pdf Flashcards
The insurer must file a notice of appointment within ___ days of the agency contract date, or first insurance application.
30 days
An insurer that terminates an appointment must notify the Superintendent within ___ days
30 days
Agents must receive notice of termination within ___ days after notifying the Superintendent.
15 days
Acknowledge receipt of a claim within ___ days
15 days
Respond to any communication from claimant within ___ days
15 days
Furnish response to an inquiry from the Department within ___ days
21 days
Closed claims data must be maintained for at least ___ years
3 years
Insurance fraud is a first degree misdemeanor, unless the amount of false claim is: ■ $1,000 but less than $7,500, then it is a ___-degree felony;
5th degree
$7,500 but less than $150,000, then it is a ___-degree felony; or
4th degree
$150,000 or more, then is a ___-degree felony.
3rd degree
Unfair Trade Practices
■ Maximum per violation fine for committing an unfair act
3,500
Maximum aggregate fine in any six month period for committing an unfair act
35,000
Maximum fine for violating a cease and desist order
10,000
Notice of Cancellation
■ ___ days in advance for nonpayment of premium
10
___ days in advance for all other reasons
30
days in advance for malpractice insurance
60
Notice of nonrenewal must be sent at least ___ days before the expiration date.
30 days
Renewal premium increase notice must be sent at least ___ days before expiration.
30 days
Ohio Mine Subsidence Underwriting Association
assumes up to $___ of risk per dwelling.
$300,000
Ohio Insurance Guaranty Association
The Association’s maximum liability per covered claim is as follows: ■ $___ in unearned premium
$10,000
■ $___ for bodily injury or death to any one person
$300,000
