Insurance Regulation

C. 2 years

Each person licensed as an agent or solicitor is required to complete continuing education instruction every A. year for the first 3 years, then every 2 years thereafter B. year C. 2 years D. 3 years

B. 180 calendar days

For how long is the certificate of prelicensing course completion valid? A. 2 years B. 180 calendar days C. Indefinitely D. 120 days

A. agent's retirement

In Ohio, a temporary license may be issued for any of the following reasons EXCEPT A. agent's retirement B. agent's death C. agent's disability D. agent's military service

C. 180 days

The maximum duration of a temporary license in this state is A. 30 days B. 90 days C. 180 days D. 1 year

D. respond to the consumer's complaint

Under the Fair Credit Reporting Act, if a consumer challenges the accuracy of the information contained in a consumer or investigative report, the reporting agency must A. defend the report if the agency feels it is accurate B. change the report C. send an actual certified copy of the entire report to the consumer D. respond to the consumer's complaint

C. $2,500

What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act? A. $100 per violation B. revocation of license C. $2,500 D. $1,000

C. only written statements can be considered fraud

Which of the following is NOT correct regarding false statements by a person engaged in the business of insurance? A. false statements about financial condition of an insurer are unlawful B. statements made with the intent to deceive are unlawful C. only written statements can be considered fraud D. omissions of material fact on insurance application are fraud

B. it will continue for 180 days even if the owner disposes of the business

Which of the following is NOT true regarding a temporary license in this state? A. it does not require a written examination B. it will continue for 180 days even if the owner disposes of the business C. it can be issued to a designee when a licensed agent enters active U.S. military service D. it can be issued to a spouse of the deceased agent

C. examination expenses are the responsibility of the insurer

Which of the following is true regarding examination of financial affairs of insurers? A. examinations are conducted by the NAIC B. examinations must be conducted at least annually C. examination expenses are the responsibility of the insurer D. the Superintendent must examine all insurers: domestic, foreign, and alien

C. confirming future dividends in a life insurance proposal

Which of the following would be considered an illegal inducement to purchase insurance? A. listing the insurance companies the agency represents in a letter B. inviting prospective clients to the grand opening of the producer's new office C. confirming future dividends in a life insurance proposal D. mailing an agency brochure to a prospective client

D. 30

Agents who change their state of residence must notify the Superintendent within how many days of any change in address? A. 10 B. 15 C. 20 D. 30

C. 30

An agent changes his residential address. Within how many days must the Superintendent be notified? A. 10 B. 20 C. 30 D. the Superintendent does not need to be notified. Only changes in business addresses need to be reported

B. illegal under any circumstances

An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act? A. legal, provided that the other insurers are paid royalties for the usage of their names B. illegal under any circumstances C. legal, provided that the information can be verified D. illegal until endorsed by the Guaranty Association

B. every 2 years

How often are agents required to renew their insurance license? A. every year B. every 2 years C. every 4 years D. every 5 years

B. telemarketers

The National Do Not Call Registry was created to regulate A. insurance solicitors B. telemarketers C. filed underwriters D. insurers