Connecticut Laws, Rules, & Regulations Common to All Lines

Any person acting as a producer who does not hold an insurance producer license issued by the commissioner authorizing that person to do so will be fined up to how much and or imprisoned for up to how long?

$10,000/3 months

Failure to provide proof of financial responsibility in Connecticut may result in the driver's license or vehicle's registration being suspended or revoked until proof can be provided. An individual who forges financial responsibility may be fined a minimum of how much or imprisoned for up to how long?

$100 and up to 30 days or both

What does the first limit stand for?

$25,000 in bodily injury per person

What does the third limit stand for?

$25,000 in property damage per accident

What compensation will be paid to an employee's dependents upon their death resulting from an accident arising out of or in the course of employment or from an occupational disease in Connecticut?

$4000 for burial expensespp

What does the second limit stand for?

$50,000 in bodily injury per accident

Cancellation of a policy under the FAIR plan will become effective after the Connecticut insurance placement facility has provided how many days written notice for nonpayment of premium, or how many days notice for any other permitted reason?

10 days for nonpayment/15 days any other reason

Commercial risk insurance policies require, at least how many days written notice for cancellation due to nonpayment of premium, conviction of a crime that increases the hazard insured against, discovery of fraud, discovery of willful or reckless acts that increase the hazard insured against, or an adverse determination by the commissioner?

10 days written notice for cancellation

If the cancellation is due to nonpayment of premium, the insurer must provide how many days written notice of cancellation to the insured for a homeowners or fire policy?

10 days written notice of cancellation

If the employer is in violation of health and safety laws what will the workers comp benefit amount be?

100%

The appraisers have how many days to select an umpire or one will be selected by a judge?

15 days

During the first 60 days of an auto policy it may be canceled with how many days notice for nonpayment of the first premium, how many days notice for nonpayment of any other premium or material misrepresentation and how many days notice for all other reasons?

15 days for first premium/10 days for any other premium/45 days for all other reasons

Children receive death benefits until they turn what age?

18

The commissioner must notify an applicant or licensee of any reason for a denial or non-renewal in writing. The applicant or licensee may make a written request to the commissioner no later than 30 days after the notice for a hearing to determine the reasonableness for the action. This hearing must be held no later than how many days after the receipt of the request?

20 days

If kids are full-time students they may receive death benefits until what age?

22

What are the state minimum limits of liability in Connecticut?

25/50/25

If an employee receiving benefits dies, the employer or insurer must send notice to the dependents that they may be eligible for death benefits within how many days after the weekly benefits are discontinued due to the employee's death?

30 days

In the state of Connecticut, an insurance company must provide an insured how many days written notice of cancellation and the reason for such a cancellation in the event that a fire or homeowners policy is canceled?

30 days written notice of cancellation

For commercial risk insurance policies, all other cases of cancellation require how many days advance notice?

60 days advance notice must be provided

An insurer must provide how many days written notice for non-renewal to an insured when a fire or homeowners contract is being non-renewed?

60 days written notice for nonrenewal

For injuries causing partial incapacity, the injured employee is entitled to what percentage of the difference between the wages earned before the injury and the amount he is able to earn after the injury?

75%

Workers comp provides benefits equal to what percentage of the claimants average net pay (after state and federal taxes)for injuries causing total incapacity?

75%

If an individual receives a permanent significant disfigurement or scar on their face, head, neck, or any area of the body that handicaps them from obtaining or continuing to work, they may be awarded additional compensation in Connecticut, which may be given for up to 208 weeks. The commissioner may award this compensation not earlier than 1 year after the date of injury and not after 2 years from the date of injury. In such cases, the Commissioner may award compensation equal to what percentage of the average weekly earnings of the injured employee?

75% of the average weekly earnings

In CT, what workers compensation benefits will be paid to those who were wholly dependent upon the deceased employee at the date of the injury?

