Idaho Statutes, Rules, and Regulations common to all lines

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important dollar amounts: maximum fine for each conviction for violating the insurance code or a cease and desist order?

$1,000

important dollar amounts: maximum fine for violation of unfair claims settlement practices by insurer?

$10,000

important dollar amounts: maximum fine for transacting insurance without a license?

$15,000

if a standard fire policy premium is not paid and going to be canceled, what is the required notice?

10 day notice

for a standard auto policy, cancellation for non-payment of premium is how much notice?

10-day notice

for commercial insurance non-payment premium requires how much notice?

10-day notice

Idaho department of insurance regulations : written notice of the hearing?

14 days

miscellaneous producer regulations: remit funds payable to policy owners?

14 days

licensing and appointment requirements: to notify director of agent appointment?

15 days

licensing and appointment requirement: what is the age to apply?

18 years

licensing an appointment. requirements: temporary license period?

180 days

licensing and appointment requirements: to submit a license application after passing exam?

180 days

licensing and appointment requirement: license renewal period?

2 years

after insurer receives an itemized bill related to the valid motor vehicle policy claim, it must be paid within ?

20 days

for a standard auto insurance, how long must the notice be for a cancellation other than non-payment?

20-day notice

in Idaho, what is the age requirement for a counter signature?

21

miscellaneous producer regulations: remit funds payable to insurer?

21 days

licensing and appointment requirements: continuing education every two years?

24 hours

miscellaneous producer regulations: place large funds under a producer in a fiduciary fund account over $2,000?

3 business days

licensing an appointment requirements: continuing education required in ethics?

3 hours

for a commercial insurance for any other reason besides non-payment, how much notice must be given?

30 day notice

for a standard auto policy, how long is the notice for non-renewal?

30 day notice

Idaho department of insurance regulations : to hold a hearing after receiving a demand?

30 days

licensing and appointment requirements: to notify director of termination of appointment?

30 days

miscellaneous producer regulations: to notify the director of change of address?

30 days

a standard fire policy besides non-payment of premium if maybe canceled what is the required notice?

30-day notice

Idaho department of insurance regulations : Term of the director of Insurance?

4 years

for a commercial insurance getting a non-renewal how much notice should be given?

45 day notice

Idaho department of insurance regulations :Examine domestic insurers?

5 years

if a producer's license has been revoked, what is the maximum amount of time that producer may be prohibited from reapplying for a new license?

5 years

miscellaneous producer regulations: producer must keep records?

5 years

miscellaneous producer regulations: maximum imprisonment for violating the insurance code?

6 months

miscellaneous producer regulations : to send suspected fraudulent claims to director?

60 days

licensing and appointment requirements: after license laps to reinstate it by submitting proof of education requirements and paying penalty?

90 days

binders are rendered invalid either when the policy is issued or ?

90 days from the binders effective date

what are the most common penalties for violations of insurance statutes?

A cease and desist order, a fine, and license suspension or revocation

who is an insurance agent?

A person authorized to sell, solicit and negotiate insurance contracts

what are producers required to do in order to renew their license?

Complete continuing education hours and pay a renewal fee

What is the term for the entity that an agent represents regarding contractual agreements with third parties ?

Principal

who must be notified of a producer's change of address?

The Department of Insurance (Commissioner/Director/Superintendent)

who is responsible for the cost associated with the examination of insurers?

The insurer who's being examined

what is the purpose of a cease and desist order?

To prevent a producer or insurer from further violating laws for transacting insurance

when can the commissioner or director examine insurers?

Whenever deemed necessary, but at least once every few years (please check your state regulations for specific time requirement)

All the following lines of authority are considered limited lines except? accident and health insurance pet insurance guaranteed automobile protection credit disability insurance

accident and health insurance

who is considered a non-resident agent?

an agent who resides and is licensed in another state, but who is authorized to transact insurance in this state

All documentation pertinent to underwriting must be maintained by the insurer for?

at least 5 years

how much commission should a counter signing resident agent make?

at least 5% of premium paid or one third, whichever is lesser but no more than $250

when must insurable interest exist in property and casualty policies?

at the time of loss

if an insurer holds a certificate of authority, it is known as what type of insurer?

authorized or admitted

if an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered what type of insurer?

authorized or admitted?

if the commissioner / superintendent finds a licensee engaging in an unfair method of competition or an unfair practice, what order will be issued?

cease and desist order

a state issued document empowering an insurance company to become an admitted insurer is called what?

certificate of authority

what document is required for an insurance company to transact insurance?

certificate of authority

If a producer makes maliciously critical statements about another insurer what is this illegal practice called ?

defamation

although the director does not set rates for insurance director can?

disapprove of any rate filed that is excessive, inadequate, or unfairly discriminatory

two individuals who are in the same risk and age class are charged different rates for their insurance policies due to an insignificant factor. what is this called ?

discrimination

Insurers are classified according to their domicile. What are the three types of insurers?

domestic, foreign, and alien

the requirement that agents must account for and promptly remit. all insurance funds collected is known as what type of agent responsibility?

fiduciary

insurance rates are regulated to prevent all the following except ?

fluctuating rates

what type of insurer is formed under the laws of another state?

foreign

what is a fraternal benefit society?

fraternal insurer is operate on the basis of a Lodge or charitable organization but also sell formal insurance plans for the benefit of their members

in general, who can be excluded from producer, licensing and examination requirements?

insurance company, officers, directors or any other employees who do not transact insurance and who do not receive commissions for their services (usually, they're responsibilities include administrative, executive or clerical).

what is a controlled business?

insurance on the producers own life or property, or the lives or property of the producer's family or business associates

on its advertisement, a company claims that it has funds in possession that are, in fact, not available for the payment of losses or claims. what is the company guilty of?

misrepresentation

what illegal act does a producer commit when the producer represents a policy in a more favorable light than the policy really is?

misrepresentation

on participating insurance policy issued by an mutual insurance company, dividends paid to the policy holders are?

not taxable since the IRS treats them as a return portion of the premium paid

who may share in the commission from the sale of an insurance policy?

only producers properly license for the type of insurance transaction

an agent offers a client free tickets to a sporting event in exchange for the purchase of an insurance policy. what is the agent guilty of?

rebating

which type of insurance is based on mutual agreements among subscribers?

reciprocal insurance

what is a reciprocal insurer?

reciprocal insurers are also associations that provide insurance for the members but are formed only for the purpose of providing insurance

who owns stock companies?

stockholders

what type of licensee represents the insurance company?

the agent

which of the following is an agreement between an insured and an insurer, where the insurer agrees to indemnify the insured for a specific loss in exchange for a premium?

the insurance contract

to whom may certificate of authority be issued?

to an insurer authorized and transact business in this state

which type of misrepresentation persuades an insured, to their detriment, to cancel, lapse, or switch policies from one to another?

twisting

when is controlled business legal?

when commissions from controlled businesses do not exceed the aggregate commissions on all the other business (specific limits may vary from state to state)

when would a misrepresentation on an insurance application be considered fraud?

when it is intentional and material


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