Important numbers Flashcards
of days for an agent to report a change of address?
10
of years a commissioner holds office?
4 (think presidential term)
How long does the insurer have to send an insured a “written proof of loss” form?
15 days
After a prelicensing class, how long and how many state exam attempts does one have to finish the process?
90 days and 5 state exam attempts
Prior to being licensed as a broker, the applicant must file a bond. How much is the minimum bond?
$15000
How old must one be to enter into a lawful insurance agreement?
15
How old must one be to become a licensed agent?
18
How long does an insurance producer from another state who relocates to NC have to apply for a NC insurance license?
90 days
How long does an insurer have to file a an appointment of an agent with the state after the agent starts transacting business?
30 days
When a licensee in NC terminates his residency, how long does he/she have to return their license?
30 days
How long does an insurer who terminates an appointment have to report the termination to the commissioner?
30 days from the date of termination
The commissioner may issue a temporary insurance producer license, waiving all requirement for class or testing, for a period of ___?
180 days
Life, Health, Property, Casaulty, Personal lines, and/or adjusters licensees must complete how many hours of ICECs (Insurance continuing education classes) within the two calendar year period (called a compliance year)?
24 hours (a days worth in 2 years)
What is the maximum term length of a Fire policy?
7 years
What is the maximum amount of BI on an auto policy?
$1,000,000
how many beers will I have when this is all over?
many, many beers
How much notice does an insurer need to give in the case of OTC or collision coverage cancellation (leaving insured with liability)?
10 days
How much notice does an insurer need to give for cancellation of an auto policy for non-payment?
15 days
How much notice does an insurer have to give an insured for cancellation of an auto policy due to material misrepresentation by the insured?
60 days
How much notice does an insurer need to give an insured for non-renewal of payment?
45 days
How many days of removal coverage on SFP and DP-1? All others?
5 days; 30 days
For a home policy, how much notice does the insurer need to give the insured for cancellation due to non-payment?
10 days
For a home policy, how much notice does the insurer need to give the insured for cancellation due to non-payment if the policy has been in effect for 60 days?
30 days
For a home policy, how much notice does an insurer need to give an insured for non-renewal?
30 days
