Life Insurance Numbers to Remember
The insurer will waive the premiums until the minor reaches a certain age if the payor becomes disabled for at least
6 months
Maximum fine for a violation of a cease and desist order
$1,000 for each violation
Maximum fine for misrepresentation
$10,000
Maximum penalty for an insurer found guilty of defamation
$10,000
Maximum civil penalty for willfully violating the Fair Credit Reporting Act
$2,500
If a consumer report is requested, the insurer must notify the consumer at least ___ following the initial request
3 days
An insurer must notify the insured regarding the lapse of a policy due to outstanding loans within
30 days
If a producer wants to contest or review the charges in court, the request must be made within
30 days
Minimum fine for misrepresentation
$200
Minimum penalty for an insurer found guilty of defamation
$200
Minimum number of producers that must be present in a given firm
1
A producer who allows his license to lapse can be issued a license without having to pass a written exam if he renews it within
12 months after the renewal fee was due
After receiving the receipt, an insurer must refund any premiums due to the insured within
15 days
The Director may refuse to issue a license of a licensee's aggregate amount of premiums on controlled businesses exceed the aggregate amount of premiums on all other insurance business during
2 calendar years immediately preceding the extension date of the license OR The 12 month period immediately following the issuance or extension of the license
Minimum period of time a table must show nonforfeiture values included in a policy
20 years
Limiting age for minors under the optional Payor Benefit rider
21
A producer must report his/her felony conviction to the Director within
30 days
After an employee terminates from the group, they are still covered under the original group policy and may convert their group policy to a new policy within
31 days
Policy loan requests, except for loan requests for payment of due premiums, may be deferred for a period of up to
6 months
