NC Law Flashcards
If the commisioner finds that a filed rate does not comply with requirements, the Commissioner must notify the Bureau of the disapproval within how many days after the rate was filed?
50
According to North Carolina’s Insurance Information and Privacy Protection Act, an adverse underwriting decision for an individual insurance policy would include any of the following, except:
- Policy rescission
- Offering to insure at a rate that is higher than standard
- Terminating coverage on a specific policy
- An agent declining to make an application with the specific insurer the applicant requested
Policy rescission
How much time does an insurer have to notify the Commissioner after an agent’s appointment is terminated?
30 days
Agent R holds a North Carolina nonresident insurance license when they move to North Carolina. To continue being licensed, R must apply for resident licensure within
90 days of establishing legal residence
C is at fault in a major car accident and is subject to a $100 surcharge on C’s auto policy. C is then convicted of a traffic violation related to the accident, which is subject to a $75 surcharge. What surcharge is assessed on C’s policy?
$100, If an insured is at fault in an accident and is then convicted of a moving traffic violation in connection to the accident, only the higher premium surcharge between the accident and conviction may be assessed on the policy.
An agent who has adverse administrative action taken against them in another jurisdiction must report the adverse action to the Commissioner within how many days after the final disposition?
30 days
For the SDIP’s point system, the Bureau must obtain records of convictions for moving traffic violations from the DMV at least how frequently?
Every year
According to North Carolina Rate Bureau guidelines, an insurer must give the insured at least ________ advance written notice whenever the insurer changes the premium rate.
15
A rate currently being used by a member insurer of the North Carolina Rate Bureau is deemed by the Commissioner to be excessive, and the Commissioner orders the rate to be discontinued. After this order, the member insurer must: place in _____ the amount that is potentially excessive.
escrow
