Insurance Regulation

What is the minimum age for obtaining an insurance agent license in this state?

18

For how long is the certificate of prelicensing course completion valid?

180 calendar days

Each person licensed as an agent or solicitor is required to complete continuing education instruction every

2 years

An insolvent insurer is one who is unable to pay its obligations when they are due or has fewer assets than liabilities for a period of

3 years

What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?

$$2500

two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. What is this called?

Discrimination

who assumes control over an insurance company's funds and management if they become insolvent?

department of insurance

A person filed a report about an insurance fraud practice. The person could be sued for civil damages by which of the following

No one

which of the following is an example of a producer being involved in an unfair trade practice of rebating?

telling a client that his first premium will be waived if he purchased the insurance policy today

Which of the following is NOT true regarding a temporary license in this state?

It will continue for 180 days even if the owner disposes of the business

When an agent's appointment has been terminated, the insurer must notify the superintendent within how many days?

30

An agent changes his residential address. Within how many days must the superintendent be notified?

30 days

What is the waiting period for rate filing before each rate may become effective

30 days

Who is an insurance agent?

Any person licensed to sell, solicit, or negotiate insurance

Which of the following is an example of an unfair claims settlement practice?

Failure to promptly settle a claim when liability has been clearly established