Insurance Regulation

The superintendent may examine books and records of all authorized insurers in Ohio. Who is responsible for paying for the examination?

the insurer.

Federal laws make 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.

What is the maximum penalty for habitual willful noncompliance with the fair credit reporting act?

$2,500

What's the minimum age for obtaining an insurance agent license in this state?

18 years old

For how long is the certificate of prelicensing course completeion valid?

180 calendar days.

Each person licensed as an agent or solicitor is required to complete continuing education instruction every...

2 years.

Each person licensed as an agent or solicitor is required to complete how many hours of approved continuing education instruction every 2 years?

24 hours. (each person licensed as an agent or solicitor is required to complete 24 hours of approved continuing education instruction, including 3 hours of ethics training, every 2 years. Agents holding a limited license for title insurance must complete 10 hours every 2 years.)

within how many days of requesting investigative consumer report must an insurer notify the consumer in the writing that the report will be obtained?

3 days

Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. what is this called?

Discrimination. (Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of discrimination.)

which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance?

a. slandering *b. defamation c. undercutting d. twisting

If an insurance company wishes to order a consumer report on an applicant to assist in the underwriting process, and if a notice of insurance information practices has been provided, the report may contain all of the following information except the applicants...

ancestry. (The fair credit reporting act regulates what information may be collected and how the information may be used. Consumer reports include written and/or oral information regarding a consumers credit, character, reputation and habits collected by reporting agency from employment records, credit reports, and other public sources. Ancestry is not a relevant factor assessed in these reports.)

which of the following has the authority to issue a cease and desist order?

a. federal insurance regulation board. *b. superintendent. c. state police. d. department of insurance.

In comparison to consumer reports, which of the following describes a unique characteristic of investigative consumer reports?

a. the customer has no knowledge of this action. *b. the customers associates, friends, and neighbors provide the reports data. c. they provide additional information from an outside source about a particular risks d. they provide information about a customers character and reputation.

which of the following would be sufficient violation to warrant rejection, revocation, or suspension of an insurance agents license?

a. an unintentional misrepresentation of the terms of a contract. b. a moving violation ticket. *c. a denied license in another state. d. acting as a fiduciary.