Missouri State Insurance Laws

Question 1

Missouri Fair Plan

Answer 1

purpose is to serve as a last resort to obtain basic property insurance

Question 2

When cancelling or non-renewing coverage

Answer 2

the fair plain must send written notice to the insured at least 30 days before the date of cancellation or now renewal.

Question 3

Max coverage for habitational dwelling(fair plan)

Answer 3

$200,000

Question 4

max coverage for commercial policy(fair plan)

Answer 4

$1 million

Question 5

The time frame of the insured to appeal(fair plan)

Answer 5

30 days

Question 6

insured property is inspected(fair plan)

Answer 6

every 4 years

Question 7

inland marine insurance

Answer 7

type of property insurance designed for exposures that are not insurable on other type of policies. a by product of ocean marine insurance, which provided insurance for movable property that is transported by sea.

Question 8

in Missouri inland marine policy may cover

Answer 8

imports, exports, domestic shipments, instrumentalities, of transportation, personal property floaters risks, and commercial property floaters

Question 9

when must a producer notify the director of any change in legal address

Answer 9

within 30 days

Question 10

a producer license may be revoke for all of the following reasons except

Answer 10

learning another producer stole money

Question 11

if the department of insurance denies a producer license application, the applicant may request a hearing within how many days of denial

Answer 11

30 days

Question 12

Rebating

Answer 12

other than as permitted by law or expressly stated in an insurance contact, paying, giving, or allowing any of the following as inducement for a person to purchase an insurance policy.

Question 13

Misrepresentation in insurance

Answer 13

making false or fraudulent statements on an insurance application, or pertaining to an insurance application, for the purpose of securing a fee, commission, money, or other benefit from any insurance company, agency, agent, broker, or other person.

Question 14

misrepresentations and false advertising of insurance policy

Answer 14

making a statement in any estimate, ilsstration, sales presentation, or comparison.

Question 15

Defamation

Answer 15

making any false or maliciously critical statement regarding the financial condition of another insurer with the intent to injure that insurer.

Question 16

Boycott, Coercion, Intimidation

Answer 16

entering into action that results in an unreasonable restraint of trade or monopoly in the insurance business. an example is a mortgage requiring as a condition of a home loan that the applicant purchase homeowners insurance from the mortgage company.

Question 17

Failure to maintain compliant handling procedures

Answer 17

failure of any person to maintain a complete record for at least 3 years, of all written complaints received. a compliant is any written communication that has as its primary purpose the expression of grievance.

Question 18

making a false statement about the benefits or the nature of an insurance policy is what unfair trade practice?

Answer 18

misrepresentation

Question 19

a producer is guilty of what unfair trade practice when making a derogatory statement about competing insurers financial condition

Answer 19

coercion

Question 20

Under Missouri law, what standard of care and conduct is required of producers when receiving money from, or on behalf of insurers or policyholders

Answer 20

fiduciary responsibility

Question 21

all of the following are true about personal insurance transactions, except

Answer 21

the may use any professional designation to instill confidence about the sale of the insurance to seniors

Question 22

commission may only

Answer 22

be paid to a producer who is dully licensed, at the time of sale, for the line of insurance sold.

Question 23

covered claims

Answer 23

must be submitted no later than 30 days after the determination of an insurers insolvency

Question 24

Fiduciary

Answer 24

one who is entrusted to care for, or act on behalf, another.

Question 25

Employers required to provide workers compensation in Missouri has Minimum of how many employees

Answer 25

5

Question 26

within how many days must an employee report a workplace injury

Answer 26

30

Question 27

Burial expenses up for death benefits

Answer 27

up to 5000. must be paid within 30 days after the employer receives notice.

Question 28

cannot non-renew because of the license revocation of a household member, however, it may issue an operator exclusion endorsement

Answer 28

an insurer

Question 29

minimum limits of financial responsibility in Mo

Answer 29

25/50/10

Question 30

when a binder is issued an not replace by a policy

Answer 30

the insurer may waive the binder fee if it is $20 or less

Question 31

a insurer terminating a property for non-payment of premium, or because the insured committed arson, must give the insured

Answer 31

a 10 day notice

Question 32

a personal floater cover wedding presents up to

Answer 32

90 days after the wedding

Question 33

producers are

Answer 33

not contracted by the FAIR plan and don’t have the authority to bind coverage of accept premium payments on behalf of the FAIR plan

Question 34

producers have

Answer 34

fiduciary responsibilities to both their insurers and clients under MO insurance condition.

Question 35

the producer license fee

Answer 35

$100

Question 36

each year the producer

Answer 36

must complete 16 hours of continuing education during each 2 year license

Question 37

resident license renew

Answer 37

every 2 years in the state of mo

Question 38

Joint Underwriting Association

Answer 38

provides a stable facility for medical malpractice insurance.

Question 39

JUA policy limits

Answer 39

cannot exceed 1 million claimant and aggregate of 3 million for all claimants in a policy yr.

Question 40

a form issued by the auto insurer and field with the state after a person’s license has been suspended. the insurance company charges a fee to issue the form

Answer 40

SR22

Question 41

a formed issued by an insurer to state that a person no longer has an SR22 on file with the insurer.

Answer 41

SR26