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9 Cards in this Set
- Front
- Back
Ethics
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A professional insurance person is one who demonstrate a high level of competence and practices high ethical standards
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Commissioner of Insurance
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The Commissioner is elected by the people of the state for a period of 4 years. He does not set rates brad has the power to subpoena witnesses
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insurer insolvency
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Insolvency means any impairment of minimum paid-in capital required of an insurer for the classes of insurance which it transacts
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Financial rating agencies
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5 of the most popular services are AM Best, standards and Poor's , moody investment services, Duff & Phelps credit rating and the weiss insurance ratings
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California Insurance Guaranty Association
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The purpose is to establish a mechanism to pay claims that are unpaid as a result of the insolvency of a member insurer
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Health insurance portability and Accountability Act HIPAA
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HIPAA was designed to provide coverage for people with pre-existing conditions
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Educational requirements
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Life & Health Agents must obtain 40 hours approved instruction on life insurance and 12 hours of instruction on ethics and code. Fire and casualty broker / agent 40 hours of fire and casualty and 12 hours of ethics and code. Personal line broker 20 hours of pre licensing course and 12 hours of ethics and code
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Continuing education
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Life or health agents 24 hours of lying specific CE per 2 year renewal period including four hours of ethics. Property and casualty agent broker same as life and health agent. Personal lines broker 24 hours including two hours of ethics.
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Agency name
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Every individual and organization applying for a license must file in writing with the Commissioner the true name and ficticious names under which they conduct business. The last word of an agency name can not be insurance or insurer.
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