dad flash cards
NC Insurance Underwriting Association
Administers the plan that ensures beach and coastal areas get adequate insurance ("essential property insurance")
$50
Administrative fee for failing to notify the Commissioner of change in residential or email address within 10 business days
18
Age to apply for license
$10
Agent appointment fee
$25
Basic limit for towing and labor cost at place of disablement, if added as an endorsement
$15,000
Broker's bond
24 hours
CE required for all licenses, every 2 years (based on birth month and year)
50 days
the # of days when a rate filing made by the NC Rating Bureau before it is deemed approved.
4 years
Commissioner's term of office
Insurance Agreements
Establishes the obligation of the insurer to provide coverage as stated in the policy. It lists the parties to the contract, effective and renewal dates, description of coverage provided, and perils
3 hours
Ethics CE requirement (each compliance period)
FAIR
Fair Access to Insurance Requirements. Mandated at federal level, all NC insurers must participate. Serves to provide insurance to persons unable to obtain it through standard market
NC Motor Vehicle Reinsurance Facility
Transfers risk of loss from individual insurer to all insurers through operation of this facility. The facility assures availability of motor vehicle insurance to any eligible risk
3 years
Uninsured Motorist claims must be paid within 3 years on insolvency
15 days
When ownership of an insured vessel changes involuntarily, this is the max # of days before the Hull policy terminates
10 days
Written advance notice for all hearings
$5,000,000
The maximum amount of the Association's liability to one contract holder covered by an unallocated annuity
72 hours
Time limit for volcanic eruption to be considered one occurrence
30 days
To apply for a hearing, after a license is denied
$300,000
The maximum amount of the Association's liability to one individual (unless basic hospital, medical, and surgical insurance or major medical insurance)
20 days
To select appraiser (upon written demand)
15 days
To submit appointment notification to the Commissioner
60 days
To submit signed proof of loss
30 days
To supply access to recorded personal information, after written request
$500,000
The maximum amount of the Association's liability to one individual for basic hospital, medical, and surgical insurance or major medical insurance
FIA
Federal Insurance Administration: sets flood insurance rates
$1,000
Fine for soliciting membership in an unlawful fraternal benefit society, up to $5,000
$10,000-$50,000
Fine for violating the Insurance Code following the issuance of a cease and desist order
$2,000
Fine for willfully making false statements, up to $10,000
$1,000-$5,000
Fine for willfully violating a cease and desist order
FHBM
Flood Hazard Boundary Map. Map indicating which areas are subject to severe flooding
3 hours
Flood insurance CE requirement (every other compliance period) - for Property, Personal Lines, and Adjusters
10 days
For a licensee to notify the Commissioner of any change of address or e-mail address
10 days
For a licensee to notify the Commissioner of any criminal convictions
30 days
For flood insurance to go into effect once application accepted
30 days
For insurer to notify the Commissioner of agent appointment termination
15 days
For insurer to notify the agent of appointment termination
60 days
For insurer to pay loss covered by HO policies
15 days
For insurer to supply proof of loss forms after receiving notice of loss
5 days
For removal or property to temporarily protect from potential damage in Basic DP policy
30 days
For removal or property to temporarily protect from potential damage in Broad/Special DP policy
$100-$1,000
Initial fine for violating the Insurance Code
3 years
Insured has this time to file suit against HO insurance to recover from a loss
5 years
Insurers and agents must maintain a log of complaints
30 days
Leadtime for getting advertising material approved before publishing
$50
License registration fee
Insurance Info & Privacy Act
Maintain balance between need for info and public's need for fairness
Post-Assessment Insurance Guaranty Association (Guaranty Fund)
Mechanism for payment covered claims when insurer becomes insolvent. Association will pay full amount of workman comp and max limit of $10,000 per policy for a covered claim for return of unearned premium
30/60/25
NC required min amount of insurance for Liability
NFIP
National Flood Insurance Program. Fills gap left by private insurers. Administered by FIMA (Federal Insurance & Investigation Administration, a part of FEMA.
30 days
Notify insured of intent to repair or replace damaged property
15 days
Number of days notice needed (from date notice is mailed) for NC Insurer to cancel for Non-payment of premium
60 days
Number of days' notice needed (from date notice is mailed) for NC Insurer to cancel for any reason other than Non-payment of premium
NC Rate Bureau
Promulgates residential real property with 4 or less housing units and their contents; insures against theft or physical damage of motor vehicles (LI, med pay, UIM, UM), and workmen compensation. It DOES NOT consider commercial package policies
Fair Credit Reporting Act
Protects info collected by Credit Bureau. Info cannot be provided to anyone who does not have a purpose specified in the Act.
Declaration section
Provides basic underwriting information, such as name of insured, address, amount of coverage and premiums, and description of insured locations
20 days
Required advance notice before the renewal date if insurer decides to nonrenew coverage
10 hours
Required prelicensing education for Medicare supplement and long-term care license
20 hours
Required prelicensing education for agent's license
3 years
Retention period for records when policyholder terminated policy
SDIP
Safe Driver Incentive Plan: creates different premiums for different classes of drivers
Insurance code
State statutes
180 days
Term of temporary license
