Insurance regulation Flashcards
When is controlled business legal
When the commissions from control business do not exceed the aggregate commissions on all the other business
What are the three types of domicile insurers
Domestic foreign and alien
On an advertisement a company claims they have funds in their possession that are not for payment of claims or losses what are they guilty of
Misrepresentation
What is a controlled business
Insurance on the producers on life or property or the lives of property of the producers family and business associates
For the purposes of examination by the department of insurance insurance must keep a record of all financial files for at least how many years
Five from the last examination
What is the civil penalty when a person has been proven to Violate and insurance code
5000 for each violation
Can a licensee charge a fee for the sales solicitation Or negotiations of a contract for insurance
Yes they can
Terrorism risk insurance program TRIA act of 2015 has been extended to what year
2020
What are the permissible calling hours for telemarketing calls
8 AM until 9 PM
All of the following could be considered rebates if offer to an insured in the sale of insurance except:
An offer to share in commissions
dividends from a mutual insurer
an offer of employment
stock securities or bonds
Dividends from the mutual insurer
Insurance code identifies all of these as prohibit Acts that can cause suspension revocation and denial of a producer license with the exception of:
Commission of any misdemeanor
How long is the company making a complete file of all advertisements used
At least four years
When can financial institution share insurance coverage information with third parties
If the consumer does not sign and return the notice of disclosure within 30 days
What is the maximum penalty for habitual willful noncompliance with the fair credit reporting act
$2500
A producer who fails to segregate premium monies from his own personal funds is guilty of
Commingling and it’s illegal
