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PFS Personal Lines > ON DEMAND: Texas Statutes and Rules Common to All Lines > Flashcards

ON DEMAND: Texas Statutes and Rules Common to All Lines Flashcards

1
Q

Duties Of The Department

Department of insurance Powers and Duties
- Control and supervise all insurance businesses in the state

A

Duties Of The Department

Department of insurance Powers and Duties
- Control and supervise all insurance businesses in the state

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2
Q

Duties Of The Department

Department of insurance Powers and Duties
- Enforce insurance laws

A

Duties Of The Department

Department of insurance Powers and Duties
- Enforce insurance laws

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3
Q

Duties Of The Department

Department of insurance Powers and Duties
- Issue licenses and certificates of authority

A

Duties Of The Department

Department of insurance Powers and Duties
- Issue licenses and certificates of authority

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4
Q

Duties Of The Department

Department of insurance Powers and Duties
- Approves policy forms

A

Duties Of The Department

Department of insurance Powers and Duties
- Approves policy forms

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5
Q

Duties Of The Department

Department of insurance Powers and Duties
- Conduct examinations, investigations, and hearings

A

Duties Of The Department

Department of insurance Powers and Duties
- Conduct examinations, investigations, and hearings

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6
Q

Duties Of The Department

Department of insurance Powers and Duties
- impose penalties

A

Duties Of The Department

Department of insurance Powers and Duties
- impose penalties

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7
Q

Duties Of The Department

Department of insurance Powers and Duties
- the Department of insurance does not sell premium rates or establish fines and penalties, those are defined by law

A

Duties Of The Department

Department of insurance Powers and Duties
- the Department of insurance does not sell premium rates or establish fines and penalties, those are defined by law

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8
Q

Duties Of The Department

Examination of Insurers
- How often are examinations required? (check your state)

A

Duties Of The Department

Examination of Insurers
- How often are examinations required? (check your state)

