Insurance regulation
During a sales presentation a producer intentionally makes a statement which may mislead the insurance applicant. This describes
misrepresentation
What is the maximum civil penalty for violating the Superintendent's cease and desist order?
$10,000
The hearing for a cease and desist order must occur within how many days of the order due date?
15
What is the minimum age for obtaining an insurance agent license in this state?
18
The maximum duration of a temporary license in this state is
180 days
How many hours of continuing education must be completed in ethics?
3 hrs
Which of the following would be sufficient violation to warrant rejection, revocation, or suspension of an insurance agent's license?
A denied license in another state
In Ohio, a temporary license may be issued for any of the following reasons EXCEPT
Agents retirement
Rebating is an unfair practice and is regulated by law. All of the following would be considered to be debating except?
An agent misrepresents policy benefits to convince a policy owner to replace policies.
Who is an insurance agent?
Any person licensed to sell, solicit or negotiate insurance
An 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
All of the following are regulated areas of the insurance industry EXCEPT
Commissions The superintendent of insurance is charged by the insurance code to regulate the business of insurance in the state. Commissions, however, are negotiated between the insurer and agent.
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 be insurers ?
Discriminating in benefits and coverages based on the insureds habits and lifestyles
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
All of the following actions can be described as twisting EXCEPT
Explaining to client the advantages of permanent insurance over term and suggesting changing policies
Which of the following is an example of an unfair claims settlement practice?
Failure to promptly settle a claim when liability has been clearly established.
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
An insurer publishes intimidating brochures that portray the insurers competition as financially and professionally unstable. Which of the following best describes this act?
Illegal under any circumstances
Which of the following is NOT true regarding a temporary license in this state?
It will continue for 180 days even if the owner disposed of the business.
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
All of the following are true regarding rebates except
Rebates are allowed if it's in the best interest of the client
All of the following are true regarding rebates EXCEPT
Rebates are allowed if it's in the best interest of the client.
Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information?
The Fair Credit Reporting act
An insurer suspects an agent of fraud and cancels his appointment. Which authority, if any, should be notified.
The Superintendent
To whom does the insurer certify that an application is competent, financially responsible, and suitable to represent them?
The Superintendent
The Superintendent May examine books and records of all authorized insurers in Ohio. Who is responsible for paying for the examination.
The insurer
When will fraud be considered a felony?
When the amount of the claim is above $1,000
An insolvent insurer is one who is unable to pay its obligations when that are due or has fewer assets than liabilities for a period of....
3 years
How often must the Superintendent examine financial affairs of domestic insurers?
3 years
All of the following are required to qualify for a resident license EXCEPT
An applicant that is at least 21 years old
By what date in each licensing period are agents required to renew their license?
By the last day of their birth month
Which of the following is not correct regarding false statements by a person engaged in the business of insurance?
Only written statements can be considered fraud.
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 decides to continue the order. The agent wants to appeal this decision. Which of the following is true?
The order can be appealed
How many hours of relicensing education are required for applicants seeking a resident agent license for a single line of insurance?
20
Each person licensed as an agent or solicitor is required to complete how many hours of approved continuing education instruction every 2 years?
24
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?
8am
