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Idaho Property Insurance > 7- Idaho Statutes, Rules, and Regulations Common to All Lines > Flashcards

7- Idaho Statutes, Rules, and Regulations Common to All Lines Flashcards

1
Q

Cease and desist

A

to stop or discontinue

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2
Q

Coercion

A

forceful act or threat aimed to influence a person to act against their will

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3
Q

Commission

A

Payment to the agent by insurance company for placing insurance, usually a percentage of policy premium

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4
Q

Director

A

head of the State Department of Insurance

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5
Q

Excempt

A

not subject to an obligation

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6
Q

Home office

A

insurer’s headquarters, principal place of business

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7
Q

Inducement

A

an offer that attempts to influence the other party

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8
Q

Promulgate

A

to make public, to put into actions

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9
Q

Reciprocity

A

mutual interchange of rights and privileges

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10
Q

Solvency

A

ability to meet financial obligations

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11
Q

statute

A

a formal written law enacted by legislature

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12
Q

Statutory

A

enacted or regulated by a statute

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13
Q

Subpoena

A

an order for someone to appear as a witness or submit testimony or evidence

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14
Q

Negotiate

A

to offer advice to and communicate directly with a prospective purchaser

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15
Q

Certificate of Authority

A

a document authorizing a company to start conducting business and specifies kinds of insurance a company can transact

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16
Q

How long is the director of insurance’s term?

A

4 years

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17
Q

How often can the director examine accounts, records, and documents?

A

Once every 5 years.

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18
Q

How soon must a hearing be held from when the director receives a request?

A

30 days, unless postponed by mutual consent.

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19
Q

The director must give written notice of a hearing at least how many days in advance?

A

14 days

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20
Q

Orders from the director may be delivered by what methods?

A
  • Personal service upon the individual to be notified
  • Mailed through U.S. mail with a return receipt requested
  • Fax or email if the individual has greed to that delivery method
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21
Q

What is the fine for a natural person who violated the Insurance Code?

A

$1,000 and/or up to 6 months in jail

May also revoke or refuse to renew a license

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22
Q

What is the fine for any entity that is not a single person who violated the Insurance Code?

A

$5,000 and/or up to 6 months in jail

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23
Q

What is the penalty for transacting insurance without a liscence in Idaho?

A

Up to $15,000

24
Q

Producer

A

A person required to be licensed under laws of Idaho to sell, solicit, or negotiate insurance

25
Q

Limited Lines Producer

A

A person authorized to sell, solicit, or negotiate limited lines of insurance.

26
Q

Examples of Limited Lines Insurance

A
  • Credit life;
  • Credit disability;
  • Credit unemployment;
  • Mortgage life;
  • Pet Insurance
27
Q

Surplus Lines Producer

A

Individual licensed for property & casualty insurance with at least 2 years’ experience toward the lines they will

28
Q

Public Adjuster

A

A person who investigates and negotiates settlement of claims arising under insurance

29
Q

Requirements to receive an adjuster’s license

A
  • At least 21 years old
  • Trustworthy and of good character
  • A salaried employee of a licensed adjuster or have experience in claims settlement
  • May need to pass a written exam
30
Q

Qualifications for insurance license

A
  • At least 18 years old
  • Has submitted fingerprints as required
  • Not committed any act that it ground for denial/suspension
  • Has successfully passed exam
31
Q

If license has been previously denied, how long will it be before a license may be issued?

A

1 year from the date it was denied

32
Q

If a license has been revoked or nonrenewed how long may a new license be denied?

A

1-5 years

33
Q

How long does a license remain in effect?

A

Continually as long as it isn’t revoked or suspended and the producer pays required fees and meets continuing education requirements.

34
Q

What is the renewal terms for a license?

A

2 years.

35
Q

What are the continuing education requirements to maintain a license?

A

At least 24 hours of credits during each 2-year licensing period. At least 3 hours must be ethics.

36
Q

Change of address

A

The director must be informed within 30 days

37
Q

How long must records be kept available for inspections?

A

5 years.

38
Q

Funds payable to the insurer must be remitted within

A

21 days

39
Q

Funds payable to the policyholder must be remitted within

A

14 days

40
Q

What needs to be done before a retail or wholesale producer can charge fees to consumers?

A

They must provide a written statement of services that will be performed and feels the producer will receive.

41
Q

In Idaho, what is the legal age to purchase insurance or an annuity?

A

15 years old

42
Q

When must claims be paid to an insured?

A

Within 20 days of itemized bill or invoice being sent in

43
Q

False advertising

A

Ads cannot include untrue, deceptive, or misleading statements that apply to insurance or those who conduct it.

44
Q

Rebating

A

Any inducement offered to the insured that is not specified in the policy. Both offer and acceptance are illegal.

45
Q

Rebates may include

A
  • Rebates of premiums payable
  • Special favors or services
  • Advantages in dividends
  • Stocks, bonds, securities, and their dividends
46
Q

Twisting

A

a misrepresentation that persuades insured to take out a policy with another insurer

47
Q

Defamation

A

Oral or written statement is made that is intended to injure a person engaged in business.

48
Q

Unfair discrimination includes dicriminating because of what?

A
  • Marital status;
  • Race;
  • Color;
  • National Origin;
  • Creed;
  • Ancestry
49
Q

What will those guilty of felony fraud be subject to?

A

Imprisonment to not exceed 15 years and/or a fine up to $15,000

50
Q

Fair Credit Reporting Act

A

Consumer-reporting agencies must follow procedure to ensure records are confidential, accurate, and relevant. Protects consumers against circulation of inaccurate or obsolete information

51
Q

1033 Waiver

A

A waiver to allow those previously convicted of a crime involving dishonesty to work in insurance

52
Q

McCarran-Ferguson Act

A

Bill that keeps insurance regulation in the hands of the states

53
Q

Gramm-Leach-Bliley Act

A

An insurance company may not disclose nonpublic personal information to a nonaffiliated third party

54
Q

What reasons may an insurance company disclose nonpublic personal information?

A
  • Insurance company discloses to the consumer that information may be disclosed to a third party.
  • Consumer is given opportunity to direct information not to be disclosed
  • Consumer is given an explanation of how the consumer can exercise on nondisclosure option
55
Q

G-B-L Act requires 2 disclosures to a customer

A
  1. When a customer relationship is established

2. Before disclosing protected information

56
Q

Terrorism Risk Insurance Act of 2002 (TRIA)

A

Requires all commercial insurers offer insurance coverage for acts of terrorism

Idaho Property Insurance (9 decks)

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