Insurance Regulation
the part of a property policy that shows the amount of insurance, premium, and policy term is the
declarations
circulating deceptive sales material to the public is what type of Unfair Trade Practice?
false advertising
The property condition that precludes the insured from simply turning over damaged property to the insurer and claiming a total loss is called
abandonment
a policy that insures all property at multiple locations for a single amount is referred to as
Blanket
if a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?
5 days
according to the standard mortgage clause, who has the right to bring a suit in their own name to recover damages, pay policy premiums, and submit a proof of loss?
mortgagee
when is an approval by the commissioner not required for the use of policy forms?
only if the forms have been on file for 30 days
what is the maximum fine for paying a commission or any other compensation to a person who not properly licensed for acting as an insurance producer in this state?
$500
if a producer has administrative action taken against his license, he must report such action
within 30 days of the final disposition
using an air-cooled engine, a proposed insured has developed a new, experimental aircraft. If the inventor applies for liability insurance, what rating type will the insurer most likely use?
Judgement
if a producer's appointment has been terminated, within how many days must the insurance company notify the commissioner?
30 days
an insurer used fraudulent representations to procure the payment of premiums. What sort of punishment does she face?
a fine of between $100 and $1,000 or imprisonment for up to 1 year
procure
to obtain
any person who knowingly and willfully obtains under false pretenses information about an individual from an insurance institution, insurance representative, or insurance-support organization will be
fined not more than $10,000, imprisoned for not more than 1 year, or both such fine and imprisonment
when must an insurer send a copy of the notice to the commissioner of the producer's termination to the appointment?
within 15 days of the notice
if a producer has administrative action taken against his license, he must report such action
within 30 days of the final disposition on such action
insurable interest in a property policy must be proven
at the time of loss
Which part of an insurance policy covers claims-related expenses, reasonable expenses incurred by an insured to protect damaged property from further loss, or defense expenses?
additional coverage
the fine for impersonation of a licensed producer is
at least $10, but no more than $100
All of the following are requirements from the written application for a license ton act as an insurance advisor EXCEPT
the application must state his professional credentials and all political affiliations for which he has received compensation or served as a member
under which of the following circumstance would an insurer be allowed to cancel a dwelling policy midterm?
the insured knowingly lied about the year the property was constructed
every insurer must file all rates, rating plans, and modifications to its plan with the commissioner at least how many days prior to the effective date of use?
15 days
every insurer must file all rates, rating plans, and modifications to its plans with the commissioner at least how many days prior to the effective date of use?
15 days
how long does the insurance company have to notify the commissioner of a new producer appointment?
15 days
aggrieved
injured party; someone entitled to begin a lawsuit or request a hearing.
in property insurance, actual cash value is defined as which of the following?
replacement cost at the time of the loss, less depreciation
statute
a formal written law enacted by legislature; insurance statutes can be found in the state insurance code.
in which of the following types of property valuation will the policy pay the full value as specified on the policy schedule, regardless of the insured property's appreciation or deprecation?
agreed value
what is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?
$2,500
what is the maximum fine for paying a commission or any other compensation to a person not properly licensed for acting as an insurance producer in this state?
$500
any person or organization willfully violating any provision of rate-making provisions of the law will be punished by a fine of
a maximum of $500 for each such violation
circulating deceptive sales material to the public is what type of Unfair Trade Practice?
False advertising
the commissioner must examine each domestic and foreign company in order to determine its financial condition, ability to fullfill its obligations, compliance with insurance laws, and dealings with its policy holders
at least once every 5 years and whenever deemed necessary by the commissioner
