Tn State Law

Front 1

Rebating

Back 1

Giving, or offering some benefit, more money, other than those specified in the policy to induce a customer to buy insurance

Front 2

Unfailing practices

Back 2

False advertising, defamation, boycotting, unfair, discriminationPenal

Front 3

Penalties

Back 3

For violation committed unknowingly up to $1000 not to exceed $100,000. For violation committed knowingly, 25,000 for each violation not to exceed 250,000.

Front 4

Insurance producer

Back 4

Person required to be licensed under the law of the state to sell, solicit, negotiate insurance

Front 5

Limited line producer

Back 5

A person authorized by the commissioner to sell, solicit, or negotiate limited lines of insurance

Front 6

Four producer license requirements

Back 6

Be 18

Not committed any acts

Completed app and paid fees

Passed exam

Front 7

I noticed the appointment must be filed with the commissioner within _____ days from the date the agency contract is executed.

Back 7

15 days

Front 8

The insurance company must notify the commissioner within _____ days of agent appointment terminations, with or without cause

Back 8

30 days

Front 9

The commissioner can issue a license to a qualified, nonresident producer 3 instances

Back 9

Persons in good standing and licensed.

The person submit the proper application and fees.

The person’s home state must award insurance producer licenses to Tennessee (reciprocal agreement)

Front 10

In the case of death or military service, the commissioner can issue a temporary producer license for up to ____ days without first requiring an examination

Back 10

180 days

Front 11

A lapsed producer license can be reinstated within ____ months from the renewal date without passing a written examination

Back 11

12

Front 12

Purpose of the Tennessee insurance guarantee association

Back 12

To provide for the payment of covered claims of any insolvent (poor) insurer

Front 13

Insurance score

Back 13

A number or rating derived from an algorithm or computer application that is based in whole, or in part on credit information. Helps predict future insurance losses.

Front 14

Filing of schooling models

Back 14

Insurers that use insurance scores to underwrite or rate risk must file their scoring model with the department of commerce and insurance

Front 15

Disclosure

Back 15

The insurer or agent must disclose, either on the insurance app, or at the time of the insurance app is taken that the insurer may obtain credit information in connection with such application

Front 16

Temporary licenses are issued for a term of how many days?

Back 16

180 days, non-renewable

Front 17

Hey producer must complete how many hours of approved continuing education every two years after licensure?

Back 17

24

Front 18

Insurance score

Back 18

Number or writing that is based in whole or in part on credit information for the purposes of predicting the future insurance loss exposure of an individual applicant or insured

Front 19

With the exception of Workmen’s Comp. claims, the maximum amount that the Tennessee insurance guaranty association will pay for covered claim is____

Back 19

1 million

Front 20

The commissioner of insurance has the authority to_____

Back 20

Revoke, subpoena, order persons, to cease

Front 21

Who administers all laws that relate to insurance in Tennessee?

Back 21

The department of commerce and insurance

Front 22

An insurer appointing, a producer, as it’s agent must file a notice of the appointment with the commissioner within how many days?

Back 22

15

Front 23

True or false an applicant who applies for life and accident and sickness insurance must pass the states producer, licensing examination.

Back 23

True

Front 24

Mandate Offer - Sinkhole

Back 24

Must make single coverage available

Front 25

Commercial risk

Back 25

Any insurance not considered personal risk, and does not include Fidelity/ bonds as well as insurance written with a surplus line insurer

Front 26

Fair value is also known as the _______

Back 26

Valued policy law. This protects the insured if the insurer says the building is overinsured and wants to settle a claim for less than the policy amount.

Front 27

Twisting

Back 27

Misrepresenting a policy to induce a policyholder to lapse, forfeit, or surrender an insurance policy.

Twisting occurs, when paying a more considerable sum of money than originally agreed, whereas rebating is the act of painless less money

Front 28

What is the max deductible of uninsured motorist property damage coverage?

Back 28

$200

Front 29

A single limit policy for automobile insurance must carry a limit of $______.

Back 29

$65,000

Front 30

Uninsured motor vehicle provisions

Back 30

Does not include a vehicle that is self insured. Design mainly for use off of public roads, or while used as premises.

Front 31

Temporary licenses are issued for a term of how long?

Back 31

180 days, nonrenewable

Front 32

Automobile assigned risk plan

Back 32

Assigned coverage to those who would otherwise be uninsurable

Front 33

Rebating

Back 33

Offering something of value in connection with the sale of an insurance policy. Examples: kickbacks of commission, gifts, payment of consulting fees, or offering to pay insurance premium.

Front 34

When a motor vehicle insurance policy is canceled for a reason, other than non-payment, how many days notice must be provided to the insured?

Back 34

20

Front 35

Motor vehicle insurance policies must include uninsured motorist coverage for what losses?

Back 35

Losses, resulting from bodily injury, sickness, disease, or death. Optional coverage

Front 36

If an insurer does not intend to renew a commercial risk insurance policy, it must give at least how many days notice to the insured?

Back 36

60

Front 37

Excess line agent (surplus line agent)

Back 37

Agent licensed by the state to handle the placement of business with nonadmitted insurer’s. Not required to have a certificate of authority.

Front 38

In order to sell insurance for an insurer, the producer must first be appointed by whom?

Back 38

By the insurer

Front 39

A Self, regulatory body that develops models laws for individual states to consider adopting.

Back 39

National Association of insurance commissioners

Front 40

Who files the list of appointments with the department of insurance?

Back 40

The insurer (not licensee)

Front 41

By examining an insurers records, the head of the department of insurance assesses the insurers ______.

Back 41

Compliance with state laws

Front 42

The commissioner must examine each authorized insurer, at least once every ____ years

Back 42

5

Front 43

Business Entity

Back 43

A corporation, association, partnership, limited liability, company, limited, liability, partnership, or other legal entity.

Front 44

Limited lines producer

Back 44

A person authorized by the commissioner to sell, solicit, or negotiate limited lines insurance.