Insurance Exam - State Regulations Flashcards
The commissioner believes that a person has engaged in an unfair method of competition or an unfair or deceptive act. The person must be notified of a hearing at least how many days in advance of the hearing date?
21
In MA, every motor vehicle liability insurance policy must provide personal injury protection benefits for medical expense in an amount not to exceed?
$8,000
A producer who has allowed his license to lapse may reinstate it w/in how many months w/o having to take a new licensing exam?
12 months
To register a motor vehicle in MA, the owner must have a motor vehicle liability policy or bond providing coverage for a loss due to BI or death. What is the minimum amount of coverage that the policy or bond must provide?
$20,000 per person/ $40,000 per accident for injuries or death.
A policy that protects against loss resulting from a fire to dwelling or its contents must contain a provision that before nonrenewal of a policy, notice will be given at least….
45 days in advance
Unsafe driver points are based on the following surchargeable incidents:
- at-fault accidents
- moving violation convictions
- 4 or more comprehensive claims totaling $2,000 or more.
How many days after an insurer appoints a producer as its agent may the producer begin selling the insurer’s policies?
15
Violation of a cease and desist order issued by the Commissioner may results in a fine up to:
$10,000 per violation
In MA, every motor vehicle liability insurance policy must provide PI protection benefits for medical expenses in an amount not to exceed:
$8,000
When cancelling a standard fire insurance contract for a reason other than nonpymnt of premium, the insurer must provide the insured w/ at least what # of days’ advance notice of cancellation?
5