75% of the average weekly earnings of the deceased

The commissioner may award additional compensation benefits for a partial, permanent disability, equal to what percentage of the difference between the wages, earned by the employee before the injury, and what he will probably be able to earn thereafter. The additional compensation must be paid for at least how many weeks?

75%/520 weeks

An insurance company must provide the producer how many days notice before termination, unless termination is for the producers failure to pay monies due to the insurer after receiving a written demand?

90 days

Any claim is considered accepted to the Fund if it is not rejected within how many days?

90 days

How many days must producers moving to Connecticut establish themselves as a resident producer before taking the state exam?

90 days

If the producer is not eligible for appointment, the commissioner must notify the insurer within how many days? A. 5 days B. 10 days C. 15 days D. 30 days

A. 5 days

For fire policies in Connecticut, if the insured and company failed to agree as to the actual cash value or amount of the loss, each must select a disinterested appraiser within how many days of either party submitting a written demand?

Within 20 days

Under the Connecticut FAIR plan, basic property coverage insures against the standard fire policy perils, plus EC endorsement, VMM, and sprinkler leakage, on an actual cash value basis or replacement cost basis?

Actual cash value basis

An insurance producer appointed by an insurer to act on the insurer's behalf

Agent

The Connecticut Fair Access to Insurance Requirements (FAIR) Plan was created to make basic property insurance available to whom?

All Connecticut residents

The commissioner may order restitution of any sums that were obtained in violation of what?

Any provision or regulation

Any license issued to an insurance producer renews when?

At the end of the licensee's birth month every 2 years

What is the timeframe for insurers to report producer appointment to the commissioner? A. 5 days B. 15 days C. 30 days D. 60 days

B. 15 days

To avoid a controlled business violation, premiums for policies written for the public must exceed at least how many times the premiums paid by controlled sources? A. 5 B. 9 C. 10 D. 15

B. 9

What is the name of the organization in Connecticut created to provide auto insurance to individuals who have been unable to obtain it through the private market? A. The Connecticut fair plan B. The Connecticut automobile insurance assigned risk plan C. The Connecticut mutual insurance association D. The Connecticut joint reinsurance association

B. The Connecticut automobile insurance assigned risk plan

Charging different rates to insureds of the same actuarial class or hazard category defines which of the following unfair trade practices? A. Twisting B. Unfair discrimination C. Rebating D. Defamation

B. Unfair discrimination

If an injury incapacitates an employee for more than seven days when do benefits begin?

Benefits begin at the date of the injury

What is the waiting period for a worker to receive workers comp benefits if an injury incapacitates an employee for more than three days but less than seven days?

Benefits begin at the end of the third day

Prior to May 1 of even-numbered years, insurance companies must provide the Commissioner with a list of all producers whose appointments will continue. Any insurance company that cancels or does not renew an appointment must notify the Commissioner, producer, and agency in writing within how many days of the action? A. 10 days B. 20 days C. 30 days D. 60 days

C. 30 days

Which of the following is not one of the perils required to be included in basic property coverage under the Connecticut FAIR plan? A. Fire B. Vandalism and malicious mischief C. Collapse D. Sprinkler leakage

C. Collapse

Failure to provide proof of financial responsibility in the state of Connecticut may result in a license being suspended for how long? A. Until the fine is paid B. 30 days C. Until the proof is provided D. One year

C. Until the proof is provided

The commissioner may subpoena, examine, and cross-examine witnesses. If any witness ignores a subpoena, and does not attend, the hearing, the witness will be charged with what?

Contempt of court

What is the maximum liability limits of the Connecticut automobile insurance assigned risk plan? A. 100/500/100 B. 25/50/25 C. 100/300/100 D. 250/500/100

D. 250/500/100

The Commissioner has how many days to verify that the producer is eligible for appointment? A. 10 days B. 5 days C. 20 days D. 30 days

D. 30 days

An injuries to an employee resulting from the employee's voluntary participation in any activity which is social or recreational even if the employer pays some or all of the cost of the activity is covered, true or false?

