Life, Accident & Health or Sickness Flashcards
Type of insurer operates for profit no capital stock
Mutual
TRUE regarding an insurer exam ordered by OID
Ordered every 5 years insurer pays
Not a qualification of Insurance Commissioner
High school degree
A mutual insurer
A participating company owned by policy owners
Insurer with home office in Illinois sales office in Oklahoma
Foreign insurer
Blue Cross Blue Shield is what Type of insurer
Service
What Type of insurer operates non-profit
Fraternal
Type of authority could insurer be liable for unauthorized actions of agent
Apparent
Although not in contracts producers allowed to advertise using insurers logo
Implied
All the following statements are True regarding producers appointment EXCEPT
For 24 month period of time
Producer can receive a commission IF
Licensed & Bonded
Would require a producers license EXCEPT
Giving a Referral
Producer receiving written notice from OID regarding potential violation of insurance code must respond Within
20 Days
All are True regarding appointment of producer EXCEPT
Insurer notifying OID within 30 days after new producer agreement signed
A producer moves to Australia with no intention of returning to OK which is True
Must notify OID of address change within 30 Days
An agent who resides in Another state is called
Non-Resident Agent
In case of death or disability OF licensed producer a temp licensed issued for period of
180 Days
True regarding continuing education EXCEPT
(F) No continuing education required during first license renewal
Producers must account for all premiums collected from policy owners. The producer is acting what capacity
Fiduciary
OID revoke license all EXCEPT
Producer charged with Felony
Who orders exam of alien insurer
OID
Action would OID take after receiving notice of licensees violation of code
Give notice
License who disagrees with an OID order would appeal where
Court
Producer giving leather brief case to prospect as Thank You for doing biz
Rebating
Under Unfair Practices & Fraud Act producer using misrepresentation to persuade insured to replace indiv. Life policy committed which illicit act
Twisting
If producer is using misrepresentation for purpose of injuring another producer
Defamation
Under OK Code all are reasons for producer license to be revoked EXCEPT
Acquitted of felony
Producer who intimidates consumer has engaged in what activity
Coercion
Producer saying a policy being sold is comprehensive when it is not called
Misrepresentation
Misrepresenting details of policy to encourage policy owner to replace that policy is
Twisting
What is replacement
Buy one policy and let one policy lapse
Would be considered an unfair claims practice
Not attempting in good faith to settle a claim
When replacing an existing life ins. policy which is NOT true
Insurer must report the replacement to the Life & Health Guaranty Assoc.
Penalty for an insurer guilty of a violation of Unfair Claims Settlement Practices Act
Civil Fine of $100 to $5000
All examples of misrepresentative EXCEPT
Producer advises insured a mutual has paid 5% dividend past 10 years
Producer misrepresenting details of policy to persuade policy owner to replace existing policy is called
Twisting
When one policy is exchanged for another
Replacement
