Indiana Laws Chapter 1 Flashcards
INDOI is part of which Branch of gov?
Executive
How is the Commissioner determined?
Appointed by Governor
What is the term of the commissioner?
at the pleasure of the governor
How much is the bond required for the commissioner?
50,000
Commissions is a member of what organization?
NAIC National Association of Insurance Commissioners
Insurer organized under Indiana law
Domestic
Insurer organized under the laws of another state
Foreign
Insurer organized under the laws of another country
Alien
Authorized (admitted) insurers approved in Indiana are issued what?
Certificate of Authority
How often must the commissioner examine an insurer licensed in Indiana?
Every 5 years
The nonprofit association that protects policy owners, insureds and beneficiaries of life, health or annuity contracts when they fail to perform their duties is called what?
The Guarantee Association
What is the max liability of the Guarantee Association?
$100,000 cash value or $300,000 for all benefits of any one life
Insurance written on the interest of the applicant or licensee, their family or employer is called?
Controlled Business
Offers advice for a fee
Consultant
A license that allows someone to service, not sell, existing insurance for a period of 180 days due to the death or disability of the designated individual.
Temporary License
What limited lines product requires pre-licensing certification and passed examination for a limited life license?
Prearranged Funeral Insurance
In addition to or in place of a denial, suspension or revocation of a producer’s license what is the CIVIL penalty allowed for violations?
$50-$10,000
How long do you have to request a review after being subject to fine or suspension?
63 days from the order
How many days the the commission have to set up a review once requested by an agent?
30 days
When one party misrepresents the truth for replacing business
Twisting
What is the potential CRIMINAL penalty for violation of Indiana Code related to unfair trade/competition?
Class A misdeameanor, one year in jail, $5000 fine
What are the potential civil penalties for unfair competition violation?
max $25,000 per violation; max $50,000 if should have known w/suspension or revocation of license
An order to stop unfair competition by the commissioner
Cease and Desist
How many business days does the commissioner have to reply to a complaint and notify the insurer?
10 business days
How many days does the insurer have to respond to the commissioner about a complaint?
20 business days
