Insurance regulation

If a cybersecurity event has occurred licensees must maintain records of the incident for no less than

5 years

According to the telemarketing sales rules, what are the permissible calling hours for telemarketing calls?

8am until 9pm

Who assumes control over an insurance company's funds and management if they become insolvent?

Department of Insurance

State law specifically prohibits using illegal inducements in the marketing of insurance. All of the following would be considered illegal inducements EXCEPT

Inviting prospective clients to the grand opening of the company's new office.

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

Which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another?

twisting

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

$2,500

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

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 continuing education must be completed in ethics

3 hours

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

Agents who change their state of residence must notify the director within how many days of any change in address

30 days

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 director after the final deposition

30 days

What is the waiting period for rate filing before each rate may become effective

30 days

When an agents appointment has been terminated the insurer must notify the director within how many days

30 days

An insurance agent license in another state may apply for a prelicensing education exemption within how many days of establishing a principle place of business in Ohio

90 days

How many days after being licensed to place business transactions in Ohio must an insurer have an antifraud program in place

90 days

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

A denied license in another state

All of the following individuals may be exempt from the pre licensing education requirement for agents except

An applicant for a resident license who was previously licensed in another state and whose license lapsed 2 years ago

All of the following are required to qualify for a resident license except

An applicant that is at least 21 years old

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 practice is have been provided the report may contain all of the following information except the applicants

Ancestry

Who is an insurance agent?

Any person licensed to sell, solicit or negotiate insurance

By what date in each licensing period are agents required to renew their license

By the last day of their birth month

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

An 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

Which of the following would be considered an illegal inducement to purchase insurance

Confirming future dividends in a life insurance proposal

Which of the following includes information regarding a persons credit character reputation and habits

Consumer report

Which of the following reports will provide the underwriter with the information about an insurance applicants credit

Consumer report

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

Defamation

Which of the following authorities is responsible for assessing the financial ability of insurers

Director

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

Director

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

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

Discrimination

According to the fair credit reporting act all of the following would be considered negative information about a consumer except

Disputes regarding consumer report information

All of the following could be considered rebates if offered to an insured in the sale of insurance except

Dividends from a mutual insurer.

Which of the following is true regarding examination of financial affairs of insurers

Examination expenses are the responsibility of the insurer.

All of the following actions can be described as twisting except

Explaining to client the advantages of permanent insurance over term and suggesting changing policies

Which of the following regulatory authorities participated in creating the National Do Not Call registry

FTC

All of the following violations may result in an agents imprisonment except

Failing to report to the department a criminal prosecution taken against the agent in another jurisdiction.

Which of the following is an example of an unfair claims settlement practice

Failure to promptly settle a claim when liability has been clearly established

An application 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

An insurance company ensures its new policy holders that their premium costs will not increase for a period of at least five years however due to increasing financial strain they plan to raise premium cost for all insured's by 10% over the next two years what term best describes this act

Fraud

An insurer publishes intimidating brochures that portray the insurance competition that's financially and professionally unstable which of the following best describes this act

Illegal under any circumstances

Which of the following situations is it legal to limit coverage based on martial status

It is never legal to limit coverage based on martial status

Which of the following is not true regarding a temporary license in this state

It will continue for 180 days even if the owner disposes of the business.

Which of the following is not considered a misrepresentation as it pertains to unfair trade practices

Making comparisons between different policies

Under the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report

Must be informed of the source of the report

What was created to keep telemarketers from calling consumers who do not wish contacted

National Do Not Call Registry

Which of the following is not correct regarding false statements by a person engaged in the business of insurance

Only written statements can be considered fraud

All of the following are true regarding ravages except

Rebates are allowed if it is in the best interest of the client

Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as

Rebating

The federal fair credit reporting act

Regulates consumer reports

Under the Fair Credit Reporting Act, if the consumer challenges the accuracy of the information contained in his or her report, the reporting agency must

Respond to the consumer's complaint.

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

The customer's associates, friends, and neighbors provide the report's data.

To whom does the insurer certify that an appointee is competent, financially responsible, and suitable to represent them?

The director

Which of the following protects consumers against the circulation of inaccurate of obsolete personal or financial information?

The fair credit reporting act

Which of the following entities established the Do Not Call Registery

The federal trade commission (FTC)

The director issued a cease and desist order a hearing is held in order to determine whether the order should be continued after the hearing the director decides to continue the order the agent wants to appeal this decision which of the following is true

The order can be appealed

Under what circumstances may an agent appointed with the issuing insurance company pay a commission to another agent

When the agent receiving the commission is licensed for that same line of business

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.

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

Circulating deceptive sales material to the public is what type of Unfair Trade Practice?

false advertising

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

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

It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability

sexual orientation

What is the maximum civil penalty for violating the directors cease and desist order

$10,000

In Ohio a temporary license may be issued for any of the following reasons except

Agent's retirement.