Life & Health ch 5

offer insurance advice to the public for a fee, they are required to pass a written exam, the commissioner must recognize the candidate trustworthy and competent before he will issue a consultants license

Insurance consultants can

not legal

Replacing insurance policies for the purpose of making commissions is

misdemeanor

a failure to report insurance fraud to the commissioner is considered a

pay dividends to the policyowner

a participating insurance policy may do what

a reinstatement fee is double the renewal fee

if an insurance producers or consultants license has lapsed

paying appropriate fees, being a resident producer in good standing in the home state, being licensed as a resident producer

what are conditions necessary for becoming a non resident producer in this state

stocks, securities, bonds, an offer to share in commissions generated by the sale, and offer of employment

what are considered rebates if offered to an insured in the sale of insurance

commissioner

what entities ultimately determines if an advertisement is deceptive or confusing

embellishing the benefits provided in the policy, overstating returns on policy dividends, implying that term insurance has cash value

what is considered a misrepresentation on the part of the insurer

36 months

if after a hearing the commissioner finds that a producer has committed any insurance unfair trade practice, the commissioner may revoke or refuse to renew the producers license, place the license on probationary status or suspend a licensee for up to

authorized

if an insurer meets the states financial requirements and is approved to transact business in the state, it is considered to be

a mutual insurer

insurance companies may be classified according to the legal form of their ownership. the type of company organized to return any surplus to their policyholders is

180 days

temporary license can last for how long

promote the public welfare

the purpose of insurance regulation is to

5 years

although the commissioner must examine the affairs, transactions, records and assets of each authorized insurer as often as deemed advisable, each authorized insurer must be examined at least once every