Idaho Statutes, Rukes, And Regulations Common To All Lines Flashcards
All credit life insurance policies for a period of more than __ years are exempt from being subject to the provisions of the insurance code.
15
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.
Credit life and credit disability
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.
On the day the debtor becomes obligated to the creditor. 15
Helps guarantee payments if benefits
Asses association meme bees for finds needed to carry out its purposes and helps detect and prevent insurer insolvency
Insurance guaranty association
The guaranty association act applies to all l___ , d______, a_______ contracts, and s____ contracts.
Life, disability, annuity, supplemental
The guaranty association is liable for
$——— in life
$——— in health
$——— for major med
$———- in annuity
300k
300k
500k
250k
Insurers ________ advertise protection by the insurance guaranty association
Cannot
All ________ insurers must be members of the guaranty association.
Admitted
If the insurance co makes a statement that it’s policies are guaranteed by the guaranty association this is consider what?
An unfair trade practice
Who comprises the life and health guaranty association?
Life and health insurers in Idaho
A domicile refers to the location where an insurer is _________. Not necessarily where the insurer _____ business.
Incorporated; conducts
I’m most states fraternal benefit societies issue life, health, and annuities. They do not issue _______ or _______ policies.
Property, liability
Administered by an attorney-in-fact. Subscribers agree to become liable for their share of losses and expenses.
Reciprocal
Director is appointed for how many years.
4
Director must have how many years practice experience in insurance or other professional business experience.
5 years
Director can examine insurance companies as often as needed but at least once every how many years.
5
Expenses of company examination by director are to paid by whom.
The examinee
If a director receives a request for a hearing it must be held with in how many days?
30
Director must give written notice of a hearing how many days in advance?
14
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.
3, 5, 4
If unfair trade practice is proven at a hearing the director may order what?
A cease and desist
Orders or notices from the Director may be served by what means?
Personal service, certified mail, or fax or email or has agreed to it in writing.
Violating the insurance code is a fine of ______ for natural person or ______ for any other entity. Imprisonment for __ months, or both.
1000, 5000, 6
$________ administrative penalty for anyone conducting insurance without a license.
15,000
Director may suspend a producers license for how long for license violations. Or May _____ or refuse to renew.
12 months, revoke
Telling a client that his first premium will be waived if he purchases today is a form of what?
Rebating
Max penalty for habitual willful noncompliance with the fair credit reporting act.
$2500
Fiduciary funds payable to the insurer must be remitted by the agent no later than how many days after receipt?
21
After passing the state exam an individual must apply for a license within how many days?
180
After an insurer receives an itemized bill related to a valid motor vehicle policy claim, it mus be paid within how many days?
20
An agreement that is enforceable by law
Legal contract
Permissible calling hours for telemarketers.
8am to 9pm
Non resident producers have __ days to do what they need to do
30
Insurer must file appointment within __ days of new contract. Director has __ days to verify eligibility. If not eleigible Director has __ days to notify insurer.
15, 30, 5
License Applicants must be __ years of age.
18
Application for license must be in within ___ days of successful completion of the exam.
180
If you receive commissions you need a ________.
License
New license not required if drom out of state but application must be received within __ days of cancellation of previous license.
90
If a license has been previously denied Director will not issue license for __ year(s)
1
In the case of revoked or non renewed license may be denied for a period of __ to __ years.
1 to 5
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.
2, 24, 3, may not, 90, $100 to $300, 1
Lapsed license may be reinstated within __ months. And pay paying ___ the unpaid renewal fee
12, double
Change of address must be sent within __ days. Fees?
30, no
All records must be kept for __ years.
5
Director has authority to suspend a license without hearing for up to __ months
12
Funds payable to insurer must be remitted in __ days. Funds payable to policyholders must be remitted in __ days.
- 14
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.
7, 3, 7
Proven in court to not act in fiduciary manner is a ______
Felony
Producer must report any admin action against them elsewhere within __ days. Shame as criminal prosecutions.
30 days
Min age to contract insurance.
15
Fire losses must be reported within __ days for loss of $1k or more.
7
Motor vehicle claims must be paid __ days after an insurer receives itemized bill. Claims must be paid within __ days of proof of loss.
20, 30
Insurance companies are allowed to give up to $—- in goods , or prizes per year.
$200
Comparison if insurers to persuaded a switch.
Twisting
To require as a condition to a loan that the applicant purchase insurance from a specific insurer.
Coercion
Discrimination in rates, premiums, benefits for persons in the _______________ or with same life expectancy is illegal.
Same class
Any insurer that has evidence of fraud has __ days to send form to director.
60
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.
Imprisonment, 15 years, $15,000
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.
$10k
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.
3, 5
Organizations must consult so not call registry every __ days.
31
