NC State Specific Flashcards
What is the length of the Commissioner’s term?
4 Years
What is the minimum age to obtain a producer’s license?
Age 18
Prelicensing Education Requires ___ __ Hours for life insurance licensing applicants
20 Hours
Prelicensing Education Requires ___ ___ Hours for Medicare supplement or long-term care license.
10 Hours
How many Continuing Credits (CE) are required each biennial compliance period?
24 Credits
Continuing Education (CE) Each Biennial Compliance Period Includes ___ credits on professional ethics
3
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
Prelicensing Education Requirements __ Hours for health insurance licensing applicants
20
An insurer should file a notice of appointment within ___ days after the first application is submitted.
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
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 Life or 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
(Individual Life insurance: Required provisions)
What is the Free look period?
10 days
(Individual life insurance: Required Provisions)
What is the Grace Period ?
31 days
(Individual life insurance: Required Provisions)
What is the Policy Reinstatement Provision?
5 years
(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
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
Nonresident producer must obtain resident license within _____ days of moving to North Carolina.
90 Days
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
The Commissioner must give _____ days written notice of all hearings ?
10
The commissioner is the head of the _________________ which regulates the insurance industry in the state.
North Carolina Department of Insurance
Any insurance agent or broker who embezzles any money is guilty of a _________________. (Misdemeanor or Felony)
Felony
Complaint Records: All insurers or their producers must maintain a log of written complains for ________ years.
5
Proof of Loss:
If written proof of loss is required but the insurer, it must furnish a blank form for that purpose within ________ days of receiving a Notice of claim.
15 Days
