Insurance Regulation

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

$2,500

Any licensed person whose activities affect interstate commerce and who knowingly makes false material statements related to the business of insurance may be imprisoned for up to

10 years

For how long is the certificate of relicensing course completion valid

180 calendar days

The maximum duration of a temporary license in this state is

180 days

How many hours of relicensing education are required for applicants seeking a resident agent license for a single line of insurance?

20 hours

Rebating

Any inducement offered in the sale of insurance products that is not specified in the policy.

Which of the following includes information regarding a person's credit, character, reputation, and habits?

Consumer Report

What term describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance?

Defamation

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

Department of Insurance

Statutory

Enacted or regulated by a statute

How often are agents required to renew their insurance license?

Every 2 years

Moral Turpitude

conduct that is contrary to community standards of justice, honesty or good morals

Surplus lines insurance

insurance that is not available from admitted insurers

Cease and desist

to stop or discontinue

Each person licensed as an agent or solicitor is required to complete how many hours of approved continuing education instruction every 2 years?

24 hours

How many hours of continuing education must be completed in ethics?

3 hours

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

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

30 days

If an agent has an administrative action taken against him or her in another jurisdiction, how many days does the agent have to report this to the Superintendent after the final disposition?

30 days

According to the telemarketing sales rules, what are the permissible calling hours for telemarketing calls?

8am until 9pm

In Ohio, a temporary license may NOT be issued for

Agent's Retirement

Under the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report

Must be informed of the source of the report

Restitution

Restoration to the original condition or repayment

What entity established the Do-Not-Call Registry?

The Federal Trade Commission

The superintendent may examine books and records of all authorized insurers in Ohio. Who is responsible for paying for the examination?

The Insurer (The examination expenses must be paid by the insurer)

An insurer suspects an agent of fraud and cancels his appointment. Which authority, if any, should be notified?

The Superintendent

Appointment

The authority given by an insurer to an agent to transact insurance or adjust claims on the insurer's behalf

In comparison to consumer reports, which of the following describes a unique characteristic of investigative consumer reports?

The customer's associates, friends, and neighbors provide the report's data

Statue

a formal written law enacted by legislature; insurance statues can be found in the state Insurance Code

Reciprocity

a mutual interchange of rights and privileges