False. This is a personal injury

For how many weeks must the employee's employer pay for all awards of compensation and medical expenses at the time of their second injury?

First 104 weeks of disability

Proof of financial responsibility may be given in what forms in Connecticut?

Insurance ID card, a bond posted with the state, or evidence of self insurance

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

Insurance Producer

Children who are disabled and unable to work may receive compensation until when?

Into adulthood until they are no longer incapacitated

Other duties of the insurance commissioner include:

Issuing licenses and collecting appropriate fees, setting reserves for domestic companies, appointing examiners, issuing cease and desist orders, conducting hearings in connection with the wrongdoings of an insurer or licensee, and reporting illegalities in the insurance business to the state Attorney General

If the second injury of the employee results in the death of the employee, and it is determined that the death would not have occurred without the pre-existing physical impairment, the employer must pay the funeral expenses and pay any death benefits for the first 104 weeks they are due. After payment has been made for 104 weeks, the employer may transfer liability for the death benefits to whom ?

The Second Injury Fund

A person may not accept a commission, service fee, brokerage or other valuable consideration for transacting insurance in the state of Connecticut unless they are what?

Licensed to act as an insurance producer

Who does the employer have to notify by mail within three calendar years after the date of the second injury or 90 days after the completion of 104 weeks of payment?

The Second Injury Fund

In CT if the loss is made payable to a designated mortgagee who is not the insured, the policy may be canceled by giving that mortgagee 10 days notice of cancellation. If the insured fails to provide proof of loss, the mortgagee may submit proof of loss within 60 days

Mortgagee interests and obligations

Are injuries that arise in the travel to and from school sponsored events covered under workers comp policies?

No

Can the Commissioner revoke or suspend a license or impose a fine without prior notice or the opportunity for a hearing?

No

Is injury, disability or death due to the use of alcohol or narcotic drugs considered a compensable injury?

No

Will the Connecticut FAIR plan provide coverage for vacant and physically deficient buildings or provide coverage for farm properties?

No

Any disease due to exposure or contact with any radioactive material by an employee in the course of employment

Occupational disease

Whenever repairs are necessary to the exterior of a private passenger vehicle, any insurer or repairer preparing a written estimate of the cost of such repairs must clearly identify each major replacement part that is not manufactured by the original what?

Original equipment manufacturer of the damaged part

The Worker's Compensation commission will provide what types of programs for employees suffering compensable injuries which disabled them from performing their customary or most recent work?

Rehabilitation programs

The Department of aging and disability services will provide what types of services for eligible employees throughout the state?

Rehabilitation services

Certified insurance consultant's licenses expire when?

September 30 of each odd numbered year

If the dependent child has been placed with social services because of neglect, the compensation they are due will be payable to whom as their legal guardian?

The Commissioner of Social Services

If a death occurs within two years after an injury or the first manifestation of an occupational disease, a dependent may make a compensation claim within that two-year period or within one year from the date of what?

The date of death

If the claim is accepted for transfer, the Fund's custodian will notify the Commissioner, and any claim payments made beyond the 104 week period will be refunded to whom?

The employer

Powers and duties of the Commissioner:

The primary duty of the Insurance Commissioner is to see that insurance laws are properly executed and the public interest is protected by enforcing these laws.

If a vehicle being repaired does not have a notice attached to the estimate stating that the estimate is based in part on the use of replacement parts that are not made by the original manufacturer of the damaged parts, this would be a violation known as:

Unfair or deceptive practice

In CT, Department of Corrections employees are covered for workers comp, en route from their home to their place of work and return to their home if: they are responding to a direct order to report to work and they have already completed two or more overtime shifts on consecutive days, true or false?

True

In Connecticut, firefighters and police officers are covered en route from their home to their place of work and return to their home. True or false?

True

If the surviving spouse is the sole dependent, worker's compensation benefits will be paid until when?

