Insurance agent

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By what date in each licensing period are agents required to renew their license?

By the last day of their birth month

I which of the following is true regarding examination of financial affairs of insurers

Examination expenses are the responsibility of the insurer

What is the maximum civil penalty for violating superintendent's cease and desist order

$10,000

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

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

15

What is the minimum age for obtaining an insurance license in this state

18

How long is a certificate for pre licensing course completion valid

180 calendar days

The maximum duration of a temporary license in this state is

180 days

Each person licensed as an agent or solicitor is required to complete continuing education instruction every

2 years

How many hours of prelicensing education are required for applicants seeking a resident agent license for a single line of insurance

20 Hours

How many hours of continuing education must be completed in ethics

3

An insolvent insurer is one who is unable to pay its obligations when they are due or has fewer assets than liabilities for a period of

3 years

How long must insurers keep records of claims

3 years

How often must the superintendent examine financial affairs of domestic insurers

3 years

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 superintendent after final disposition?

30 days

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

30 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

5 days

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

8 am

How many days after being licensed to place business transactions in Ohio must an insurer have an anti fraud program in place

90 days

Which of the following reports will provide the underwriter with information about an insurance applicants credit?

Consumer report

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

Department of Insurance

Which of the following will NOT be considered unfair discrimination by insurers

Discriminating in benefits and coverages based on the insured's habits and lifestyle

Which of the following regulatory authorities participated in creating the National do not call registry

FTC

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?

Fair Credit Reporting Act

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. What is the company guilty of?

Misrepresentation

The federal fair credit reporting act

Regulates consumer reports

To whom does the insurer certify that an appointee is competent, financially responsible, and suitable to represent them?

Superintendent

The Superintendent may examine books and records of all authorized insurers in Ohio. Who is responsible for paying for the examination

The insurer

The superintendent issues a cease and desist order. A hearing is held in order to determine whether the order should be continued. After the hearing, the superintendent decided to continue the order. The agent wants to appeal this decision. Which of the following is true

The order can be appealed

Which of the following has the authority to issue a cease and desist order

The superintendent

All of the following are regulated areas of insurance industry EXCEPT

commissions

When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. The producer could be found guilty of

defamation

When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. Because of this, the company charged him a higher rate for his insurance. This practice is considered

discrimination

How often are agents required to renew their insurance license

every 2 years

An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. What is this an example of?

false advertising

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

no one

An insurance application cannot ask about which of the following information about an applicant

sexual orientation

An insurer suspects an agent of fraud and cancels his appointment. Which authority, if any, should be notified?

superintendent

Which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another?

twisting

In Ohio, a temporary license may be issued for any of the following reasons EXCEPT

Agent's retirement.

All of the following would be considered rebating except

An agent misrepresents policy benefits to convince a policyowner to replace policies.

All of the following are required to qualify for a resident license EXCEPT

An applicant that is at least 21 years old

When will fraud be considered a felony?

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

An agent changes his residential address. Within how many days must the Superintendent be notified?

30

An insurance agent is suspected of committing an illegal business practice. What can be issued that would legally ban the agent from committing this act again

Cease and desist order

Who is an insurance agent?

Any person licensed to sell, solicit or negotiate insurance

Which of the following would NOT be considered an exception to the National do not call list

Calls based from outside of the United States

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

Fair Credit Reporting Act

If an insurer has fewer assets than liabilities and is unable to pay its financial obligations for at least 3 years, the insurer is considered

Insolvent

Which of the following is NOT true regarding temporary license in this state

It will continue for 180 days even if the owner disposes of the business

Which of the following authorities is responsible for assessing the financial ability of insurers

Superintendent (The Ohio Insurance Department is headed by the Superintendent of Insurance, who is empowered to make and enforce rules and regulations that implement the insurance laws of Ohio. Among these responsibilities is making sure that insurers are financially stable.)

Which of the following is an example of a producer being involved in an unfair trade practice of rebating?

Telling a client that his first premium will be waived if he purchased the insurance policy today

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

Without receiving written consent from an insurance regulatory authority.


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