Insurance regulation

under the Affordable Care Act, what percentage of preventative care must be covered without cost-sharing?

the ACT requires that 100% of preventative care be covered without car sharing

producers

a producer is a representative of at least one insurance company. Producers must maintain at least one current appointment from an insurer and have comply with any applicable continuing education requirement.

a producer license type includes the following lines of authority...

life insurance, variable contracts, accident and health insurance, property insurance, Casualty Insurance including shirts and other bonds, title insurance and personal lines.

under the Fair Credit Reporting Act if the consumer challenges the accuracy of the information contained in his or her legal report, the reporting agency must do what?

response to the customers complain. The consumer has the right to request the information on the report, the reasons for turned down and any adverse underwriting decision. The reporting agency is required to respond to the consumers complaint, and if necessary, to reinvestigate the report.

which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information?

the Fair Credit Reporting Act

who established the Do Not Call registry?

the Federal Trade Commission FTC

life and health producers are authorized to solicit receive and forward applications for insurance to their companies, but they generally do not have the authority to find coverage or to alter modify coverage.

Property and Casualty producers can usually bind coverage for their clients.

what is a broker?

a broker represents his or her clients, policyholders, and it's not a direct representative of any insurance company. Instead, a broker works for his or her clients and we'll Place risks with companies. Brokers must have a written agreement with an insured when they receive any fees or compensation for services. Brokers cannot bind coverage.

what is classified under a limited license?

limited Line Credit Insurance, travel insurance, motor club insurance, car rental - related Insurance, legal expense Insurance, bail bond agent, and customer service representative.

which of the following does a life insurance producer have the authority to do?

receive an application

if a consumer request additional information concerning an investigative Consumer Report, how long does the insurer or reporting agency have to comply?

5 days

catastrophic plans

young adults under age 30, and individuals who cannot obtain affordable coverage may be able to purchase a catastrophic plan that cover essential benefits. These plans offer lower monthly premiums but also feature High deductibles. And sure is usually required to pay all of medical cause of to a certain amount. After the insured reaches the deductible, cost for essential health benefits will be by the catastrophic plan.

illegal inducement

it is illegal to make, permit, or offer to make any insurance contract or annuity with terms other than those stated in the contract. It is unlawful to pay, allow, give, offer, or promise, as an inducement to buy insurance, any of the following... Any special favor or advantage in dividends or benefits. Any stocks, bonds, Securities, or accrued dividends or profits. Anything of value not specified in the insurance contract. Under the Utah law, small, de minimis gifts or meals under $100 per individual are not considered inducements, as long as the gift is a social courtesy not conditioned on a quote or purchase of a particular insurance product. De minimis gift or meal that does not exceed $10 maybe condition on receipt of a quote of a particular insurance product period and insurer is also not prohibited from giving promotional gifts that are generally available to the public.

the gramm-leach-bliley Act was passed to?

protect private customer information filed with a financial institution. Customers must be given to disclosure notices one at the onset of business and one before information is disclosed, as well as a yearly update disclosure notice.

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

three days

to become Consultants, in the Years leading up to the day of application, an applicant must have done work that prepared him to act as consultants for at least how many years.

three of the last four years

metal levels

Bronze - 60% AV Silver - 70% AV Gold - 80% AV Platinum - 90% AV

what would be considered an illegal inducement to purchase life insurance?

confirming future dividends in a life insurance proposal. It is illegal to make, permit, or offer to make any contract of insurance or life annuity or agreement concerning such a contract with terms other than those stated in the contract. A participating life insurance policy May pay a portion of its net earnings to a policyholder, but dividends cannot be guaranteed.

controlled business

controlled business is any coverage written on a producer's own life, Health or property, and or that of the producers immediate family or business associates. The commissioner will not issue a license to a person whose primary purpose for licensing is to write control business. producers may not receive compensation for controlled business from an insurance Les, during the previous 12 months, the producers aggregate premiums collected for General business exceeds aggregate premiums collected for control business.

what type of violations may result in an agent's imprisonment?

embezzling funds from the insurer, knowingly obtaining information about a consumer under false pretenses, engaging in the business of insurance after being convicted of breach of trust.

metal levels

the metal levels plans pays different amounts of the total cost of an average person's care. the actual percentage the insured will pay in total or per service will depend on the services use during the year. all insurance that offer Adult and Family coverage under the metal levels was also offer child only coverage.

producers will be deemed to be using their license primarily to write control business if, during any 12-month period...

the total premiums on controlled business exceeds the total premiums on all other business written.