Until death or remarriage

In the state of Connecticut an employer is any person, corporation, limited liability company, firm, partnership, voluntary association, joint stock association, the state, and any public corporation within the state, with how many regular employees?

With one or more regular employees

A claim for compensation must be given within what timeframe of the injury causing accident or the manifestation of a symptom of an occupational disease?

Within 1 year of accident or within 3 years after symptoms of disease

If an insured has complied with all the requirements of a standard fire policy, when can the insured take legal action against an insurance company for the recovery of a claim after a loss?

Within 2 years

Medical and surgical aid or hospital and nursing service, when requested by an injured employee and approved by the Commissioner, includes treatment by prayer or spiritual means, including the application or use of the principles, tenets, or teachings of any established church without the use of any drug or material remedy, sanitary and quarantine regulations must be complied with, and those ministering to the injured employee must be members of the church

Workers comp benefits provided

Are builders risk exposures eligible for coverage under the Connecticut fair plan?

Yes

Are injuries that are the direct results of repetitive trauma or repetitive acts and occupational disease covered under a workers comp policy?

Yes

Are injuries that result in death covered under a Worker's Compensation policy?

Yes

Are injuries to employees of local or regional Board of Education resulting from participation in school sponsored activities covered under a workers comp policy (this does not include any injuries incurred while going to or from such activities)?

Yes

Can Worker's Comp. benefits be reduced by Social Security retirement benefits an individual may receive in Connecticut?

Yes

Is a worker entitled to benefits if they incur a permanent disability which was caused by a previous disability and the second injury was substantially greater then the disability that would've resulted from the second injury alone?

Yes, a worker is entitled to the entire amount minus any comp for the previous disability and any needed medical care

Is the injured employee entitled to full wages for the entire day of the injury and does that day count as a day of incapacity?

Yes, and no the day does not count

Are Worker's Comp. benefits reduced by Social Security?

Yes, benefits are reduced by any amount the claimant is entitled to collect from Social Security in retirement benefits.

If a police officer, parole officer, or a fire fighter is diagnosed with post traumatic stress disorder resulting from an event that occurred in the line of duty would that mental or emotional impairment be considered Worker's Comp?

Yes, that personal injury would be covered

For insurers in Connecticut which of the following is true about pretext interviews?

Pretext interviews are permitted if fraud or other criminal conduct is suspected

A licensee must notify the commissioner within how many days of any change in the following: name, Business address, residence address, email address, employer, licensed insurance producer of a business entity?

30 days

Due process under the law requires notice and a hearing. If a person has been engaging in unfair acts, the commissioner will issue a notice of hearing that list the charges against the licensee. The hearing will be how many days after the serving of the notice?

30 days

A person acting in the capacity of a certified insurance consultant for the compensation to be paid by the person being served may not receive any part of any commission or compensation paid by any insurer or producer in connection with the sale of insurance. Violations are subject to a fine of not less than $250 and not more than $2500 and imprisonment of what?

30 days - 3 months

A Content of Disclosure Authorization form remains valid for how long if the information is collected in connection with an application for an insurance policy, policy reinstatement, or a request for a change in policy benefits?

30 months

How many hours must you complete of prelicensing education?

40 hours

How many hours of continuing Ed must be applied to each line of authority?

6 hours

A binder may be issued for no longer than how many days in the state of Connecticut?

60 days

All of the following are grounds for suspension of a producer's license in Connecticut except: A. Being convicted of a misdemeanor B. Committing an unfair trade practice C. Forgery D. Cheating on a license exam

A. Being convicted of a misdemeanor

If the violator knew or should've known, the law was being violated, the fine will be not more than how much per act, not to exceed an aggregate of how much in any six month period?

Not more than $25,000 per act, not to exceed an aggregate of $250,000 in any six month period

If a bank will not grant a loan unless the borrower buys insurance from a specific company, the bank and insurer are guilty of which of the following unfair trade practices? A. Twisting B. Unfair discrimination C. Rebating D. Boycott, coercion, and intimidation

D. Boycott, coercion, and intimidation

The commissioner may assess a monetary penalty of not more than how much for each violation or unfair act not to exceed an aggregate of how much?

