insurance regulation

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consumer report

A report that may contain information regarding an individual's credit standing, character, reputation, personal characteristics, and mode of living.

Illegal under any circumstances

An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act?

rebating

Any inducement offered in the sale of insurance products that is not specified in the policy.

5 days

If a (consumer) requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?

agents retirement

In this state, a temporary license may be issued for all the following reasons except?

Fair Credit Reporting Act

Protects consumers against the circulation of inaccurate or obsolete personal or financial information.

regulates consumer reports

The Federal Fair Credit Reporting Act

telemarketers

The National Do Not Call Registry was created to regulate

must be informed of the source of the report

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

2,500

What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?

no one

a person filed a report about an insurance fraud practice. the person could be sued for civil damages by which of the following

1,000

after being penalized previously for making false statements on advertisements regarding the insurer's financial condition, the insurer continues to knowingly commit the same offense. What is the max penalty that may be imposed on the insurer

twisting

agents who persuade insured to cancel a policy in favor of another one when it might be in the insured best interest are guilty of

fair credit reporting act

an applicant 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

3 years

an insolvent insure is one who is unable to pay its obligations when they are due or has few assets than liabilities for a period of

90 days

an insurance agent licensed in another state may apply for a relicensing education exemption within how many days of establishing a principle place of business in Ohio

90 days

an insurance agent licensed in another stay may apply or a prelicensing education exemption within how many days of establishing a principle place of business in Ohio

fraud

an insurance company assures its new policyholders 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 rates costs for all insured by 10% over the next two years what describes this act

10 years

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

24

each person licensed as an agent or solicitor is required to complete how many hours of approved continuing education instruction every 2 years

without receiving written consent from an insurance regulatory authority

federal law makes it illegal for any individual convicted of a crime involving dishonestly or breach of trust to work in the business of insurance affecting interstate commerce

Without receiving written consent from an insurance regulatory authority

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

90 days

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

30

how many days do you have to notify the director in change of address

3

how many hours of continuing education must be completed in ethics

every 2 years

how often are agents required to renew their insurance license

every 3 years

how often must the director examine financial affairs of domestic insurers

ancestry

if a company wishes to order a consumer report to assist in underwriting the report may contain all information but

5 years

if a cybersecurity event has occurred, licensees must maintain records for the incident for no less than

8 am

if a telemarketer wants to make unsolicited sales call to a potential customer what is the earliest time the telemarketer can call the prospect's residence

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 disposition

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

in comparison to consumer reports, what describes a unique characteristic of investigative consumer reports

It is never legal to limit coverage based on marital status

in what situation is it legal to limit coverage based on marital status

sexual orientation

it would be considered unfair discrimination to ask an insurance applicant about what then use that info as a rating factor to determine insurability

Misrepresentation

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

the order can be appealed

the director issues a cease and desist order. a hearing is herd 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. what is true

regulated consumer reports

the federal fair credit reporting act

15 days

the hearing for a cease and desist order must occur within how many days of the order date

180 days

the maximum duration of a temporary license in this state is

5 days

to avoid violating the state insurance code regarding unfair claims settlement practices, insurers must pay a claim within how many days of the final agreement to the settlement

Respond to the consumer's complaint.

under the fair credit reporting act, if a consumer challenges the accuracy of the information contained in a consumer or investigative report the reporting agency must

respond to the consumers compliant

under the fair credit reporting act, if a consumer challenges the accuracy of the information contained in a consumer or investigative report, the reporting agency must

must be informed of the source of the report

under the fair credit reporting act, individuals rejected for insurance due to information contained in a consumer report

when the agent receiving the commission is license for that same line of business

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

tickets to a basketball game as an inducement to buy insurance or an agent offers to share his commission with a policyholder

what are examples of rebating

Defamation

what describes making false statements about the financial condition of any insurer that are intended to incur any person engaged in the business of insurance

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

what is an example of an unfair claims settlement practice

information system

what is designed to collect, maintain, and transmit electronic nonpublic information

10,000

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

30 days

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

dividends are not considered to be rebated, they are only allows if specifically stated in the policy, and rebating can be anything of monetary value given as an inducement to purchase insurance

what is true about rebates

the fair credit reporting act

what protects consumers against the circulation of inaccurate or obsolete personal or financial information

consumer report

what will provide the underwriter with the information about an insurance applicant's credit

30

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

when the amount of the claim is above $1,000

when will fraud be considered a felony

department of insurance

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

director

who has the authority to send a cease and desist

examination expenses are the responsibility of the insurer

who pays for the examination of financial affairs of insurers

3 days

within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained


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