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NC Life & Health Insurance > NC Life Insurance Regulations > Flashcards

NC Life Insurance Regulations Flashcards

1
Q

Department

A

Department of insurance of North Carolina

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2
Q

Commissioner

A

Commissioner of insurance of North Carolina

Elected to office, 4 year term. If vacant, governor fills in until next election.

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3
Q

NAIC

A

National association of insurance commissioners

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4
Q

Person

A

Individual, partnership, firm, association, corporation, joint-stock company or any similar entity.

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5
Q

Location of incorporation

A

Regardless of where an insurance company is incorporated, it must obtain a certificate of authority before transacting any business within the state.

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6
Q

Domestic insurer

A

Domestic: insurance company is incorporated within same state it conducts business

Foreign: company incorporated in another state or territorial possession. Alien: insurer that is incorporated outside of the United States.

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7
Q

Commissioner power and duties

A

Enforcing and carrying out of general statutes, adopting rules to enforce them, approving forms, examining financial reports, and reporting violations of insurance laws.

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8
Q

Class H felony

A

Any person with intent to injure, defraud, or deceive an insurer presents a false statement in support of a claim is guilty of class h felony.

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9
Q

Class C felony

A

Any agent, broker or administrator that embezzles more than 100k. If less than 100k it will be a class h felony.

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10
Q

Class I felony

A

Anyone who willfully misstates information.

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11
Q

Addition coinsurance clause

A

No insurer can issue a contract of property insurance requiring the insured to take out insurance larger than that expressed in policy.

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12
Q

Limited line credit insurance

A

Any type of credit insurance, mortgage life, mortgage guaranty, mortgage disability, automotive dealer gap insurance.

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13
Q

Limited lines insurance

A

Motor vehicle damage insurance, title insurance.

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14
Q

Resident

A

Person who lives in NC or any county outside the state that borders NC.

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15
Q

Commissioners term in office

A

4 years.

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16
Q

Insurers and agents must maintain a log of complaints

A

5 years.

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17
Q

To apply for a hearing

A

30 days.

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18
Q

Age to apply for license

A

18 years.

19
Q

Required pre licensing education for agent’s license

A

20 hours.

20
Q

Required pre licensing for Medicare

A

10 hours.

21
Q

Term of temporary license

A

180 days.

22
Q

To submit appointment notification to the commissioner

A

30 days.

23
Q

For insurer to notify the commissioner of the agent appointment termination

A

30 days.

24
Q

For insurer to notify agent of appointment termination

A

15 days.

25
Q

For insurer to supply proof of loss forms after receiving notice of loss

A

15 days.

26
Q

To supply access to recorded personal information, after written request

A

30 days.

27
Q

For a licensee to notify the commissioner of any change of address or e-mail address

A

10 days.

28
Q

For a licensee to notify the commissioner of any criminal convictions

A

10 days.

29
Q

CE requirements for all licenses

A

24 hours every two years depending on birth year.

30
Q

Ethics CE requirement

A

3 hours every compliant period.

31
Q

Flood insurance CE requirement for property, personal lines and adjusters

A

3 hours every other compliance period.

32
Q

Initial fine for violating insurance code

A

$100-$1000.

33
Q

Fine for willfully violating a cease and desist order

A

$1000-$5000 per count.

34
Q

Fine for violating insurance code following the issuance of a cease and desist order

A

$10,000-50,000.

35
Q

Broker’s bond

A

$15,000.

36
Q

Fine for willfully making false statements

A

$2,000-10,000.

37
Q

License registration fee

A

$50.

38
Q

Fine for soliciting membership in an unlawful fraternal benefit society

A

$1000-5,000.

39
Q

The maximum amount of the association’s liability to 1 individual

A

$300,000.

40
Q

The maximum amount of the association’s liability to 1 contract holder covered by an unallocated annuity

A

$5,000,000.

41
Q

Administrative fee for failing to notify the commissioner of change in residence or e-mail address within 10 business days

A

$50.

42
Q

Freedom of proceeds from creditor claims

A

Lawful beneficiary of an insurance policy is entitled to its proceeds against the creditors and representatives of the policyholder.

43
Q

Rights of minors

A

All minors age 15 and older may make contracts of insurance or annuity with any life insurance company.

44
Q

Fraternal benefit society

A

Life or health insurance company formed to provide insurance for members of an affiliated fraternal organization.

NC Life & Health Insurance (11 decks)

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