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IIAW Classes > General WI Insurance Laws > Flashcards

General WI Insurance Laws Flashcards

1
Q

The Commissioner of Insurance must examine domestic insurers and licensed rate service organizations every _____ years

A

5 years

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2
Q

To request a hearing after an order is issued without one must be done within _____ days

A

30 days

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3
Q

____ - _____ days for Commissioner to give hearing after a request

A

10-60 days

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4
Q

_____ days for an aggrieved person to request a re-hearing

A

20 days

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5
Q

_____ days for Commissioner to act on a petition before it is considered denied

A

20 days

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6
Q

_____ weeks to comply with an order before a penalty is issued

A

2 weeks

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7
Q

Minimum age to apply for insurance license

A

18

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8
Q

____ hours required pre-licensing education

A

20

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9
Q

Maximum period for a temporary license

A

1 year

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10
Q

____ days appointments are effective prior to being entered in the licensing system

A

15 days

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11
Q

____ days to notify agent of termination of appointment

A

15 days

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12
Q

____ days to notify Commissioner of termination of appointment

A

30 days

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13
Q

____ months no pre-licensing education required if license held in another state for the same line of authority

A

12 months

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14
Q

___ years minimum time to keep records

A

3 years

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15
Q

____ days to notify the Commissioner of a change of address

A

30 days

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16
Q

____ days to report a change in intermediary status or felony or misdemeanor conviction

A

30 days

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17
Q

____ years maximum imprisonment for person violating Insurance Code

A

3 1/2 years

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18
Q

____ hours Continuing Education required every 2 years

A

24 hours

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19
Q

____ hours of CE credits must be in an Ethics course

A

3 hours

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20
Q

_____ years, Length of time agents must keep records of CE completion

A

4 years

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21
Q

____ years, Length of time before person whose license has been revoked can reapply

A

5 years

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22
Q

____ working days, Length of time after receipt of request, for insurer to supply insured with a copy of the application

A

15 working days

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23
Q

____ days, Length of time required for advance notice to the policyholder for midterm policy cancellation.

A

10 days

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24
Q

____ days, Length of time for notice to insured when canceling a policy in effect for more than 1 year

A

60 days

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25
Q

____ years, After time required by policy for insured to send proof of loss

A

1 year

26
Q

____ days, After notice, unpaid claims considered overdue

A

30 days

27
Q

Annual interest rate on overdue claims payments

A

7.5%

28
Q

____ months, Time period to determine commissions from controlled business

A

12 months

29
Q

Minimum placed risks with one insurer in 1 year to be considered more than occasional exchange of business

A

5

30
Q

Minimum placed risks with all insurers in 1 year to be considered more than occasional exchange of business

A

25

31
Q

Maximum amount of compulsive forfeiture for noncompliance with an order

A

$5,000

32
Q

Maximum fine per day for violation of an order

A

$1,000

33
Q

Maximum fine for a firm whose agent has committed a violation

A

$1,000

34
Q

Maximum total penalty for person violating insurance statutes

A

$10,000

35
Q

Amount of bond that may be required for surplus lines agents and brokers

A

$100,000

36
Q

Biennial regulation fee for resident producers

A

$35

37
Q

Appointed by the governor

A

Commissioner of Insurance

38
Q

Regulates the internal affairs of the Department of Insurance

A

Commissioner of Insurance

39
Q

Does not write laws

A

Commissioner of Insurance

40
Q

Examines all authorized insurers

A

Commissioner of Insurance

41
Q

Only one license of the same type is allowed per agent

A

Agent regulation

42
Q

Must be licensed in the line of authority for which the agent transacts insurance

A

Agent regulation

43
Q

Avoid unfair trade practices

A

Agent regulation

44
Q

Complete pre-licensing requirement

A

Licensing process

45
Q

Pass examination

A

Licensing process

46
Q

Submit application and fees

A

Licensing process

47
Q

Individuals: resident and nonresident

A

Types of licenses

48
Q

Agents (represent the company) vs. brokers (represent the insured)

A

Types of licenses

49
Q

Temporary license - valid for 12 months; issued to maintain the existing business

A

Types of licenses

50
Q

Forceful act or threat aimed to influence a person to act against his or her will

A

Coercion

51
Q

The head of the State Department of Insurance

A

Commissioner

52
Q

Not subject to an obligation

A

Exempt

53
Q

Penalty; something surrendered as punishment

A

Forfeit

54
Q

Exemption from a duty of legal obligation, or protection against a liability

A

Immunity

55
Q

An offer that attempts to influence the other party

A

Inducement

56
Q

Unable to meet financial obligations

A

Insolvent

57
Q

Means an insurer is able to pay its debts and meet its obligations

A

Solvency

58
Q

Policy termination due to nonpayment of premium

A

Lapse

59
Q

National Association of Insurance Commissioners, an organization composed of insurance commissioners from all 50 states, the District of Columbia and the 4 US territories, formed to resolve insurance regulatory issues

A

NAIC

60
Q

To make public, to put into action (e.g. laws, court decrees, and similar)

A

Promulgate

61
Q

Restoration to the original condition or repayment

A

Restitution

62
Q

A written law passed by a a legislative body

A

Statute

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