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64 Cards in this Set
- Front
- Back
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Who appoints the Director Of Insurance in the state of Idaho?
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The governor.
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What is a contractual agreement between an individual and an insurance company called?
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An appoinment.
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What authority does an appoinment give to a bail agent?
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The appointment gives the agent authority to act on behalf of the insurance company.
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What is a limited lines insurance license?
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A license that is restricted to less than the total authority of the associated major lines license.
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Companies incorporated in the State of Idaho are considered?
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Domestic companies.
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What is a stock company?
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An incorporated company whose capital is divided into shares and those share are owned by it’s shareholders.
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What is a certificate of authority?
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A certificate that authorizes an insurance company to transact business in Idaho.
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A company incorporated outside the United States is defined as?
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An alien company.
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A resident of Idaho is defined as a person whose home is located in?
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The state of Idaho.
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When an agent’s personal information changes, how long do they have to notify the director of insurance?
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30 days.
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Who's general duty is it to enforce the statutes and laws of the insurance code?
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The Director of Insurance.
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Who maintains the bond records after they have been filed with the court?
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The Trial Court Administrator.
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Who sets the amount of the bond?
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The judge.
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Who determines the amout of premium an insurer can charge?
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The department of insurance
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If a bail is revoked and a defendant is returned to the court without good cause, does the premium have to be returned?
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Yes.
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Is there a minimum time a bond can be written for?
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No.
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How long must an insurance provider maintain record for?
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Five years.
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How long do you have to return collateral from the time a bond is exonerated?
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14 days.
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Each bonding agent must complete how many hours of contiue education every two years?
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24 hours.
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A "Performance Bond" of how much must be maintained on each bonding agent by his/her insurance provider?
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15,000.00
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When two people own collateral, an agent must have an agreement from?
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Both owners.
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What is a cash bond?
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A cash bond is the actual face value of a bond paid in cash to obtain the release of a defendant.
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When an agent accepts collateral or cash from a defendant, it is what type of responsibility?
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A fiduciary responsibility.
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What happens when a defendant fails to appear in court?
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A warrant is issued.
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What is considered "good cause" for missing your court date?
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Death, incarceration in a foreign state or jurisdiction, medical condition, or refusal to exradite.
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Security for the performance of covenants on the payment of money besides the principle is considered?
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Collateral
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What punishment is an agent subject to if they commit any violation of the insurance code?
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Jail time, and/or license revocation or suspension.
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Can the director of insurance examine the affairs, transactions, account records, and assets of a company or individual to determine their solvency?
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Yes.
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What is considered "Unfair Trade Practice?"
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Publishing untrue, deceptive, or misleading statements about another company or agent.
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What does it mean to "indemnify?"
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To secure against hurt or loss.
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What is it considered when you make a derogatory statement about the financial condition of an insurer?
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Defamation.
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What is considered "Fraud?"
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The alteration of an application , such as signing for another person.
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What is "Recognizance?"
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A personal undertaking entered into in a court before a magistrate and having no money or penalty attached.
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What is extradition?
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The surrender of an accused from one state to another.
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Is "rebating," the offering of incentives or rebates to a defendant to purchase a bond allowed?
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No. It is illegal.
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Can credit be extended?
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Yes, credit may be extended, but no interest can be charged.
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False Advertising is?
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Publishing anything that is untrue, deceptive, or misleading with respect to insurance or any person in the conduct insurance.
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Defamation is ?
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Oral or written, with intent to injure the financial condition of an insurer or of an organization poposing to become an insurer; to injure any person engaged in the business of insurance.
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A Fiduciary obligation is?
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An obligation to act in the best interest of the defendant.
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An agent cannot act in anyway contrary to the interest of the defendant nor can the agent act for the benefit of the insurer/bail agency over the benefit of the defendant. True or false?
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True.
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Can commissions or fees be paid to a person who doesn't have a license?
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No, a person must have an insurance license to be paid.
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What are the requirements for contracting insurance in Idaho?
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Any person of competent legal capacity may contract for insurance, , own properties, and have liabilities.
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Forfeitures must be paid within?
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180 days if defendant is not returned to court.
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Subrogation means?
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We can sue defendant for bond paid upon forfeiture.
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Deferred compensation can be paid if person was licensed at time of transaction; True or false?
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True.
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Illegal dealing is?
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Collecting premiums or charges in excess of what is allowed.
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Consumer is?
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The insured person.
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Wholesale producer is?
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Solicits, negotiates, or sells a contract to a retail producer, but not a consumer.
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A retail producer is?
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Solicits, negotiates, or sells insurance directly to a defendant.
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Defendants must be supplied with a written, itemized statement that describes services provided, true or false?
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True.
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A bail bond agent is defined as?
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Any retail seller of a bond to secure the release of a criminal defendant pending judicial proceedings.
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Acceptance of surety bond;
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Shall be accepted by sheriff unless the agent is not listed on the current updated list or unless the surety bond is written in excess of the allowable amount, or is in contravention of any restrictics of the agents authority.
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Reasons for removal of agent from approved list of bonding agents by sherif can be for?
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Failure to maintain current license. Supervising agent is removed from list.
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Placement on register:
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Request in writing with current info. Written proof agent can write for insurance company, including limits. Statement about whether agent has ever been subject to disciplinary action. Written waiver allowing background check.
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Director of insurance:
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Appointed by governor. 4 year term. CEO of dept of insurance. Must be able to vote in state. Must have 5 years experience in one or more types of insurance.
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Director of insurance, general duties:
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enforce provision of codes. Conduct examinations and investigations. Enforce laws of state.
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The bonding agent registry is?
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maintained by trial court administartor. TCA provides current copy of updated register to all sheriffs and clerks within district. Register includes exporation date of agent license, max agent is allowed to post/write, name of person or entity who is employing agent.
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A producer is?
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required to be licensed under the laws of Idaho to sell or solicit or negotiate insurance.
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Limited lines producer is?
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Restricted to less than the total authority prescribed in the associated major lines pursuant to section 41-1008.
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Temprory License:
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Can be issued for up to 180 days without requiring examination if director of insurance determines it is necessary because licensed insurance producer becomes incapacitated. Director of Insurance may limit authority of temporary license to protect insured's and the public.
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Reciprocals:
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An unincorporated group of subscribers operating individually and collectivelythrough an attorney to provide reciprocal insurance among themselves.
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Certificate of authority:
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A certificate issued by the director of insurance authorizing an insurer to transact insurance in the state of Idaho.
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License:
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authority granted by the director of insurance pursuant to code 41 to engage in the business of insurance of idaho.
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Insurer:
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Can not sell, negotiate, or solicit insurance in the state of Idaho without an authorizing certificate. Nor can an insurer hire anyone to sell, solicit, or negotiate insurance who does not have a license.
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