General Principles: Insurance Regulations Sub 3

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An insurer who unintentionally makes an error underwriting, issuing and renewing a single policy would incur how many violations under Unfair Practices?

3

Life agents must maintain records regarding policies sold in this state for how many years?

5

When an agent holds both a life and property & Casualty license they are considered to be __ licensed

Concurently

A licensee can return a license to the Commissioner

TRUE

An insurer who accepts an application from a agent not specifically appointed by that insurer and then issues a policy form that application must forward to the insurance commissioner (DOI) a notice of appointment within __ days.

14

A person not licensed as a life agent or licensed less than one year is required to complete how many hours of education in life settlements before becoming eligible to apply for the life settlement broker license?

15 hours

An application for a license can be denied without a hearing if the application has had a previous application denied for cause within the last __ years

5

If an agent submits a renewal application with applicable fee on or before the expiration date they will be able to transact/operate for up to __ days after the specified expiration date

60

License needed to sell health insurance:

A & H

Who is not required to obtain a life settlement brokers license even though they may be representing the policy owner (seller) in a life settlement transaction?

A CPA, financial planner or attorney

What always requires approval before usage is?

Agency name

License issued to those who transact life and diablility for a fee is called a

Analyst

If an agent's license is inactive they cannot transact any insurance business for which a license is required to transact they would need to file an __

Appointment

A P & C broker/agent needs to complete 25 hours the first 4 twelve month periods following the date of the original license was issued

FALSE

A co-partnership whose membership has changed must return the old license with signatures of the original partners to the commissioner with an explananton

FALSE

A life broker represents the insured

FALSE

A solicitor is employed by an agent who sells auto, worker's comp. homeowners, and life.They can sell all lines as the agent who employs them

FALSE

Agent records must include printed material in use which has been distributed by the insurer

FALSE

An agent or broker who receives compensation for arranging or directing sales in connection with premium financing must disclose all their commissions to the insured

FALSE

An application for license can be denied if the applicant has been charged with a felony

FALSE

In order to be qualified to sell LTC insurance in the state of Ca. agents are required to pass a LTC exam every 10 years

FALSE

In regards to an organization license when a corporation is entirely dissolved, the license is continued if an original partner remains with the new corporation

FALSE

The DOI cannot disapprove the use of any true corporate name

FALSE

An agent's appointment is terminated if another insurer submits an appointment

FALSE, Unlimited # of appointment

When a agent holds both a life and property & casualty license their continuing education hours are 25 per year for either licence.

FALSE; 24 total

An organization will cease to exist as an entity eligible to hold a license for termination of a key employee

FALSE; Fire anyone you want

A license is considered inactive if the fees are not current

FALSE; License expired

A partnership change requires a new app, more money, within 30 days, new name approved, and you can transact under your own license, as well as incorporating

FASLE

Application for a license may be denied if the applicant has been convicted/committed of a ___ or ___ of the insurance code

Felony, misdemeanor

Those who licensed to act as a viatical settlement broker have or have not met the requirements for the new life settlement broker license

Have

Any change in any of these addresses the DOI must be notified when and how?

Imediatly through elctronic means

When fees and education are current but there is nor appointment a license is considered to be?

Inactive

A natural person that is employed by an agent or broker to assist in all lines of insurance other than life insurance (and now disability) is know as the ___ ___

Insurance solicitor

A natural person who solicits and services life insurance for the Agent who employes them would be licensed as a ___ ___

Life agent

License needed to sell annuities:

Life agent license

A customer service representative who only solicits and services life insurance world need which license?

Life agent, everyone

A life agent who has been licensed for over one year would need to do what to obtain a Life Settlement Broker's license?

Pay fees

The font size that must be used for the licensee's license number on all price quotes, business cards, and printed material must be the same size as the licensee __ , __ , or __

Phone, fax or address

A life settlement broker represents only the ___ also known as the seller and has a fiduciary duty to act in their best interest

Seller

A new licensee has the authority to transact when the insurer signs the notice of appointment

TRUE

According to the ode of judgment against an applicant who entered a plea of "nolo contendere" is considered to be convicted

TRUE

Aiding, assisting, or acting in behalf of a nonadmitted is not considered legal unless performed by a surplus lines agent/broker

TRUE

An agent or broker must keep records of compensation from a premium financier for 3 years

TRUE

Appointments are terminated by either the agent or insurer at termination of employment, license expiration, or death or agent

TRUE

Attempting to settle a claim for less than the claimant believes he/she is entitled by reference to written or printed advertisement is considered an unfair and deceptive act

TRUE

Change in partnership would require at least one person who will exercise the agency powers of the partnership remain with the new co-partnership for the license to continue

TRUE

If the applicant has had any professional license denied for any cause by any licensing authority within five years the Commissioner would most likely deny their application without a hearing

TRUE

If the applicant has had any professional, vocational, or occupational licensee denied for any cause by any licensing authority within five years the commissioner would most likely deny their application without a a hearing

TRUE

Insurance records must be made available at all times for the Commissioner for inspection

TRUE

Life agent's records must include outline of coverage, all polices sold by the agent, and all correspondence between agent and policyholder

TRUE

Penalty fro engaging in unfair practices is no more than $5000 if not willful, and no more than $10,000 if willful

TRUE

Signature of the general partner on the application for registration is required if there has been a change in membership in the co-partnership

TRUE

The California Insurance Code defines a life agent as a Life Agent only

TRUE

The California LTC continuing education requirement do not apply to non-resident agents if their state requires CE hours, exception is LTC and annuity requirements

TRUE

At the dissolution of an entity their insurance license can transfer to the new entity if someone from the old license stays with the new company and a new application and fees are filed within 30 days

TRUE; Does not say dissolved entirely

A life agent can submit an application to an insurer they are not appointment with as long as they are appointed within 14 days of the application date

TRUE; license and appointment

A person who diverts or misappropriates fiduciary funds is guilty of

Theift

Name is least 3 words that an agency name cannot end with:

Underwriter, company and insurance

An agency that represents an insurer can leave the name of the insurer in their advertising, letterhead, etc. as long as it clears states the relationship between the two. What is not an acceptable word in stating the relationship?

Underwriting or underwriter

What four addresses are required by the DOI?

email, residence, work, mailing address

Status of license when fees are not paid current is ___

expired

When an agent handles money in a trust capacity they are said to be acting as a

fiduciary

The renewal of a license must be filed on or before the __ __ if the period for which the license was issued

last day

If in the possession of an employer a written notice __ must be given to the Commissioner

of intent


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