Insurance Policies Common to All Lines
If an insurer cancels an agency contract, it must notify Commissioner in ___ days
15 days
Within how many days must a producer report claims to the insurer?
5 calendar days
If a consumer requests additional information concerning an Investigative Consumer Report, how long does the insurer or reporting agency have to comply?
5 days
Certificate of Authority is issued to..
An insurer authorized to transact business in the state
Reinsurance
Insurance company agrees to automatically assume a portion of the risk written by other insurance company
What is controlled business?
Insurance on the producer's own life or property, or lives or property pf producer's family/business associates
Harry's life insurance policy has lapsed, and he would like to reinstate it. In order to initiate the reinstatement process, Harry must submit an application to his insurer. Which of the following is true?
It is Harry's responsibility to request the reinstatement application; the insurer must then deliver it within 30 days.
Twisting
Misrepresentation which persuades an insured to switch or cancel policies
What is the term for how frequently a policyowner is required to pay the policy premium?
Mode
Disclosure Authorization Notice
Must be provided to the insured and approved by head of Department of Insurance
Which of the following allows the dividend to be used to pay up policy premiums sooner than originally planned?
Paid-up insurance option
The person who has right to cash values
Policyowner
Which employees insured under the group life plan would be allowed to convert to individual insurance once terminated?
Those who've been insured under plan for at least 5 YEARS
If an applicant's license has lapsed within the past year, the applicant may apply for late renewal of the license within
12 months of expiration
If a producer dies or is rendered disabled, a family member can enter agreement with another producer to continue business for how long?
180 days
If producer has been convicted of a crime he must notify Commissioner in ____ days
30 days
Discontinuance and replacement regulations DONT apply for what?
Group vision
Temporary license can be granted to
Producer's spouse or designee in case producer dies/becomes disabled.
How do insurers protect against catastrophic losses?
Reinsurance
Fiduciary
Requirement that agents mustaccount and promptly remit all insurance funds
A producer's appointment lasts for how long?
Until it's terminated
When is controlled business legal?
When commissions don't exceed aggregate commissions on all other business