General Insurance Flashcards
What does an Insurance Commissioner NOT do?
Writing Oklahoma insurance laws
The Commissioner must examine all domestic insurers at least once every___ years?
Five
An Insurance Company organized under the laws of Oklahoma is?
A domestic insurer
How many hours of continuing education must a producer complete every compliance period?
[ Hint..How many hours in a day?]
24 hours
Which of the following people cannot be granted a temporary producer’s license?
[Hint..think non resident..]
A non resident producer who was acquainted with a deceased producer
A temporary license is issued for how long?
[Hint…how many days in 6 months?]
180 days
What must follow advertising regulations? 🗣👉🏽📊
Prepared sales talks and presentations
What is subject to replacement regulations?
[Hint…out with the old, in with the new..]
Sale of a new policy that causes an existing Life Insurance Policy to be surrendered
What is true about the Oklahoma life and Health Insurance guarantee association ?
[Hint…protects from people with no money..]
It protects policy owners and insureds from the financial dangers caused by broke, bankrupt insurers.
What is true about the insurer Certificate of authority ?
[ Hint…same ol, same ol, renew 💂🥁 1st…]
It does not change and it automatically renews every year on March 1st unless the insurer fails to qualify for a renewal.
A licensed customer service representative (CSR) must complete a total of how many hours of continuing education every 2 years?
(Hint..Think roughly over half of a 24 day)
13 Hours
A licensed insurance producer must notify the commissioner of a change of address with within how many days?
[Hint…what’s 15+15= ?]
30 days.
A producer who does not comply with Oklahoma’s continuing education requirements may not be subject to what ?
[Hint…What’s 4,000+1,000?]
A fine of not more than $5,000
The commissioner cannot grant licenses to producers earning more than what percentage of their total commissions and any 12 month period from controlled businesses?
[Hint..what’s 10+15?]
25%.
What type of insurer has a society or lodge structure and offers life, accident, and health benefits to its members? [Hint.. think of brotherhood in college]
Fraternal
