insurance regulation

if an insruance form submitted to the comissioner is not in english, what must accompany the form?

an english translation of the form

how many continuing education hours can be carried over to the next reporting period, if the producer completes more than is necessary?

Zero excess continuing education credit cannot be carried forward to the next reporting period.

which of the following would be considered an unfair claims settlement practice?

a claim adjuster advises the insured that if the claim goes to arbitration, the insured would probably recieve less than what is being offered. This act is a violation as defined in the Unfair claim settlement practices act.

In maryland, how long is the commissioner's term in office?

4 years the commissioner is appointed by the governor for a term of 4 years

which of the following statements is correct regarding a public adjuster?

a public adjuster does not include a person that appraises claims for loss covered by a motor vehicle policy Public adjuster does NOT include a person that investigated, adjusts or appraises claims for loss or damage covered by a motor vehicle policy. In short, where the insurance company adjuster represents the insurer, a public adjuster represents the claimant and is compensated by them and must be licensed by the state.

the subject of fraud is valued at $500. The person who comitted the fraud is guity of

felony anyone convicted of insurance fraud, in which the subject is valued at $300 or greater, is guilty of a felony. If the subject of the fraud is valued less that $300, the person is guilty of a misdemeaner

an insurer publishes intimidating brochures that protray the insurer;s competition as financially and professionally unstable. Which of the following best describes this act?

illegal under any circustances when a company criticizes the financial situation of another company with the intention of injury that company, it has committed an illegal trade practice called defamation

if a licensee intentionally violates the insurance code, what is the maximum monetary penalty that he or she would be required to pay?

$100,000 any licensee or insurer who willfully violates the insurance code is subject not only to administrative penalties imposed by the commissioner, but also to criminal sanctions. willful violations of insurance laws are misdemeanors. if convicted a licensee or insurer can be fined up to $100,000

which of the following is NOT required to be appointed by an insurer?

broker producers, in addition to obtaining a producer license, must be appointed by at least one authorized insurance company. producers who act as brokers, however, do not need the endorsement of an insurance company.

an overseas-based insurer would like to do business in MD. which of the following must the insurer obtain in order to transact business in this state?

certificate of authority All insurers, regardless of the state in which they are chartered, must obtain a certificate of authority from the MD Insurance department before they can transact insurance in the state

When handling premium funds in the conduct of their business, insurance producers are acting in a

fiduciary capacity money designated as premium belongs to the insurance company. The producer is handling this money in a position of trust. Fiduciary is the term that refers to the handling of money.

which of the following is NOT required for license reinstatement?

licensing examination results A producer's license that has been expired for no longer than 1 year may be reinstated if the producer files a reinstatemetn application with the commissioner; pays the license renewabl fee and a reinstatemnt fee of $100; and submits proof of completion of the continuing education requirements.

ABC Insurance company wishes to begin transacting business in MD. before it can do so, it must do which of the following?

obtain certificate of authority. all insurers, regardless of the state in which they are chartered, must obtain a certificate of authority from the MD insurance department before they can transact insurance in the state.

paul is a producer in vermond and wants to become a producer in MD. the department will waive certain examination requirements, provided that vermont would waive these same requirements if a MD producer sought licensure in Vermont. what term is used to describe this phenomenon?

reciprocity occurs when the state in which the person resides accords the same privilege to residents of MD

which of the following perople would recieve a commission from the sale of a policy?

the agent who took the clients application a person must be licensed to recieve a commission from the writing of an insurance policy.