Missouri State Insurance Laws Flashcards
Missouri Fair Plan
purpose is to serve as a last resort to obtain basic property insurance
When cancelling or non-renewing coverage
the fair plain must send written notice to the insured at least 30 days before the date of cancellation or now renewal.
Max coverage for habitational dwelling(fair plan)
$200,000
max coverage for commercial policy(fair plan)
$1 million
The time frame of the insured to appeal(fair plan)
30 days
insured property is inspected(fair plan)
every 4 years
inland marine insurance
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.
in Missouri inland marine policy may cover
imports, exports, domestic shipments, instrumentalities, of transportation, personal property floaters risks, and commercial property floaters
when must a producer notify the director of any change in legal address
within 30 days
a producer license may be revoke for all of the following reasons except
learning another producer stole money
if the department of insurance denies a producer license application, the applicant may request a hearing within how many days of denial
30 days
Rebating
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.
Misrepresentation in insurance
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.
misrepresentations and false advertising of insurance policy
making a statement in any estimate, ilsstration, sales presentation, or comparison.
Defamation
making any false or maliciously critical statement regarding the financial condition of another insurer with the intent to injure that insurer.
Boycott, Coercion, Intimidation
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.
Failure to maintain compliant handling procedures
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.
making a false statement about the benefits or the nature of an insurance policy is what unfair trade practice?
misrepresentation
a producer is guilty of what unfair trade practice when making a derogatory statement about competing insurers financial condition
coercion
Under Missouri law, what standard of care and conduct is required of producers when receiving money from, or on behalf of insurers or policyholders
fiduciary responsibility
all of the following are true about personal insurance transactions, except
the may use any professional designation to instill confidence about the sale of the insurance to seniors
commission may only
be paid to a producer who is dully licensed, at the time of sale, for the line of insurance sold.
covered claims
must be submitted no later than 30 days after the determination of an insurers insolvency
Fiduciary
one who is entrusted to care for, or act on behalf, another.