Not more than $5000 for each violation or unfair act not to exceed an aggregate of $50,000

Loss by fire or other perils insured against in this policy, which are caused directly or indirectly by enemy attack by armed forces, invasion, insurrection, rebellion, revolution, Civil War, usurped power, order of any civil authority except acts of distruction at the time of and for the purpose of preventing the spread of fire, provided that such fire did not originate from any of the perils excluded by this policy, neglect of the insured to use all reasonable means to save and preserve the property at and after a loss, or when the property is endangered by fire in neighboring premises, or loss by theft

Perils not included

Violations of any of these cease and desist orders may result in what if the violations occurred with a frequency suggesting a general business practice?

$100,000

Every individual life insurance policy delivered or issued for delivery to any person in the state of Connecticut must have printed or attached a notice stating that the policy may be returned by the applicant for cancellation by delivering or mailing the policy to the insurer at any time within how many days after receipt of the policy?

10 days

A standard fire policy may be canceled by the insurer by providing written notice to the insured and any third-party designated (mortgagee), for what reasons?

10 days notice for nonpayment of premium 30 days notice for all other reasons with excess premium refund it on demand on a pro rata basis

Insurers must also report to the Commissioner whenever a check issued by a producer to the insurer is returned for insufficient funds or otherwise dishonored and remains outstanding within how many days of the check being returned?

15 days

How old do you have to be to get your license?

18

Any person holding a license, must report to the commissioner in writing any administrative action taken against the producer within how many days?

30 days

Each insurer must report to the Commissioner any failure of an insurance producer to remit premiums within how many days following the due date?

30 days

Failure of a producer to comply with the continuing education requirements by the last day of the biennium without an extension from the commissioner will result in the non-renewal of their license. The commissioner may not refuse to renew the license until how many days written notice is provided?

30 days

Individuals may, with proper identification submit a written request to the insurer for access to their recorded personal information. The institution or agent has how many business days to provide a summary of the recorded personal information?

30 days

The commissioner must notify the producer of the expiration date at least how many days before the license expires?

30 days

To conform with regulations against writing controlled business, premiums for policies written for the general public must exceed the premiums on policies paid for by the producer, spouse, employer, or corporation controlled by those persons, by how many times?

9x

If an individual producer allowed their license to lapse not later than 12 months after the due date of the renewal fee they can reinstate their license by paying what?

A penalty in the amount of double the unpaid renewal fee

Represents the consumer in an insurance transaction and receives compensation

Broker

Which of the following is not a requirement to obtain a producers license in Connecticut? A. Submitting a written application B. Being of good moral character C. Presenting proof of appointment D. Passing a written exam

C. Presenting proof of appointment

Other powers of the commissioner include:

Conduct investigations and hearings and issue subpoenas, revoke licenses of insurers, producers, adjusters, and consultants for just cause; regulate insurers for solvency and regulate most insurance premium rates

How long does a Content of Disclosure Authorization form remain valid if a claim for benefits is for any type of insurance other than health insurance?

For the duration of the claim

In CT, the amount of loss for which the company may be liable will be payable 30 days after proof of loss

Loss payable

Where does the Connecticut guaranty association get funding to carry out its purpose?

Member assessments

Can agents or insurers use pre-text interviews to obtain information in connection with an insurance transaction?

No, unless they suspect criminal activity, fraud or misrepresentation in connection with a claim

What is the minimum frequency at which the commissioner may examine the records of an insurance company?

Once every 5 years

Direct loss by fire, lightning and removal from premises if property is endangered by the perils insured against

Perils insured against

Violations of any of these cease and desist orders may also result in what?

Suspension or revocation of the license

The Brokered Transaction Fund was created to protect Connecticut residents from what?

