Insurance agent
By what date in each licensing period are agents required to renew their license?
By the last day of their birth month
I which of the following is true regarding examination of financial affairs of insurers
Examination expenses are the responsibility of the insurer
What is the maximum civil penalty for violating superintendent's cease and desist order
$10,000
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
The hearing for a cease and desist order must occur within how many days of the order date?
15
What is the minimum age for obtaining an insurance license in this state
18
How long is a certificate for pre licensing course completion valid
180 calendar days
The maximum duration of a temporary license in this state is
180 days
Each person licensed as an agent or solicitor is required to complete continuing education instruction every
2 years
How many hours of prelicensing education are required for applicants seeking a resident agent license for a single line of insurance
20 Hours
How many hours of continuing education must be completed in ethics
3
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
How long must insurers keep records of claims
3 years
How often must the superintendent examine financial affairs of domestic insurers
3 years
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 final disposition?
30 days
What is the waiting period for rate filing before each rate may become effective
30 days
To avoid violating the state insurance code regarding unfair claims settlement practices, insurers must pay a claim within how many days of the final agreement to the settlement
5 days
If a telemarketer wants to make an unsolicited sales call to a potential customer, what is the earliest time the telemarketer can call the prospect's residence?
8 am
How many days after being licensed to place business transactions in Ohio must an insurer have an anti fraud program in place
90 days
Which of the following reports will provide the underwriter with information about an insurance applicants credit?
Consumer report
Who assumes control over an insurance company's funds and management if they become insolvent?
Department of Insurance
Which of the following will NOT be considered unfair discrimination by insurers
Discriminating in benefits and coverages based on the insured's habits and lifestyle
Which of the following regulatory authorities participated in creating the National do not call registry
FTC
An applicant is denied insurance because of information found on a consumer report. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company?
Fair Credit Reporting Act
On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. What is the company guilty of?
Misrepresentation
The federal fair credit reporting act
Regulates consumer reports
To whom does the insurer certify that an appointee is competent, financially responsible, and suitable to represent them?
Superintendent
The Superintendent may examine books and records of all authorized insurers in Ohio. Who is responsible for paying for the examination
The insurer
The superintendent issues a cease and desist order. A hearing is held in order to determine whether the order should be continued. After the hearing, the superintendent decided to continue the order. The agent wants to appeal this decision. Which of the following is true
The order can be appealed
Which of the following has the authority to issue a cease and desist order
The superintendent
All of the following are regulated areas of insurance industry EXCEPT
commissions
When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. The producer could be found guilty of
defamation
When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. Because of this, the company charged him a higher rate for his insurance. This practice is considered
discrimination
How often are agents required to renew their insurance license
every 2 years
An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. What is this an example of?
false advertising
A person filed a report about an insurance fraud practice. The person could be sued for civil damages by which of the following?
no one
An insurance application cannot ask about which of the following information about an applicant
sexual orientation
An insurer suspects an agent of fraud and cancels his appointment. Which authority, if any, should be notified?
superintendent
Which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another?
twisting
In Ohio, a temporary license may be issued for any of the following reasons EXCEPT
Agent's retirement.
All of the following would be considered rebating except
An agent misrepresents policy benefits to convince a policyowner to replace policies.
All of the following are required to qualify for a resident license EXCEPT
An applicant that is at least 21 years old
When will fraud be considered a felony?
When the amount of the claim is above $1,000
An agent changes his residential address. Within how many days must the Superintendent be notified?
30
An insurance agent is suspected of committing an illegal business practice. What can be issued that would legally ban the agent from committing this act again
Cease and desist order
Who is an insurance agent?
Any person licensed to sell, solicit or negotiate insurance
Which of the following would NOT be considered an exception to the National do not call list
Calls based from outside of the United States
Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information
Fair Credit Reporting Act
If an insurer has fewer assets than liabilities and is unable to pay its financial obligations for at least 3 years, the insurer is considered
Insolvent
Which of the following is NOT true regarding temporary license in this state
It will continue for 180 days even if the owner disposes of the business
Which of the following authorities is responsible for assessing the financial ability of insurers
Superintendent (The Ohio Insurance Department is headed by the Superintendent of Insurance, who is empowered to make and enforce rules and regulations that implement the insurance laws of Ohio. Among these responsibilities is making sure that insurers are financially stable.)
Which of the following is an example of a producer being involved in an unfair trade practice of rebating?
Telling a client that his first premium will be waived if he purchased the insurance policy today
Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce
Without receiving written consent from an insurance regulatory authority.