Ch. 9 - State Regulations Flashcards
Director of insurance term is how many years?
4
Department of insurance has how many years to examine domestic insurers
5 years
Dept. of insurance has how long to hold a hearing following a demand
30 days
Dept of insurance has how long to provide a written notice of hearing.
14 days
You must be how old to apply for an insurance license.
18
How long do you have to apply for a license after passing exam
180 days
How many hours of continuing education is required every two years?
24 hours
How many hours of continuing education must be in ethics?
3 hours
How long is the temporary license period.
180 days
How long do insurers have to notify director of agent appointment.
15 days
How long does insurer have to notify director of termination of appointment?
30 days
How long after your license lapses do you have to reinstate it by provide in proof of co tinuing education requirements and paying penalty.
90 days
What is the max imprisonment for a producer violating the insurance code?
6 months
How long does a producer have to notify the director of a change in address?
30 days
A producer must keep records for how many years?
5
How long does a producer have to send suspected fraudulent claims to the director?
60 days
How many days does a producer have to remit funds payable to policy owners?
14 days
How many days does a producer have to remit funds to an insurer?
21 days
How many days does a producer have to place large funds (over $2k) into a fudiciary account?
3 business days
Maximum fine for each conviction violating the insurance code or a cease and desist order.
$1000
Max fine for transacting insurance without a license.
$15,000
Max fine for violating unfair claims settlement practices by insurer.
$10,000
Not profit legal association that protects the insureds against insolvency.
Insurance guaranty association.
What type of licensee represents an insured.
Broker
When can the director examine insurers?
Whenever necessary but atleast once every 5 years
Q: What type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another?
Twisting
Who is responsible for the costs associated with the examination of insurers?
The insurer
What illegal act does a producer commit when the producer represents a policy in a more favorable light than the policy really is?
Misrepresentation
: 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
Through which branch(es) of the government is insurance currently regulated?
Legislative, judicial, and executive
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.
What determines whether a life and/or health policy is assignable and to what extent.
The terms of the policy
All life and disability insurance in connection with credit transactions is subject to the provisions of the insurance code EXCEPT insurance lasting more than —— years
15
I’d an insurance co. Makes a statement that it’s policies are guaranteed this would be considered an ________
Unfair trade practice
Health insurers must provide a free look period of —— for a 7 day weekly premium, —- days for a mo they premium, and — days for other premium modes.
7, 10, 31
Coverage is required from the moment of birth, if adoption is after — days of birth, coverage starts in the date of the adoption.
60
To continue benefits For disabled dependent children beyond limiting age proof must be sent to insurer within — days of limiting age.
31
Maternity benefits ——— exclude pregnancy complications and related illness
Cannot
Health insurance must include mammograms — for women age 35-39, ——— for women age 40-49, and —— for women age 50 and over.
One, one every two years, and annually
Hospital confinement indemnity must pay — per day up to — days
$40; 32
Major medical expense must cover up to sum of $——-
$500,000
Disability income protection must pay for —— disability
Ongoing
Accident only policies must cover d—-,d—-, d——- , h/m care
Death, dismemberment, disability, hospital/medical
Accidental death and dismemberment must be payable if loss occurs within how many days of incident.
90
Must disclose — day advance notice of non renewal of disability policies
30
How many days notice to insurers of a particular plan discontinuance
90 days
How many days notice to insurers if no renewal of all plans
180 days notice
Medicare advertisements must be sent to who for approval
Director
Medicare supplement plans —— duplicate Medicare benefits
Cannot
Medicare supplement plans ———- limit coverage by type of illness, treatment, medical condition or accident.
Cannot
LTC must provide coverage for at least how many consecutive months.
12
Pre existing conditions exclusion for LTC
6 months
LTC must include option for —— protection.
Inflation.
LTC trigger in Idaho
3 adl
LTC ce requirements
8 hr training course, 4 hours ce every 24 months
Disability income periodic payments payable after age —; and must be what percent of amount payable before that age.
62; 50%
Disability income protection elimination periods
- for benefits Of 1 year or less
- for 1-2 years of benefits
- for all other cases
90 days
180 days
365 days
Disability income protection must be payable for at least how many months.
6 months
Small employer is defined as —- to —- employees
2 to 50
Small employers must offer at least how many types of plans
2
Small employer plans must be ——
Renewable
Requiring that an insurer cannot discourage small employers from applying for coverage with other insurers is an example of
Fair marketing standards
The purpose of what act is to improve fairness and efficiency if the insurance market, restruc premiums, prevent excessive rates, and disclose rating practices to consumers.
Individual health insurance availability act
Proof of incapacity of a handicapped child of limiting age cannot be required more often than every —-
Year
Which renewal provision must be included in a LTC policy
Guaranteed renewable