The acts of embezzlement of money or property or deceit of a licensed producer

If an individual producer allowed their license to lapse beyond 12 months of the due date what must they do?

They must complete new pre-licensing and exam requirements

Any payment made by or on behalf of an insured to any producer for policies of insurance that have been issued to the producer for delivery to the insured will be deemed to have been paid to whom?

To the company

Whenever the commissioner believes the person has engaged in an unfair method of competition or unfair or deceptive practice, he will issue a statement of charges, and a notice of hearing, which will occur within 30 days. After the hearing the Commissioner may issue a cease and desist order, if it is determined that the person is guilty, violation of a cease and desist order is punishable with a fine of not more than how much?

Violation of a cease and desist order is punishable with a fine of not more than $50,000 or a suspension or revocation of the persons license

Is it true that nonresident licensed producers who can provide evidence of their compliance with the CE requirements of their home state are exempt from continuing education credits?

Yes, that is true

What is the renewal fee for a producer license?

$160 every two years

The Commissioner may issue a fine for negotiating, continuing, or renewing any insurance contract with an unauthorized company, or while a surplus lines insurance license is suspended or revoked. That fine is what?

$4000 and/or up to 6 months in jail

How long does a Content of Disclosure Authorization form remain valid from the date the authorization is signed if the application or request involves property or casualty insurance?

1 year

How many hours of continuing education required?

24 hours every 2 years.

How many hours of continuing Ed must be on ethics and state insurance law and regulations?

3 hours

An insurer In Connecticut may not nonrenew a property and casualty policy for a cause other than nonpayment of premium without first giving how many days notice?

60 days

The advance notice for refusal to renew any professional liability policy is how many days?

90 days

Any person or corporation violating any provision of Connecticut insurance law for which no other penalty is provided, will be fined no more than that than what?

$15,000

How often must a producer renew their license?

Every two years.

How long does the Content of Disclosure Authorization form remain valid if the authorization is connected to a claim involving health insurance benefits?

For the term of coverage of the policy

If an individual applies for an insurance license in CT who was previously licensed in this state, and who was previously licensed for the same lines of authority in another state, would they be required to complete the prelicensing education or exam if the application is received no later than 90 days after the cancellation of the previous license and if the prior state issues a certification that the applicant was in good standing for the line of authority requested?

No, they would not be required

Any person, partnership, association, or corporation that is not a resident of the state of Connecticut but wishes to conduct business in the state must submit a written application to the Commissioner for a nonresident license.

Nonresident producer

A certified insurance consulting license renewed after how many years on September 30 on odd number years?

Every 2 years on September 30 on odd number years.

An insurer or producer may not pay any commission, service fee, brokerage or other valuable consideration to any person for selling, soliciting, or negotiating insurance in the state of Connecticut unless the person holds what?

A license to act as an insurance producer

What unfair and prohibited practice involves the offer of a special premium or favor as an incentive to purchase insurance? A. Twisting B. Unfair discrimination C. Rebating D. Boycott, coercion, and intimidation

C. Rebating

Which of the following is not a power of the Insurance Commissioner? A. Revoking insurance licenses B. Issuing certificates of authority C. Writing insurance laws D. Examining licensees

C. Writing insurance laws

If an insurance company has not received a certificate of authority for the state of Connecticut they are considered?

Unauthorized

Can a Standard fire policy be canceled by an insured?

Yes, at any time and unearned premium will be refunded on a short rate basis

Can the commissioner issue a temporary producer license to a surviving spouse, business partner or employee if a producer dies, becomes disabled or is called to active military service?

Yes, max of 180 days.

The penalty for an insurer that makes false statements or advertisements about financial information gets fined for how much for a first offense, and fined for how much for each subsequent offense?

$10,000 fine for a first offense and $20,000 fine for each subsequent offense

The Commissioner may issue a fine of up to how much, upon a person or insurer violating any provision of the code for which no other penalty is provided?

