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Life Exam > Idaho Statutes, Rukes, And Regulations Common To All Lines > Flashcards

Idaho Statutes, Rukes, And Regulations Common To All Lines Flashcards

1
Q

All credit life insurance policies for a period of more than __ years are exempt from being subject to the provisions of the insurance code.

A

15

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2
Q

Individual term life, individual term disability, group term life, and group term disability are the only forms in which _________ insurance and ________________ insurance may be issues.

A

Credit life and credit disability

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3
Q

The term of Credit disability or life begins when? Except when evidence of insurability is required. Cannot be extended more than __ days beyond the scheduled maturity of indebtedness.

A

On the day the debtor becomes obligated to the creditor. 15

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4
Q

Helps guarantee payments if benefits
Asses association meme bees for finds needed to carry out its purposes and helps detect and prevent insurer insolvency

A

Insurance guaranty association

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5
Q

The guaranty association act applies to all l___ , d______, a_______ contracts, and s____ contracts.

A

Life, disability, annuity, supplemental

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6
Q

The guaranty association is liable for
$——— in life
$——— in health
$——— for major med
$———- in annuity

A

300k
300k
500k
250k

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7
Q

Insurers ________ advertise protection by the insurance guaranty association

A

Cannot

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8
Q

All ________ insurers must be members of the guaranty association.

A

Admitted

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9
Q

If the insurance co makes a statement that it’s policies are guaranteed by the guaranty association this is consider what?

A

An unfair trade practice

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10
Q

Who comprises the life and health guaranty association?

A

Life and health insurers in Idaho

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11
Q

A domicile refers to the location where an insurer is _________. Not necessarily where the insurer _____ business.

A

Incorporated; conducts

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12
Q

I’m most states fraternal benefit societies issue life, health, and annuities. They do not issue _______ or _______ policies.

A

Property, liability

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13
Q

Administered by an attorney-in-fact. Subscribers agree to become liable for their share of losses and expenses.

A

Reciprocal

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14
Q

Director is appointed for how many years.

A

4

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15
Q

Director must have how many years practice experience in insurance or other professional business experience.

A

5 years

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16
Q

Director can examine insurance companies as often as needed but at least once every how many years.

A

5

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17
Q

Expenses of company examination by director are to paid by whom.

A

The examinee

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18
Q

If a director receives a request for a hearing it must be held with in how many days?

A

30

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19
Q

Director must give written notice of a hearing how many days in advance?

A

14

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20
Q

If notice for hearing by director requires more than 100 separate notices the director may instead publish a notice between __ and __ daily news papers once a week for __ weeks.

A

3, 5, 4

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21
Q

If unfair trade practice is proven at a hearing the director may order what?

A

A cease and desist

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22
Q

Orders or notices from the Director may be served by what means?

A

Personal service, certified mail, or fax or email or has agreed to it in writing.

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23
Q

Violating the insurance code is a fine of ______ for natural person or ______ for any other entity. Imprisonment for __ months, or both.

A

1000, 5000, 6

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24
Q

$________ administrative penalty for anyone conducting insurance without a license.

A

15,000

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25
Q

Director may suspend a producers license for how long for license violations. Or May _____ or refuse to renew.

A

12 months, revoke

26
Q

Telling a client that his first premium will be waived if he purchases today is a form of what?

A

Rebating

27
Q

Max penalty for habitual willful noncompliance with the fair credit reporting act.

A

$2500

28
Q

Fiduciary funds payable to the insurer must be remitted by the agent no later than how many days after receipt?

A

21

29
Q

After passing the state exam an individual must apply for a license within how many days?

A

180

30
Q

After an insurer receives an itemized bill related to a valid motor vehicle policy claim, it mus be paid within how many days?

A

20

31
Q

An agreement that is enforceable by law

A

Legal contract

32
Q

Permissible calling hours for telemarketers.

A

8am to 9pm

33
Q

Non resident producers have __ days to do what they need to do

A

30

34
Q

Insurer must file appointment within __ days of new contract. Director has __ days to verify eligibility. If not eleigible Director has __ days to notify insurer.

A

15, 30, 5

35
Q

License Applicants must be __ years of age.

A

18

36
Q

Application for license must be in within ___ days of successful completion of the exam.

A

180

37
Q

If you receive commissions you need a ________.

A

License

38
Q

New license not required if drom out of state but application must be received within __ days of cancellation of previous license.

A

90

39
Q

If a license has been previously denied Director will not issue license for __ year(s)

A

1

40
Q

In the case of revoked or non renewed license may be denied for a period of __ to __ years.

A

1 to 5

41
Q

License renewal term is __ years. Must complete at least __ hours of cec’s, and at least __ of those hours must be in ethics. Excess ___ be carried over. If missed you can apply for reinstated within __ days and paying a $—- to $—- penalty. After that many days you must retest , pay fees, submit new app. After __ year you must reapply as a new applicant.

A

2, 24, 3, may not, 90, $100 to $300, 1

42
Q

Lapsed license may be reinstated within __ months. And pay paying ___ the unpaid renewal fee

A

12, double

43
Q

Change of address must be sent within __ days. Fees?

A

30, no

44
Q

All records must be kept for __ years.

A

5

45
Q

Director has authority to suspend a license without hearing for up to __ months

A

12

46
Q

Funds payable to insurer must be remitted in __ days. Funds payable to policyholders must be remitted in __ days.

A
  1. 14
47
Q

All other funds must be placed ina fiduciary account no later than:
__ days in the form of cash under $2k
__ bus days in cash over $2k
__ days in form id check or the like.

A

7, 3, 7

48
Q

Proven in court to not act in fiduciary manner is a ______

A

Felony

49
Q

Producer must report any admin action against them elsewhere within __ days. Shame as criminal prosecutions.

A

30 days

50
Q

Min age to contract insurance.

A

15

51
Q

Fire losses must be reported within __ days for loss of $1k or more.

A

7

52
Q

Motor vehicle claims must be paid __ days after an insurer receives itemized bill. Claims must be paid within __ days of proof of loss.

A

20, 30

53
Q

Insurance companies are allowed to give up to $—- in goods , or prizes per year.

A

$200

54
Q

Comparison if insurers to persuaded a switch.

A

Twisting

55
Q

To require as a condition to a loan that the applicant purchase insurance from a specific insurer.

A

Coercion

56
Q

Discrimination in rates, premiums, benefits for persons in the _______________ or with same life expectancy is illegal.

A

Same class

57
Q

Any insurer that has evidence of fraud has __ days to send form to director.

A

60

58
Q

Any violator of fraud is guilty of a felony and subject to ___________ not to exceed __ years. Or a fine of up to ________ or both. Restitution as well.

A

Imprisonment, 15 years, $15,000

59
Q

If an insurer violates the provisions of the unfair claims settlement practices it may be a penalty of up to ____________ in addition to possible revocation.

A

$10k

60
Q

Unlike consumer reports, with investigative consumer reports cannot be made unless consumer is advised in writing within __ days of the date the report was requested. And insurer or reporting agency has __ days to provide consumer with additional info.

A

3, 5

61
Q

Organizations must consult so not call registry every __ days.

A

31

Life Exam (9 decks)

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