NC State Laws and Regulations

Question 1

What is the length of the Commissioner’s Term?

Answer 1

4 years

Question 2

The Commissioner will conduct an investigation of all domestic insurers at least once every how many years?

Answer 2

5 years

Question 3

What is the timeframe to report change of address, administrative actions, or criminal prosecutions to the Commissioner?

Answer 3

10 days

Question 4

What is the minimum fine per day for civil penalties for Violations of the North Carolina Insurance Code?

Answer 4

$100

Question 5

What is the maximum fine per day for civil penalties for Violations of the North Carolina Insurance Code?

Answer 5

$1000

Question 6

What is the Minimum age to obtain a producer’s license?

Answer 6

Age 18

Question 7

Prelicensing Education Requirements
__ Hours for life insurance licensing applicants

Answer 7

20

Question 8

Prelicensing Education Requirements
__ Hours for health insurance licensing applicants

Answer 8

20

Question 9

Prelicensing Education Requirements
___ Hours for Medicare supplement or long-term care licenses

Answer 9

10

Question 10

Continuing Education (CE) Each Biennial Compliance Period
___ continuing education credits

Answer 10

24

Question 11

Continuing Education (CE) Each Biennial Compliance Period
Includes ___ credits on professional ethics

Answer 11

3

Question 12

An insurer should file a notice of appointment within ___ days after the first application is submitted (Appointment of an Agent)

Answer 12

15

Question 13

An insurer must file written notice of termination with the Commissioner within ____ days

Answer 13

30 days

Question 14

An Insurer must mail a copy of the termination to the producer within ___ days after notifying the Commissioner.

Answer 14

15 days

Question 15

Nonresident producer must obtain resident license with in ___ days of moving to North Carolina

Answer 15

90 days

Question 16

The Commissioner may issue a temporary producer license for a maximum of ___ days to a surviving spouse, business partner, or employee if a producer dies, becomes disabled, of is called to active military service.

Answer 16

180 days

Question 17

If an individual requests access to personal information obtained by an insurer, it must be provided within___ business days of the request.

Answer 17

30 days

Question 18

An Insurer must act within ____ business days, if an individual requests correction, amendment, or deletion of information.

Answer 18

30 days.

Question 19

Unfair Claims Practice or Unfair Method of Competition
Penalties- Minimum fine for each WILLFUL unfair practice violation

Answer 19

$1,000

Question 20

Unfair Claims Practice or Unfair Method of Competition
Penalties- Maximum fine for each WILLFUL unfair practice violation

Answer 20

$5,000

Question 21

Guaranty Association
The Maximum Liability for
- All life of health benefits including cash values

Answer 21

$300,000

Question 22

Guaranty Association
The Maximum Liability for
-Basic medical, hospital, or surgical expense policies and major medical expense insurance

Answer 22

$500,000

Question 23

Minors age ___ or older MAY enter into Life Insurance and annuity contracts

Answer 23

15 years

Question 24

What is the Free look period?
(Individual life insurance Required Provisions)

Answer 24

10 days

Question 25

What is the Grace Period ?
(Individual life insurance Required Provisions)

Answer 25

31 days

Question 26

What is the Policy Reinstatement Provision?
(Individual life insurance Required Provisions)

Answer 26

5 years

Question 27

Duties of Replacing Insurer
Free-look for life insurance replacements is

Answer 27

30 days

Question 28

Duties of Replacing Insurer
Copies of notice regarding replacement must be maintained for how many years?

Answer 28

5 years

Question 29

All accident and health insurance policies must be filed with the Commissioner and are considered approved if not rejected within ___days of filing

Answer 29

90 days

Question 30

(Individual Health Insurance Policy Provisions )
What is the Free Look Period ?

Answer 30

10 days

Question 31

(Individual Health Insurance Policy Provisions )
Proof of loss must be provided with in how many days?

Answer 31

180 days

Question 32

(Group Health Insurance Policies)
A terminated employee must request continuation of coverage within how many days?

Answer 32

60 days

Question 33

(Group Health Insurance Policies)
Premiums may not exceed ____%

Answer 33

102%

Question 34

(Group Health Insurance Policies)
Coverage ceases ___ months after the employee’s date of termination

Answer 34

18 months

Question 35

(Group Health Insurance Policies)
Conversion to an individual policy must happen within ___ days of termination of a group continuation coverage (no evidence of insurability is required)

Answer 35

31 days