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PC Missouri > Law Supplement > Flashcards

Law Supplement Flashcards

1
Q

Who appoints the DOI (director of insurance) to serve?

A

The governor, with the advice and consent of the Senate.

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2
Q

Who does the director concurrently hold office with until a successor is appointed?

A

The governor

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3
Q

Who has the authority to remove the director and appoint a replacement?

A

The governor.

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4
Q

What are the directors duties?

A
  • Keep all files and books required by law
  • Issue certificates of authority to transact insurance business in Missouri
  • Furnish certified copies of papers, reports or documents on file to anyone who requests them
  • Establish a consumer affairs division with the the department of insurance
  • Perform required duties in the best interest of the general public, policyholders p, insurance companies and offices
  • Refuse, revoke or suspend licenses or certificates of authority in accordance with state law
  • Withdraw or amend any rule or regulation
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5
Q

The director or his appointed agent has the authority to do what?

A
  • Summon and compel attendance of witnesses
  • Administer oaths
  • Require the production of documents
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6
Q

Who pays examination fees and expenses?

A

The company being examined.

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7
Q

Who should the director refer any discovered violations of law to?

A

The state attorney general for criminal prosecution.

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8
Q

Self incriminating evidence given under compulsion by an insurance producer may not be used to prosecute in a criminal case except for what reason?

A

Perjury.

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9
Q

How often must a director conduct a financial examination of every insurer licensed in Missouri?

A

At least once every 5 years (or more if deemed necessary).

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10
Q

If anyone refuses to testify or produce records as required by the director what rights does the director hold?

A

The right to revoke, suspend or refuse to license that person. The director also has the right to:

  • Hold the person in contempt
  • Order the person to appear before the director
  • Order the person to testify about the matter under investigation or in question
  • Order the production of records
  • Grant injunctive relief
  • Impose a civil penalty of up to $50,000 for each violation
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11
Q

Records of disciplinary action against an insurance producer that involve a monetary sum of $200 or less and place no other legal duty upon the producer are removed or erased after how many years from the date the director executes the disciplinary order?

A

5 years.

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12
Q

Domestic insurer

A

An insurer incorporated or formed in Missouri

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13
Q

Foreign insurer

A

Organized under the authority of a state other than Missouri

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14
Q

Alien insurer

A

Organized under the laws of any country other than the U.S.

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15
Q

A producer who is unable to comply with license renewal procedures due to military service may request what?

A

A waiver.

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16
Q

What are the license contents?

A
  • Name
  • Address
  • Date of issuance
  • Id # if the insurance producer
  • Lines of authority
  • Expiration date
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17
Q

The insurance producer has how many days to inform the director of a change of address?

A

Within 30 days of the change

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18
Q

Failure to notify the director of a change in address results in what?

A

If it causes the director inability to serve the insurance producer with a complaint, the director may IMMEDIATELY revoke the producers license until service may be obtained.

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19
Q

Any bank or trust company in the sale or issuance of insurance products or services are subject to what?

A

To the insurance laws and rules adopted by the department of insurance.

20
Q

The minimum limit for self insurance for motor vehicle liability is?

A

$115,000.00

21
Q

What is NOT an example of misrepresentation?

A

Inflating the value of property to be insured under a policy.

22
Q

When a policy is cancelled for nonpayment of premium, how many days before cancellation is the INSURER required to give notice?

A

10 days notice.

23
Q

An insurer is prohibited from refusing to insure a policyholder based solely on what?

A

Claims activity by the insured

24
Q

When an insurance company becomes impaired, the organization that responds to policyholder claims is who?

A

Missouri property and casualty insurance Guaranty association.

25
Q

The director may issue a temporary insurance producer license for up to how many days?

A

90 days

26
Q

When an insurer receives notification of a claim from an insured, it must acknowledge the claim with how many days?

A

10 days

27
Q

When an insurance company wishes to NONRENEW a policy, how many days before renewal must it provide in advance notice of NONRENEWAL to the insured?

A

30 days

28
Q

When a company terminates a producer, it must notify the director within how many days?

A

30 days

29
Q

When provided under an automobile policy, coverage for loss of use of a motor vehicle that has been stolen must what?

A

Provide an aggregate (or whole) limit of at least $300

30
Q

An individual who commits a fraudulent insurance act can be?

A

Convicted of a felony

31
Q

An insurance producer must send a written explanation of his/ her privacy protection measures to all clients how often?

A

Every year

32
Q

If a producer changes his/her place of residence, they are required to notify the director in writing within how many days?

A

30 days

33
Q

A person who accepts a rebate may what?

A

Be fined up to $500

34
Q

The all industry placement facility may cancel a property insurance policy without the approval of the governing committee EXCEPT…..?

A

Conviction of a misdemeanor

35
Q

The Missouri all industry placement facility must advise an applicant of acceptance or denial of coverage within how many days?

A

5 days

36
Q

To renew an agent or broker (uni-line license), an individual must complete how many hours of continuing education?

A

10 hours every two years

37
Q

When insurer wishes to cancel a policy that has been in effect for more than 60 days for a reason other than non payment of premium, how many days advance notice of cancellation must it provide?

A

30 days

38
Q

The guaranty association will pay on most covered claims up to a limit of

A

$300,000

39
Q

In Missouri, the burial allowance benefit under workers compensation has a limit of

A

$5,000

40
Q

Under Missouri law, a private passenger auto policy must contain each of the following provisions EXCEPT:

A

Coverage while the vehicle is operated in the U.S., it’s territories, Canada and Mexico
* Mexico is an exception in this case*

41
Q

Commercial insurance may be cancelled by the insurer by providing how many days advance notice?

A

60 Days. Same as non renewal of commercial policy

42
Q

The commissioner may issue a temporary license an an insurance agent or broker for a period not to exceed:

A

90 days

43
Q

In order to help carry out the duties of office, the head of the insurance depart may appoint a

A

Deputy

44
Q

The limit of any property insurance is

A

The value of the property

45
Q

If a statute of limitations may limit the claimants recovery, the insurer must give such notice at least how many days before the limit expires?

A

30 days for first party claimants

PC Missouri (3 decks)

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