|
-a one time 16 hour course on long-term care including 8 hours held in a classroom setting
-CE requirements include 5 hours of classroom education in long-term care |
|
|
What are Unfair Trade Practices?
|
-coercion
-misrepresentation -unfair discrimination -controlled business -defamation |
|
|
What is replacement to the detriment of your client called?
|
twisting
|
|
|
What does the Guaranty Fund cover?
|
the pending claims and unearned premiums of an insolvent insurance company
|
|
|
What can't be based on marital status or gender?
|
health insurance
|
|
|
What are the possible penalties for defamation?
|
a find of not more than $500 or by imprisonment in the county jail for not more than 12 months, of by both such fine and imprisonment.
|
|
|
When must an admitted insurance company submit their Anti-Fraud plan?
|
Annually by March 15th
|
|
|
Where must the CO Fraud Statute appear?
|
Application, policy and claim forms
|
