ch 6 MO Common to All Lines*
max fine for rebates
$200
a licensed MN insurance producer must notify the Commissioner of a change of address within
10 days
after notice of a hearing to the insurer, the hearing may be conducted no sooner than
20 days
how long must insurers keep records related to advertisement of insurance policies
3 years
If licensees have administrative action taken against them, they must report this to the Superintendent within
30 days
After an insurance company examination, the Commissioner or the Examiner appointed by the Commissioner must file a written report of the examination within?
60 days
initial hours to complete to sell long term insurance
8 hours
Rebating
Any inducement offered in the sale of insurance products that is not specified in the policy.
Surplus Lines
Insurance not available from authorized insurers placed with non-admitted insurers who specialize in offering insurance to the high risk market
Business Entity
a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity
inducement
a offer that persuades or influences someone to do something
another term for an authorized user
admitted
an insurer that meets the states financial requirements and is approved to transact business in the state
authorized
in life insurance, producers are permitted to share or split commissions, given that
both producers are properly licensed for the line of insurance
aggregate
combined/total
moral turpitude
conduct that is contrary to community standards of justice, honesty or good morals
insurance company that has been formed under laws of this state
domestic
the commissioner must examine the affairs and conditions of every insurer licensed in the state not less frequently than
every 5 years
applicants must be given notice concerning policyholder rights in the event the insurer becomes
insolvent
Domocile
location where an insurer is incorporated (not necessarily where the insurer conducts business)
mutual company owners
policyholders
purpose of the MN Life and Health Insurance Guaranty Association is to
protect consumers against insolvent insurers
what does the Commissioner NOT DO
set insurance rates to be charged for insurance transacted in the state
stock company owners
stockholders
insolvent
unable to meet financial obligations
