NC State Laws and Regulations Flashcards
What is the length of the Commissioner’s Term?
4 years
The Commissioner will conduct an investigation of all domestic insurers at least once every how many years?
5 years
What is the timeframe to report change of address, administrative actions, or criminal prosecutions to the Commissioner?
10 days
What is the minimum fine per day for civil penalties for Violations of the North Carolina Insurance Code?
$100
What is the maximum fine per day for civil penalties for Violations of the North Carolina Insurance Code?
$1000
What is the Minimum age to obtain a producer’s license?
Age 18
Prelicensing Education Requirements
__ Hours for life insurance licensing applicants
20
Prelicensing Education Requirements
__ Hours for health insurance licensing applicants
20
Prelicensing Education Requirements
___ Hours for Medicare supplement or long-term care licenses
10
Continuing Education (CE) Each Biennial Compliance Period
___ continuing education credits
24
Continuing Education (CE) Each Biennial Compliance Period
Includes ___ credits on professional ethics
3
An insurer should file a notice of appointment within ___ days after the first application is submitted (Appointment of an Agent)
15
An insurer must file written notice of termination with the Commissioner within ____ days
30 days
An Insurer must mail a copy of the termination to the producer within ___ days after notifying the Commissioner.
15 days
Nonresident producer must obtain resident license with in ___ days of moving to North Carolina
90 days
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.
180 days
If an individual requests access to personal information obtained by an insurer, it must be provided within___ business days of the request.
30 days
An Insurer must act within ____ business days, if an individual requests correction, amendment, or deletion of information.
30 days.
Unfair Claims Practice or Unfair Method of Competition
Penalties- Minimum fine for each WILLFUL unfair practice violation
$1,000
Unfair Claims Practice or Unfair Method of Competition
Penalties- Maximum fine for each WILLFUL unfair practice violation
$5,000
Guaranty Association
The Maximum Liability for
- All life of health benefits including cash values
$300,000
Guaranty Association
The Maximum Liability for
-Basic medical, hospital, or surgical expense policies and major medical expense insurance
$500,000
Minors age ___ or older MAY enter into Life Insurance and annuity contracts
15 years
What is the Free look period?
(Individual life insurance Required Provisions)
10 days
What is the Grace Period ?
(Individual life insurance Required Provisions)
31 days
What is the Policy Reinstatement Provision?
(Individual life insurance Required Provisions)
5 years
Duties of Replacing Insurer
Free-look for life insurance replacements is
30 days
Duties of Replacing Insurer
Copies of notice regarding replacement must be maintained for how many years?
5 years
All accident and health insurance policies must be filed with the Commissioner and are considered approved if not rejected within ___days of filing
90 days
(Individual Health Insurance Policy Provisions )
What is the Free Look Period ?
10 days
(Individual Health Insurance Policy Provisions )
Proof of loss must be provided with in how many days?
180 days
(Group Health Insurance Policies)
A terminated employee must request continuation of coverage within how many days?
60 days
(Group Health Insurance Policies)
Premiums may not exceed ____%
102%
(Group Health Insurance Policies)
Coverage ceases ___ months after the employee’s date of termination
18 months
(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)
31 days
