Insurance Adjuster Ch 2
Any licensee who fails to file a timely license renewal shall be charged a late fee of _________
$25.00
The failure to notify Commissioner of any alteration within 30 days of alteration will result in the imposition of a _______ penalty.
$50
Every license shall notify the _______________ of any alteration in their ____________, residential __________, business ________, _____________ or ____________ within 30 days of alteration.
- Commissioner - Name - Mailing - address - Telephone Number
The Louisiana Claims Adjuster license is a ____ year license which expires on the _____ day of a person's birth month, regardless of the date of issuance
2; last
The license for an insurance company is called a ______________________
Certificate of Authority
This license is issued to a resident and non-resident individual or business entity who investigates or adjust losses on behalf of an insurer as an independent contractor or as an employee of an insurance company
Claim Adjuster
A person may not enter into any agreement to commit any act of coercion, intimidation or boycott resulting in unreasonable restraint of or monopoly in, the business of insurance
Coercion, Boycott, Intimidation
If the coverage has not been in effect for 60 days and the policy is not renewal, cancellation shall be effected by mailing or delivering a written notice to the first named insured at least 60 days before the cancellation date, except when the cancellation is for non-payment of premium, when only 10 days notice is required. Cancellation may occur during the first 60 days for any valid reason
Commercial Policies
Applicant subject to ___________ requirements would verify that their hours have been reported to the ______________________ prior to submitting their licensing renewal. Resident only
Continuing Education; Department of Insurance
The Division of Administrative Law shall hold a hearing if required by any provision of the insurance code or upon written demand made by any person distressed by any order of the Commissioner, or failure of the Commissioner to act. Such hearing shall be held within 30 days after receipt of the demand
Hearings
- Be at least 18 years old or older determined from applicant's date of birth - Must not have another active resident state - Must pass Louisiana Licensing Exam - Must be Fingerprinted - Must be competent and trustworthy
License Requirement for Residents of Louisiana
An incorporated insurance company without permanent stock
Mutual Company
- Be at least 18 years old or older determined from the applicant's date of birth - Reciprocity and Non-Residents. -Individual would have to take and pass Louisiana exam
Non-Resident of Louisiana Requirements
Whenever the Commissioner shall have reason to believe that any person has been engaged in or is engaging in any unfair trade practice, the Commissioner shall issue a notice of wrongful conduct to such person describing the unfair practice and citing the law which has been violated
Notice of Hearing
Means a person required to be licensed under the laws of Louisiana to sell, solicit, or negotiate insurance. This includes all persons or business entities otherwise known as an insurance agent, insurance broker, solicitor, or surplus lines broker
Producer
This license is issued to a resident and non-resident individuals who assist insured's in first-party claims in a manner which avoids the unauthorized practice of law. Hired to investigate, evaluate and report on behalf of an insured in regards to a first party claim for which coverage is provided by an insurance contract that insures the property of the insured
Public Adjuster
Occurs if the buyer of an insurance policy receives any part of the agent's commission or anything of significant value as an inducement to purchase a policy
Rebating
Every insurer shall keep its books and records available for the Commissioner's review for five (5) years. Any director, officer, agent, or employee of any company who destroys the company's books or records without the authority of the Commissioner or who fails to keep the books and record will fined up to $5,000
Records Maintenance
A demand for hearing shall not stay any order issued by the Commissioner unless a stay is granted by the Division of Administrative Law at a hearing held as part of the proceedings
Stay of Actions
An incorporated insurance company with its capital divided into shares
Stock Company
The Commissioner shall have the power to compel attendance of any person by subpoena at a hearing, to administer oaths and to examine any person under oath concerning the business, conduct, or affairs of any company or person subject to the insurance code, and to require the production of any books, records, or papers relative to the hearing
Subpoena Power
__________________ may not continue after the owner or the personal representative disposes of the business
Temporary Licensing
_______________ must be registered with the Secretary of State
Assumed Names
The Commissioner may issue a temporary insurance producer license for a period not to exceed _________ days without requiring an exam in cases: upon death or disability, entering active service in arm force, after owner disposes of the business
180
Resident Adjuster must complete _____________ hours of CE, with 3 of those hours being Ethics
24
Upon applying for approval to do business in a state, the insurance company receives a certification of authority from the state Insurance Department and is known as an ________________ or _________________ company
Admitted; Authorized
Insurance company is formed under the laws of a country other than the Unites States
Alien
Means a corporation, association, partnership or other legal entity. A business entity acting as an insurance producer is required to obtain an insurance producer license.
Business Entity
All _________ from a decision by the Division of Administrative Law shall be in accordance with the Administrative Procedure Act
Appeals
An insurance producer doing business under any name other than their legal name is required to notify the Commissioner prior to using the _____________________
Assumed Name
Insurance company is incorporated and formed under the laws of the states where it is domiciled
Domestic
It is illegal to make, publish, circulate, or disseminate any advertisement about the insurance business or any insurer that is untrue, deceptive or misleading
False Advertisement
Knowling making or filing with the Commissioner, or placing before the public, any false material statement of fact as to financial condition of any insurer. This includes making any false entry of material fact in any report to any examiner or public official lawfully appointed to examine an insurer's financial condition
False Financial Statements
Insurance company is domiciled and organized under the laws of one state but is licensed to do business in another state
Foreign
The Commissioner is empowered to seek the enforcement of any lawful written order or to secure the prevention or discontinuance of any violation by legal action for ____________ in district court
Injunction
A fraudulent insurance act is one committed by a person who knowingly and with intent to defraud presents any written statement as part of a licensing application or a claim which they know contains materially false information or conceals any material fact
Insurance Fraud
Companies without a certificate of authority are known as __________ or ________________ companies
Unadmitted; unauthorized
Making any ________________ between individuals of the same class and equal expectation of life in the rates charged for life insurance or in the dividends or other benefits payable, or in any other of the terms and conditions of the contract
Unfair Discrimination
Applicant can not apply for renewal earlier than the ______ day of the month prior to their birth month. Approximately _____ days. Both Non-Resident and Resident
first; 60
Mutual companies are ________________________________
owned by their policyholder
Stock companies are ________________________________
owned by their stockholders