MN P&C Flashcards
Appointment – the insurer must file a notice of appointment with how many days of first sale by the producer?
15 days
an insurer that terminates an appiontment with an agent must notify the commisisoner within how long?
30 days
how many days to send written notice of termiantion to the producer?
15 days
how many days after receiving written termination from the insurer does the agent have to send comments to the Commissioner?
30 days
penalty for failing to appoint producer is $___ per offense up to $___ maximum per unappointed producer
$25, $300
producer must notify comissionsioner within how many days if theres administrative action or criminal prosecution?
30 days
notify Commish within how many days after felony or gross misdemeanor?
10 days
lapsed licensee can reinstate within how many months?
12 months
penalty for rebating?
60 to 600 per violation
the insurer must reply to customer claims and inquiries within how many days?
10
policies must be delivered to the insured within ___ working days of the producers receipt from the insurere
30 days
Producer: financial and complain records must be kept on file for ____ years
6 years
premium refunds must be sent to the insured within ___ days of ht eproducers reciept from the insurer
5 days
Insurer: policy forms, applications, and advertising must be retained for ___ years after the effective date
3 years
insurer: claim records must be retained for ____ years after the claim is paid or denied
3 years
Insurers: complaint records must be retained for ___ years from the date received
4 years
insurer: refund unearned premium to the insured within ___ days
30
oral binders must be put in writing to the insured within ____ business days
5
applicant of the consumer report challenge in how many days?
30
bad credit report stays on for how many?
7 years
bankruptcy?
10 years
free look for life insurance?
10 days
free look for life insurance replacements?
30 days
Individual life insurance policy Grace Periods
1 month
a life policy may be backedated up to ___ months before the app date
6
Group Life
1. Former employees may continue coverage for how many months after?
2. max charged?
3. employee has how many days to elect continue coverage?
- 18 months
- 102%
- 60 days
years to determine a STOLI?
4
days to notify insurer of disabled childs continued coverage?
31
Medicare Supplement Plans
policy must cover preexisting ___ months
for something not treated during the first ___ days
6 months, 90 days
days for free look of medicare supplements
30
Medicare Supplement Plans
open enrollment within ____ of enrolling in Meidcare Part B, age 65 or older
6 months
penalty for violating medicare supplement laws
5k
Long Term Care must include a waiting time of how many days
180
penalty for violating long term care laws
10k
HMO
Grace period
31 days
HMO
evidence of coverage issued within ___ of effective date
14 days
free look for individual HMO contracts
10 days
annual open enrollment period for HMO
14 days at least
employee means someone that works at least ____ days
20
number of eligible full time employees for small group health plan
1-50
violation for health carrier not to exceed
25k for each violation
Long Term Care
___ hour partnership course prior to selling LTC
____ hour refresher course every two years after initial training
8/4 hours
commissioner examines each insurer every ___ years
5
