KY law Flashcards
policy loan max interest rate
8%
Free Look
min 10 days, then full refund of premium
rebate
illegal; includes an offering something other than what is stated in a policy in order to get them to purchase the policy (i.e., paying them $50 in return of a purchased policy)
address/name change of insurer/producer
give notice to commissioner within 30 days of change
continuing education
24 hours every 2 years
- 3 must be ethics
- must be completed by last day of birth month
controlled business
policies written on ppl that the licensed producer has direct influence over; includes family, friends, or companies producer has stock
-you CANNOT obtain a license for the sole purpose of the above
fraternal business socieities
exist solely for the benefits of its members and not for profit
soliciting
any effort to influence a person to buy insurance from you
negotiating
communicating with client in regards to a need for different types of insurance products
effectuating
actually putting insurance products into effect
insurance activities
performed by agents, brokerage, or consultants with a license
captive agent
one specific company
independent agent
represent many different companies
the broker
places insurance through a company without an agency contract; represent the INSURED
insurance consultant
licensed producer who gives insurance advice for a fee, either to insured or insurer
solicitor
employed by license agent to solicit insurance and other duties as the agent authorizes; can only do 1 agent at at ime
defamation
making false statements about any person in the business of insurance
misrepresentation
making false statements about anyone or anything in the business of insurance, including making a false statement about a policy in order to have the insured cancel said policy
twisting
making false statements in order to get a consumer to cancel a policy, but then purchase another one, similar to misrepresentation
boycott
unfair trade practice where one person refuses to do business with another until they agree on certain conditions
policy reinstatement
policy can be reinstated at any time within 3 years of the date the premium defaulted so as long as all fees are paid up, they did not withdrawal cash value, or cash value is used up