Ohio Insurance Regulations Flashcards
An Agent (producer) is
someone who holds a license to sell insurance and represents an insurance company.
All Ohio Insurance Agents and business entities that hold a major line, limited line, and/or title insurance licenses are required to renew their license(s)
every two years
An individual seeking to renew either a resident insurance agent license or a nonresident insurance agent license shall
apply biennially for a renewal of the license on or before the last day of the licensee’s birth month.
A nonresident agent is
someone who holds a license to sell insurance and has permission to sell insurance in another state in which he does not reside.
The agent has a fiduciary responsibility to protect the insurer he represents. This includes, but is not limited to,
proper accounting of premiums and full disclosure of pertinent underwriting data.
A candidate must be at least
18 years old to hold a license to sell insurance.
An applicant must complete an approved pre-licensing course, and
pass a written examination in order to secure a license to sell insurance.
The Superintendent of Insurance may promulgate the laws of insurance. This means
make rule and regulation changes regarding insurance by public announcement.
And insurance application must be signed by
both the insured and the agent
If an agent has a license to perform duties of another regulated profession and the regulator of the other profession takes any administrative action against the dual licensed insurance agent, the agent must notify the Superintendent of Insurance within what time frame?
within 30 days of the final disposition of the administrative action.
An agent must notify the Ohio Department of Insurance regarding
being disciplined by another governmental agency with professional or financial licensing authority.