$15,000

Violations of any of these cease and desist orders may result in fines of what per violation?

$20,000

For violations of the CT Insurance Information and Privacy Protection Act, the Commissioner may impose the following penalties: issue a cease and desist order and impose a fine of what per violation, up to an aggregate of what for multiple violations. Impose a fine of what per violation, up to an aggregate of what for multiple violations, if the violation is willful.

$2000/$20,000 $5000/$50,000

A person may not transact insurance or aid in the transaction in this state with an insurance company that does not hold a valid certificate of authority. Any person who aids a company not authorized to do business in the state of CT by soliciting residents of the state may be fined not more than what and imprisoned for how long?

$2000/6 months

The commissioner may require information as deemed necessary with respect to the business methods, policies, and transactions of a licensee. Anyone who refuses to furnish this information within 10 days after receiving a written request may be fined how much?

$250-$2,500

What is the maximum fine for twisting?

$5,000

A certificate of authority is a license required for insurers transacting business in Connecticut. To be granted a certificate of authority, and insurer must submit an application stating the lines of insurance it intends to underwrite, accompanied by a certified copy of its charter and a statement concerning the insurers present financial condition. The Commissioner may, at any time for cause, suspend, revoke, or refuse to renew a license/certificate of authority. After a notice and a hearing, the Commissioner may also impose a fine not to exceed how much?

$50,000

If a person was charged guilty of engaging in an unfair method of competition or deceptive act the commissioner may order a penalty of up to $5000 for each violation or a total of what if the person did not know the act was a violation?

$50,000

The Connecticut insurance guarantee association will assume the contractual obligations of an insolvent insurer up to what amount for a commercial general liability claim?

$500,000

Any person who maliciously discloses individually identifiable medical record information may be fined up to how much or imprisoned for how long or both for the first offense?

$500/3mos

After reasonable notice to and hearing of any licensee, the Commissioner may suspend or revoke a license for cause. In addition to or instead of any applicable denial, suspension, or a revocation, the Commissioner may impose a civil fine not to exceed how much?

$5000

In addition to suspension or revocation, the Commissioner may impose a civil fine not to exceed how much?

$5000

What is the per violation fine the Commissioner may impose for violating the Connecticut Insurance Information and Privacy Protection Act, if the violation is willful?

$5000 per violation, up to an aggregate of $50,000 for multiple violations if the violation is willful

A producer tells an applicant for insurance that a competitor insurer is in dire financial straits and may not be able to honor its claims obligations. Which unfair trade practice has the producer committed? A. Defamation B. Unfair discrimination C. Rebating D. Boycott, coercion, and intimidation

A. Defamation

The Connecticut standard fire policy establishes the minimum standards for property insurance policies issued in the state. The standard form of fire insurance policy provides what type of coverage to the insured property at the time of loss, but not to exceed the amount which it would cost to repair or replace the property with material of like kind and quality within a reasonable time after such loss. (The amount does not allow for any increased cost of repair or reconstruction due to an ordinance or law regulating construction or repair, and it does not include compensation for loss resulting from interruption of business or manufacture.)

Actual cash value

A Business entity acting as an insurance producer must obtain an insurance producer license, pay the fees and designate a licensed producer responsible for compliance with the laws of the state of CT

Business entity

The Commissioner will waive any prelicensing requirements for nonresident applicants with valid licenses if their home state is reciprocal and awards nonresident licenses to residents of this state on the same basis

Reciprocity

In CT, the insured must give immediate written notice to the company, protect the property from further damage, separate the damaged and undamaged property, furnish a complete inventory of the destroyed, damaged, and undamaged property, and within 60 days after the loss, submit a proof of loss, signed and sworn to by the insured

Requirements in case of loss

Any person, partnership, association, or corporation that is a resident of the state of Connecticut or has a principal place of business in the state, or a non-resident who is not licensed in any other state, must submit an application to the Commissioner for a resident license.

Resident producer