Chapter 15 - Insurance Regulation
a producer has died. The surviving spouse is winding down the company. What is the max temporary license without an exam
180 days
you are licensed in another state and move to PA. how long do you have to get licensed in Pennsylvania
90 days. Nonresident producers must submit a completed app within 90 days of establishing residency
what is reciprocity or reciprocal
a mutual interchange of rights and privileges
who does an insurance producer represent
a producer is always classified as a rep of the insurance company for whom they transact insurance
insurance producers that do not have company appointments are considered a what
a representative of the consumer
what is a home office or domicile
a state in which an insurer is organized and has its main place of business
define line of authority
a type of insurance a producer or a business entity is authorized to transact
define inducement
an offer that attempts to influence the other party
who must be licensed as an insurance producer
anyone who solicits insurance and receives commissions from insurance transactions
a banker is saying they won't give you a loan unless you get an insurance policy with the bank. What is this an example of
coercion. And it is illegal
true or false. fed law makes it illegal for any individual convicted of a crime involving dishonesty or beach of trust to work in insurance affecting interstate commerce under any circumstances
false. They can but must receive written consent from an insurance regulatory authority
if an insurer changes a form that it uses to transact insurance, it must do what
file the form with the commissioner for approval. Commission will approve or disapprove the form. If 30 days after the for mis filed and no action, the insurer can assume approved
define coercion
forceful act or threat aimed to influence a person to act against his or her will
define aggrieved
injured party. Someone entitled to begin a lawsuit or request a hearing
whom do insurance agents represent
insurance agents represent the insurer
what are examples of unfair discrimination
marital status, race, color, national origin, creed, ancestry are unfair discrimination practices
can you name some unfair trade practices that producers should avoid
misrepresentation, rebating, defamation, unfair discrimination
is it true the commissions sets all insurance premiums rates used in PA
no the commissions does not set all premium rates used in Pennsylvania
when getting an insurance producers license is it a requirement to have all employees complete continuing education courses once every 2 years
no. not every employee. Only employees soliciting insurance
what is a commission
payment to the agent by the insurance company for placing insurance, usually a percentage of the policy premium
what does the FFCRA federal fair credit reporting act regulate
regulates consumer reports
who established the do not call registry
the federal trade commission or FTC
who is the commissioner
the head of the department of insurance
what does a broker, public adjuster, public adjuster solicitor all have in common
they are all deemed to be representatives of the insured or claimant.
a individual was caught acting as an exclusive general agent. Even though he is not properly licensed. Assuming that this occurred in a single day, what is the max penalty
third degree misdemeanor and a 1k fine for each offense
what is a cease and desist
to stop or discontinue
which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another
twisting.
define insolvent
unable to meet financial obligations
does the insurance applicant have to be notified when an insurer requests an investigative consumer report
yes. Insurance applicants must be notified in writing whenever insurers request investigative consumer reports