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9
Q

Duties Of The Department

Examination of Insurers
- applies to all authorized insurers

A

Duties Of The Department

Examination of Insurers
- applies to all authorized insurers

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10
Q

Duties Of The Department

Examination of Insurers
- Insurers pay for the examination

A

Duties Of The Department

Examination of Insurers
- Insurers pay for the examination

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11
Q

Types Of Licenses

PRODUCER (AGENT)
- Represents insurers

A

Types Of Licenses

PRODUCER (AGENT)
- Represents insurers

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12
Q

Types Of Licenses

PRODUCER (AGENT)
- Appointed to transact on behalf of the insurer

A

Types Of Licenses

PRODUCER (AGENT)
- Appointed to transact on behalf of the insurer

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13
Q

Types Of Licenses

BUSINESS ENTITY
- Corporation/association/partnership

A

Types Of Licenses

BUSINESS ENTITY
- Corporation/association/partnership

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14
Q

Types Of Licenses

BUSINESS ENTITY
- must have a designated agent

A

Types Of Licenses

BUSINESS ENTITY
- must have a designated agent

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15
Q

Types Of Licenses

NONRESIDENT
- Different home state

A

Types Of Licenses

NONRESIDENT
- Different home state

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16
Q

Types Of Licenses

NONRESIDENT
- Licensed to transact in resident and nonresident states

A

Types Of Licenses

NONRESIDENT
- Licensed to transact in resident and nonresident states

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17
Q

Types Of Licenses

TEMPORARY
- Issued for the continuation of existing business

A

Types Of Licenses

TEMPORARY
- Issued for the continuation of existing business

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18
Q

Types Of Licenses

TEMPORARY
- a short period of time

A

Types Of Licenses

TEMPORARY
- a short period of time

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19
Q

Types Of Licenses

TEMPORARY
- approved by the department

A

Types Of Licenses

TEMPORARY
- approved by the department

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20
Q

Types Of Licenses

TEMPORARY
- nonrenewable

A

Types Of Licenses

TEMPORARY
- nonrenewable

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21
Q

Types Of Licenses

TEMPORARY
- no more than 180 days usually

A

Types Of Licenses

TEMPORARY
- no more than 180 days usually

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22
Q

Agent Licensing And Appointment

AGENT LICENSING
- At least 18 years old

A

Agent Licensing And Appointment

AGENT LICENSING
- At least 18 years old

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23
Q

Agent Licensing And Appointment

AGENT LICENSING
- Pass licensing examination

A

Agent Licensing And Appointment

AGENT LICENSING
- Pass licensing examination

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24
Q

Agent Licensing And Appointment

AGENT LICENSING
- Complete application and pay fees

A

Agent Licensing And Appointment

AGENT LICENSING
- Complete application and pay fees

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25
Agent Licensing And Appointment AGENT LICENSING - Be of good character
Agent Licensing And Appointment AGENT LICENSING - Be of good character
26
Agent Licensing And Appointment AGENT APPOINTMENT - Insurer > Appoints producer
Agent Licensing And Appointment AGENT APPOINTMENT - Insurer > Appoints producer
27
Agent Licensing And Appointment AGENT APPOINTMENT - Insurer > files notice of agent appointment, pay appointment fees > Department of insurance
Agent Licensing And Appointment AGENT APPOINTMENT - Insurer > files notice of agent appointment, pay appointment fees > Department of insurance
28
Agent Licensing And Appointment AGENT APPOINTMENT - Agent may hold more than one appointment
Agent Licensing And Appointment AGENT APPOINTMENT - Agent may hold more than one appointment
29
Agent Licensing And Appointment MAINTAINING A LICENSE - Continuing education every licensing period (state specific)
Agent Licensing And Appointment MAINTAINING A LICENSE - Continuing education every licensing period (state specific)
30
Agent Licensing And Appointment MAINTAINING A LICENSE - renewal fees
Agent Licensing And Appointment MAINTAINING A LICENSE - renewal fees
31
Agent Licensing And Appointment MAINTAINING A LICENSE - current name and address
Agent Licensing And Appointment MAINTAINING A LICENSE - current name and address
32
Agent Licensing And Appointment MAINTAINING A LICENSE - Reinstatement rules
Agent Licensing And Appointment MAINTAINING A LICENSE - Reinstatement rules
33
CONTINUING EDUCATION REQUIREMENTS | - How many hours must licenses complete?
CONTINUING EDUCATION REQUIREMENTS | - How many hours must licenses complete?
34
CONTINUING EDUCATION REQUIREMENTS | - Are there ethics requirements?
CONTINUING EDUCATION REQUIREMENTS | - Are there ethics requirements?
35
CONTINUING EDUCATION REQUIREMENTS | - How long is a licensing period?
CONTINUING EDUCATION REQUIREMENTS | - How long is a licensing period?
36
NOTIFICATIONS TO THE DEPARTMENT Change of address - notify the insurance department within 30 days, check your state requirement
NOTIFICATIONS TO THE DEPARTMENT Change of address - notify the insurance department within 30 days, check your state requirement
37
NOTIFICATIONS TO THE DEPARTMENT Change of address - residential, business, and email address and phone numbers
NOTIFICATIONS TO THE DEPARTMENT Change of address - residential, business, and email address and phone numbers
38
