Missouri Insurance Flashcards
How many days does an insurer have to acknowledge a claim to comply with Missouri’s Unfair Claims Settlement Practices Act?
10 days
Roberta has replaced her sports car with a sedan. Under the terms of her auto policy, how long does she have to notify her insurer of the change?
30 days
Notice of nonrenewal of a commercial casualty insurance policy must be in writing and mailed or delivered to the named insured at least how many days prior to the effective date?
60 days
What percentage to be declared a constructive total loss?
75 to 80 percent
A leased vehicle will be treated as an owned vehicle if it is leased to the named insured under a written contract for at least how many months?
6 months
If the covered auto suffers a loss from a collision or other-than-collision peril, the insured’s temporary transportation expenses are paid when this coverage is listed in the declarations. The policy pays up to how much per day with a maximum of how much?
$20 per day with a maximum of $600
This is authority that the insurer does not grant or even intend for the producer to have, but nonetheless appears to be granted by the insurer based on the producer’s statements and the actions (or inactions) of the insurer.
Apparent Authority
This authority consists of actions that extend beyond what is explicitly provided in the agency agreement but are necessary to carry out the duties expected of the producer.
Implied Authority
Who can apply to the Joint Underwriting Association for medical malpractice liability insurance?
Any health care provider
A person asserting a claim against an insured under an insurance policy is termed what kind of claimant?
Third-party Claimant
How soon after receipt must an insurer acknowledge that it has been notified of a claim?
10 days
If an insurer terminates a producer’s appointment with that company, it must notify the Director of Insurance within how many days following the effective date of the termination?
30 days
Transacting insurance in Missouri without a certificate of authority is what?
An insurer that transacts insurance without a certificate of authority is guilty of a class C felony.
Is rebating prohibited?
Yes.
A producer must deliver a newly issued policy to the applicant within how many days?
A producer must give a written insurance binder or policy to the insured within 30 days after the coverage is bound or the policy is issued.
Producers must inform the Missouri Department of Insurance of a change of address in writing within how many days?
30 days
How many days notice if an insurer does not renew a PAP?
20 Days
How many days after an inspection must a report be sent?
5 Days
When does discovery-based coverage apply?
Applies to loss during the policy period and 60 days after.
When does loss sustained coverage apply?
Applies to loss during the policy period and 1 year after.
Does the BOP cover damages arising from the loss of electronic data?
No.
Policy records much be maintained for how long?
The duration of the current policy period plus two calendar years.
What does symbol 3 show coverage for?
Coverage for owned private passenger autos.
What percentage of flooding occurs in moderate- to low-risk flood zones?
20 percent
A producer must give a written insurance binder or policy to the insured within how many days after the coverage is bound or the policy is issued.
30 days
The BOP provides an annual aggregate of up to what for the cost of replacing or restoring electronic data that has been destroyed or corrupted by a covered cause of loss.
$10,000
When a business entity is licensed as a producer, who in the company is responsible for compliance with Missouri law?
A designated individual producer
