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Kelly Shellhaas Cards > Kelly Cards - Insurance regulation and licensing > Flashcards

Kelly Cards - Insurance regulation and licensing Flashcards

1
Q

Laws by the state legislature

A

Ohio Revised Code (broader)

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2
Q

What is the list of rules created for the dept of insurance called?

A

Ohio Administrative Code

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3
Q

No title insurance company (UW) shall be incorporated under the laws of the state until a sum of $____________has been paid in capital

A

$30,000

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4
Q

No title insurance company (UW) shall be incorporated under the laws of this state until a sum of $_______ is contributed in surplus

A

$45,000

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5
Q

After incorporating a title insurance company (UW) (evidence of mgmt experience, filing of rates, etc.), company must obtain a final capitalization of at least $____________paid in capital

A

$120,000

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6
Q

After incorporating a title insurance company (UW) (evidence of mgmt experience, filing of rates, etc.), company must obtain a final capitalization of at least $_________contributed to surplus

A

$180,000

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7
Q

How much should a surety bond be?

A

$150,000

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8
Q

What is the purpose of the surety bond?

A

any transaction that does not involve the issuance of title insurance shall have a bond in place to protect all parties against theft, fraud, or failure to properly disburse

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9
Q

authority issued by the superintendent to a person to act as an insurance agent for the lines of authority specified

A

License

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10
Q

Explain what the superintendent is

A

director of dept of insurance

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11
Q

What is lines of authority?

A

Type of insurance license an agent carries (ex: auto insurance, title insurance, casualty insurance, etc.)

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12
Q

If a person is not licensed in this line of authority, what are they not allowed to do?

A

No person shall sell, solicit, or negotiate insurance unless they are licensed for that line of authority

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13
Q

What does OAC say about agent licensing and appointment for resident and non resident licensees?

A

Must report any change to name, address, email, etc within 30 days of change

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14
Q

What does the ORC say about agent’s use of assumed name?

A

an agent that intends to do business in this state under any name other than the agents legal name, shall notify the superintendent PRIOR to using the assumed name.

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15
Q

What does the OAC say about agent continuing education?
(page17)

A

Agents must complete 12 credits of CE during each cycle, 10 of which are directly related to title insurance and 2 of which must be approved as ethics

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16
Q

What does the ORC Disciplinary Action say?

A

superintendent may suspend, revoke, or refuse to issue or renew any license of an insurance agent

17
Q

Review ways you can be punished for violations commited, page 26

A

page 26

18
Q

Can a title insurance underwriter engage in any other types of insurance?

A

No. They can only engage in title insurance

19
Q

What does the ORC say about prohibited services in regards to mortgages?

A

Title insurance company can’t guarantee payment of notes or other mortgage obligations (can’t act as a bank)

20
Q

What type of escrow account needs to be established and what type of funds can be deposited?

A

An interest bearing trust account for the deposit of all non-directed escrow funds

21
Q

What does IOTA stand for

A

Interest on Trust Account

22
Q

What happens to the interest earned on the escrow account?

A

Needs to be transmitted to the treasurer of state for deposit in the Ohio legal aid fund (OLAF)

23
Q

According to OAC, what needs to happen in regards to annual reviews of escrow accounts?

A

Each agent needs to file an independent annual review on or before January 15th for the preceding 12 months, ending on Aug 31.

24
Q
A
25
Q

How much should E&O insurance be?

A

$250,000

26
Q

In regards to E&O, if a subcontractor is not covered, how much insurance do they need to carry?

A

$50,000

27
Q

“Malpractice” insurance for the agent or anyone acting on agent’s behalf?

A

E&O insurance

28
Q

If a person holds the power to vote or holds proxies representing 50% or more of the voting securities or interests of any other person, this is known as what?

A

Controlled Business

29
Q

Unfair trade practices: review pages 57-69 (24:40 on slides)

A
30
Q

MANY PAGES BETWEEN THE MID 50S AND MID 80S OF THE GUIDE ARE REPRINTED ACCIDENTALLY AND DO NOT NEED TO BE REVIEWED AGAIN!!!!!!!!!!!!

A
31
Q

If a false or deceptive claim is made that is between $1000 and $7500, insurance fraud is a felony of the ________degree

A

fifth

32
Q

If a false or deceptive claim is made that is between $7500 and $150,000, insurance fraud is a felony of the __________degree

A

fourth

33
Q

If a false or deceptive claim is made that is between $150,000 or more, insurance fraud is a felony of the ____________degree

A

third

34
Q

If a false or deceptive claim is made that is less than $1000, insurance fraud is what degree?

A

first degree MISDEMEANOR

35
Q

What is the Fair Credit Reporting Act?

A

governs how credit reporting agencies behave and the businesses that report info to credit reporting agencies

36
Q

If a person is denied credit, the Fair Credit Reporting Act requires what to happen?

A

the client must be given notice of the decision, a copy of their report, and have the right to dispute it

37
Q

In a Disciplinary action when investigation and court costs are collected, where do those funds get sent?

A

The state treasury’s dept of insurance operating fund

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