NOTIFICATIONS TO THE DEPARTMENT Reporting actions - Report administrative actions taken against a producer within 30 days, check your state requirements
NOTIFICATIONS TO THE DEPARTMENT Reporting actions - Report administrative actions taken against a producer within 30 days, check your state requirements
39
NOTIFICATIONS TO THE DEPARTMENT Reporting actions - provide required documentation if charged with criminal conduct
NOTIFICATIONS TO THE DEPARTMENT Reporting actions - provide required documentation if charged with criminal conduct
40
COMMISSIONS AND COMPENSATION | - Producers must be licensed to receive compensation
COMMISSIONS AND COMPENSATION | - Producers must be licensed to receive compensation
41
Unfair Trade Practices MISREPRESENTATION - False, misleading, or deceptive statements about policy terms or benefits
Unfair Trade Practices MISREPRESENTATION - False, misleading, or deceptive statements about policy terms or benefits
42
Unfair Trade Practices FALSE ADVERTISING - Untrue, deceptive, or misleading statements in insurance advertising
Unfair Trade Practices FALSE ADVERTISING - Untrue, deceptive, or misleading statements in insurance advertising
43
Unfair Trade Practices REBATING - Offering benefits or services not specified in the policy (giving back some of your commission for buying)
Unfair Trade Practices REBATING - Offering benefits or services not specified in the policy (giving back some of your commission for buying)
44
Unfair Trade Practices TWISTING - Misleading comparison of policies to persuade insured to cancel or switch policies
Unfair Trade Practices TWISTING - Misleading comparison of policies to persuade insured to cancel or switch policies
45
Unfair Trade Practices DEFAMATION - Maliciously critical statements about a person or company "When you throw dirt, you lose ground." Take the high ground. Know your product and your competitor's product so you can fairly compare.
Unfair Trade Practices DEFAMATION - Maliciously critical statements about a person or company "When you throw dirt, you lose ground." Take the high ground. Know your product and your competitor's product so you can fairly compare.
46
Unfair Trade Practices UNFAIR DISCRIMINATION - Discrimination in rates, premiums, or benefits
Unfair Trade Practices UNFAIR DISCRIMINATION - Discrimination in rates, premiums, or benefits
47
Unfair Trade Practices FRAUD AND FALSE STATEMENTS FRAUD Any misrepresentation of a material fact, made knowingly and with the intent to deceive; an act of deceit or cheating
Unfair Trade Practices FRAUD AND FALSE STATEMENTS FRAUD Any misrepresentation of a material fact, made knowingly and with the intent to deceive; an act of deceit or cheating
48
Unfair Trade Practices FRAUD AND FALSE STATEMENTS FALSE OR FRAUDULENT STATEMENTS - Knowingly making false oral or written statements pertaining to any aspects of insurance or insurers
Unfair Trade Practices FRAUD AND FALSE STATEMENTS FALSE OR FRAUDULENT STATEMENTS - Knowingly making false oral or written statements pertaining to any aspects of insurance or insurers
49
Unfair Trade Practices FRAUD AND FALSE STATEMENTS If activities affect interstate commerce: PENALTY: - Fine - Imprisonment (10-15 years)
Unfair Trade Practices FRAUD AND FALSE STATEMENTS If activities affect interstate commerce: PENALTY: - Fine - Imprisonment (10-15 years)
50
Violations And Penalties VIOLATION - An insurer or agent is suspected of committing a violation or being involved in an unfair trade practice
Violations And Penalties VIOLATION - An insurer or agent is suspected of committing a violation or being involved in an unfair trade practice
51
Violations And Penalties VIOLATION - Department of insurance is notified, issues a statement of charges
Violations And Penalties VIOLATION - Department of insurance is notified, issues a statement of charges
52
Violations And Penalties HEARING - Aggrieved party may contest and request a hearing
Violations And Penalties HEARING - Aggrieved party may contest and request a hearing
53
Violations And Penalties HEARING - Advance notice of hearing
Violations And Penalties HEARING - Advance notice of hearing
54
Violations And Penalties HEARING - Hearing held promptly
Violations And Penalties HEARING - Hearing held promptly
55
Violations And Penalties HEARING - Aggrieved party has a chance to be heard
Violations And Penalties HEARING - Aggrieved party has a chance to be heard
56
Violations And Penalties OTHER PENALTIES - Cease and desist order
Violations And Penalties OTHER PENALTIES - Cease and desist order
57
Violations And Penalties OTHER PENALTIES - Established by state laws
Violations And Penalties OTHER PENALTIES - Established by state laws
58
Violations And Penalties OTHER PENALTIES - Imposed based upon hearing outcome
Violations And Penalties OTHER PENALTIES - Imposed based upon hearing outcome
59
Violations And Penalties OTHER PENALTIES - License denial/suspension/evocation
Violations And Penalties OTHER PENALTIES - License denial/suspension/evocation
60
Insurance Guaranty Association | - Nonprofit legal entity
Insurance Guaranty Association | - Nonprofit legal entity
61
Insurance Guaranty Association | - Protects insureds against insolvent insurers
Insurance Guaranty Association | - Protects insureds against insolvent insurers
62
Insurance Guaranty Association | - Funded by member insurers
Insurance Guaranty Association | - Funded by member insurers
63
Insurance Guaranty Association | - pays up to specified limits
Insurance Guaranty Association | - pays up to specified limits
64
Insurance Guaranty Association | - illegal to advertise association protection when selling insurance products
Insurance Guaranty Association | - illegal to advertise association protection when selling insurance products

PFS Personal Lines (10 decks)

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