Indiana Laws and Department Rules Common to All Lines
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
10 years
How long can a person hold a consults license before it expires?
2 years
To qualify for group health Insurance coverage with a small employer, the employee must work how many hours a week?
30
What is the maximum age for qualifying for a catastrophic plan?
30 Young adults under age 30 and individuals who cannot obtain affordable coverage (have a hardship exemption) may be able to purchase individual catastrophic plans that cover essential benefits.
A person buys an individual long-term care policy and is not satisfied with the provisions. Within how many days will the insured be able to return the policy for a full premium refund?
30 days
In order for a Canadian insurance company to do business in this state, it must apply for and obtain
A certificate of authority
Which of the following will be EXEMPT from continuing requirements?
A limited Lines credit producer
Under which circumstances can a producer receive a commission and a consultants fee for the same transaction?
A producer makes a disclosure about the compensation arrangements prior to the transaction
If a company transacts any business of insurance without a certificate of authority, what is the maximum penalty that can be charged to the director of that company?
Civil penalty of $25,000
All of the following violations may result in an agents imprisonment EXCEPT
Failing to report to the department a criminal prosecution taken against the agent in another jurisdiction.
According to rule 38.1: coordination of benefits, all of the following are true EXCEPT
Group health insurance plans must include a coordination of benefits provision.
Which of the following is responsible for the powers,duties, management, and control of the insurance department?
Insurance commissioner
In a long-term care policy, pre-existing condition limitations
Must appear as a separate paragraph and be clearly labeled.
If an insurer becomes insolvent, which of the following would pay benefits to policyholders?
The Guaranty Association
If an Indiana family has a low level of income and cannot afford health insurance, what program could help?
The Indiana Children's Health Insurance Program
What authority is responsible for examining the operations of insurance companies in this state?
The commissioner
When a producer is trying to reinstate a lapsed license, what kind of fees would he be required to pay?
The producer will have to pay a penalty 3 times the unpaid renewal fees
Which of the following represents controlled business?
Writing policies for oneself and one's family
Who is responsible for issuing a certificate of authority?
commissioner
According to agency law, the producer always represents the
insurance company
Which of the following would NOT be considered an unfair and deceptive practice?
controlled business
When a person applies for Medicare supplement insurance, whose responsibility is it to confirm that the applicant does not already have accident or sickness insurance in force?
insurer
