Regulations (CH 1)

Question 1

Insurance fraud- false or deceptive claim amounts and degrees of penalty

Answer 1

fifth degree- amount of false claim between $1,000 and $7,500.
fourth degree- amount of claim between $7,500 and $150,000.
third degree- more than $150,000

Question 2

Temporary Licenses issued can not exceed a period of —- days

Answer 2

180 days of issue

Question 3

In lieu of license suspension or revocation, superintendent can require an agent to:

Answer 3

enter into a specific consent agreement designed to rectify the violation.

Question 4

For a claim, loss must be approved or denied within ____ days

Answer 4

21 days

Question 5

The main purpose of the Ohio Insurance Guaranty Association is to

Answer 5

pay the claims of insolvent member insurance companies

Question 6

Policy termination- notice must be mailed to insured at the last known address with at least _____ notice

Answer 6

• 10 days notice for non-payment of premium

- 30 days notice for reason other than non-pay

Question 7

Ohio FAIR Plan Underwriting Association

Answer 7

Basic Property, Homeowners, and some limited Farm Insurance coverage available for qualified person who have been unable to secure coverage in normal market.

Question 8

In order to be eligible for Ohio FAIR Plan an insured certifies:

Answer 8

• the property is not vacant or severely physically deficient.
• the property is free of outstanding tax assessments.
• At least two Ohio insurers declined to write coverage, citing underwriting reasons.

Question 9

Ohio Commercial Insurance Joint Underwriting Association

Answer 9

the non-profit unincorporated joint underwriting association established under section 3930.03 of the Revised Code

Question 10

Ohio Commercial market assistance plan

Answer 10

the mechanism created to respond to assist commercial insurance buyers in Ohio in obtaining difficult-to-place commercial insurance coverages.

Question 11

In order to be considered an act of terrorism,

Answer 11

the act must cause damage in excess of 5 million dollars

Question 12

minimum split Auto Liability limits are:

minimum combined single limit for bodily injury and property damage

Answer 12

25,000 per bodily injury
50,000 per occurrence for bodily injury
25,000 per occurrence for property damage

combined single limit for bodily injury and property damage is $75,000

Question 13

Uninsured/Underinsured motorist- the owner/operator of a motor vehicle that

Answer 13

• has no bodily injury liability bond or insurance policy covering owner’s liability,
• insurer denies coverage to owner/owner is insolvent
• identity of the negligent owner or operator cannot be determined
• owner has diplomatic or other legal immunity

Question 14

Before using an assumed name you must:

Answer 14

notify the department of insurance

Question 15

Required continuing education (CE) requirements

Answer 15

24 hours every two years, 3 of which are Ethics.

Question 16

Maximum fine the superintendent can impose on any agent for any violation?

Answer 16

$25,000.