Insurance Regulation

Question 1

A false statement intended to deceive the insurer and induce it to part with something of value or to surrender a legal right. May void a policy.

Answer 1

Fraud

Question 2

A representative who helps an agent or broker solicit insurance and collect premiums. A solicitor may neither bind nor countersign policies.

Answer 2

Solicitor

Question 3

Common title for head of the state department of insurance (also has been called Superintendent or Commissioner in some states).

Answer 3

Insurance Director

Question 4

State laws that require owners or operators of autos to provide evidence that they have the funds to pay for automobile losses for which they might become liable. Insurance is the usual method for providing this evidence to the state.

Answer 4

Financial Responsibility Law

Question 5

Federal laws that allow consumers who are denied insurance because of information contained in a credit report to be notified and allowed to obtain the information used in the report from the reporting agency.

Answer 5

Fair Credit Reporting Act

Question 6

Shall be the chief officer and director of the Department of Insurance and shall have all the powers and perform all the duties vested in and imposed upon the Department of Insurance.

Answer 6

Superintendent

Question 7

An insurer may cancel any agents license by submitting to the Insurance Department a written request for cancellation. The Superintendent of Insurance may refuse a license applied for, revoke or suspend a license if he feels the license is being used for the purpose of writing controlled business.

Answer 7

Disciplinary Actions