Insurance Regulations

Question 1

Inducement

Answer 1

An offer that attempts to influence the other party

Question 2

Insolvent

Answer 2

Unable to meet financial obligations

Question 3

Moral turpitude

Answer 3

Conduct that is contrary to community standards of justice, honesty or good morals

Question 4

Reciprocity

Answer 4

A mutual interchange of rights and priveleges

Question 5

Restitution

Answer 5

Restoration to the original condition or repayment

Question 6

Statute

Answer 6

A formal written law acted by legislature; insurance statutes can be found in the state’s Insurance Code

Question 7

Statutory

Answer 7

Enacted or regulated by a statute

Question 8

The superintendent may issue a temporary agent license for a maxium of _____ , without requiring examination to the following individuals in special circumstances:

Answer 8

180 days

• to the surviving spouse, a court-appointed personal representative or a member of a business entity, in case of death or disability of a licensed agent
• to a designee, in case of a licensed avent’s entering active U.S. military service
• to any other person when the public interest would be best served by issuing such a license

Question 9

Applicants for an agent license must complete ___ hours of prelicensing education in the line of authority for which the applicant is applying. The certificate of prelicensing course completion is valid for _______ from the completion date

Answer 9

20 hours of prelicensing education

Prelicensing course completion is valid for 180 calendar days from the completion date

Question 10

A licensee who failed to renew a license may be eligible for license reinstatement within ____ following the renewal date

Answer 10

12 months

Question 11

How many hours of continuing education every 2 years? And how many of those have to be approved ethics training?
How many hours can rollove to the next biennial period?

Answer 11

24, and at least 3 ethics training hours

12 hours can rollover to the next period

Question 12

Licensed agents must notify the Superintendent within __ days of any change in residential or business address, email address or phone number

Answer 12

30 days

Question 13

An insurance agent must notify the Superintendent of any administrative actiontaken against the agent in another jurisdiction or by another government agency having professional, occupational, or financial licensing authority within __ days after the final disposition of the matter. The notice must also include what?

Answer 13

Within 30 days. Must also include any relevant legal documents

Question 14

Agent must provide notice of any criminal prosecution ov the agent bu any jurisdiction (other than misdemeanor traffic) within __ days after the agent’s initial appearance in court. Notice must also include what?

Within __ days after the disposition of the criminal prosecution, the agent must provide the Superintendent with either the court’s entry or order that reflects the final disposition of yhe prosecution

Answer 14

30 days for both

Question 15

Superintendent of Insurance duties
Aka head of the Ohio Department of Insurance
Aka Chief Executive Officer and Director of the Department of Insurance

Answer 15

• Adopting, amending and rescinding rules
• conducting investigations regarding violations of the insurance laws
• conducting examinations of insurers to ensure the solvency
• enforcing and administering laws regarding the licensing of agents
• approving policies and rates
• imposing penalties for violations of the insurance laws

Question 16

Domestic insurers must be examined at least once every __ years, and cannot be deferred for more than __ years

Answer 16

3, 5

The examination expenses must be paid by the insurer

Question 17

Certificate of authority

Answer 17

Indicates that the Superintendent has examined the business and found it to be financially stable and organized in accordance with the Insurance Code

Question 18

An insurer is considered insolvent if for a period of _____ the insurer is unable to pay its obligat8ons when due, or has fewer assets than liabilities, plus any required capital contributions order by the Superintendent

Answer 18

3 years

Question 19

To appoint an insurance agent, an insurer must file a notice of appointment with the Superintendent no later than ___ days after the date the agency contract is executed for the first insurance application is submitted, whichever is earlier

Answer 19

30

Question 20

When an appointment is terminated, the insurer must notify the Superintendent within __ days after the effective date of the termination. Within __ days of notifying the superintendent, a copy of the notification must be mailed to the agent at his or her last known address. The agent then has __ days after receiving a copy of notification to file any written comments concerning the notification with the Superintendent.

Answer 20

30 days
15 days
30 days

Question 21

All rate filings are subject to a __ day waiting period before they become effective

Answer 21

30 day

Question 22

The Superintendent can send a cease and desist order notice by mail that sets a date for a hearing, withing __ days of the order to decide whether the order should be continued or revoked. The Superintendent will issue a final order continue or revokinh the cease and desist order within __ days after receiving objections to the hearing officer’s report. The Superintendent’s final order is appealable

Answer 22

15 days, 15 days

Question 23

Once a hearing is requested, The notice of the hero will be served at the person‘s last own address by certified mail at least __ days prior to the hearing

Answer 23

15 days

Question 24

Misrepresentation

Answer 24

Issuing, publishing, or circulating any illustration or sales material that is false, misleading, or deceptive as to policy benefits or terms, or the payments of dividends. This also refers to verbal statments

Question 25

Insurers are required to maintain claim data for at least ___ after the claim was closed, or until the neqxt financial examinatinon by the department, whichever is later

Answer 25

3 years

Question 26

A fraudulant insurance act is an act committed by a person who, knowingly and with intent to defraud, does any of the following

Answer 26

• Prepares an insurances application that contains materially false information
• conceals any material fact for the purpose of misleading the insurer; and
• prepares or submits any claim that contains false information