Stuff Flashcards
The commissioner must examine an insurer at least once every __ years?
5
Advance notice of a hearing on unfair trade practices must be at least how many days?
15
Penalty per violation fine for unknowingly committing an unfair act
$1,000
Maximum fine for unknowingly committing an unfair act
$10,000
Per violation fine for knowingly committing an unfair act
$5,000
Maximum fine for knowingly committing an unfair act
$50,000
Maximum fine for violating a cease and desist order (each violation)
$10,000
Insurance code violation penalty maximum and minimum
$100 to $10,000
Imprisonment maximum for insurance code violation
1 year
for insurance code violations, violators must pay fines within how many days?
10
Applicants must be at least how many years old?
18
A Name or address change must be reported to the commissioner within how many days
30
Producers must maintain transaction records for how many years?
5
Producer’s license may be reinstated within ___ months from the due date with payment of a penalty of double the unpaid license renewal fee
12 months
How long can a temporary producer license be issued (without an examination)
180 days
Producers must report within __ days any criminal prosecution, or civil administrative actions taken against the producer in any jurisdiction
30 days
Total CE hours required for each two-year licensing period
24 hours
Hours required in ethics and insurance law and regulations
3
If licensed in both life and/or disability, and property an casualty, then what CE hours are required
10 relating to life and disability
11 hours in property and casualty
3 hours in ethics and insurance law+ regulations
Licensees must maintain CE record for ___ years after completion.
4 years
The insurer must file a notice of appointment within __ days of the agency contract date, or first insurance application
15 days
An insurer that terminates an appointment must notify the commissioner within ___ days
30 days
Hawaii public adjusters are required to post a $___ bond
$10,000
The association’s maximum liability for worker’s compensation claims
Full Amount
The association’s maximum liability for the return of unearned premiums
$10,000
The association’s maximum liability per claimant for all other covered claims
$300,000
In surplus lines, the broker records must be maintained for how long after contract termination?
5 years
Rates must be filed with the commissioner ___ days before the effective date
30 days
Worker’s comp rates must be filed __ days prior to the effective date
90 days
Minimum PIP limit per person in Hawaii
$10,000
Pip benefits must be paid within___ days
30
Minimum liability Limits in Hawaii for motor vehicles, motorcycles, and motor scooters
$20,000 Bodily Injury per person
$40,000 Bodily injury per occurrence
$10,000 Property Damage
20/40/10
Notice of cancellation or non renewal required
30 days
Cancellation notice for nonpayment of premiums required
20 days
Motorcycles and motor scooter insurers are required to offer medical payments coverage of at least $___
$10,000
Total disability percentage of the employee’s average weekly earnings (subject to state max)
66.67%
Temporary disability waiting period is
3 days
Temporary disability benefits are what percentage of the difference between the wages before and after the injury
66.67%
At least __ days notice must be filed with the director of Labor and industrial Relations and the employer for cancellation of insurance contracts
10 days
Employers must report worker’s comp loss to the Director within how many days
7 days
If an injury results in immediate death, the employer must report to the Director within
48 hours
Within __ days after final compensation payment, the employer must make a final report to the Director
30 days
Under Hawaii law, revoked or suspended licenses will not be reissued until what occurs?
Proof of financial responsibility has been furnished
An insurance company that is formed in Canada would be
Alien
A person who acts on behalf of an insurance agency is called
an adjuster
Which of the following would be eligible under BOP
6 story apartment building
An agreement between an insured an the insurer that certain conditions will be met is called
A warranty
Where in the insurance contract does the company promise to do something
insuring agreement
An insured buys a CLP on a building and purposefully fails to tell her agent he only owns 50% of the building is an example of
concealment
What is permanent total disability
When an employee cannot work at any workforce
Who would be covered under workman’s compensation
servant of homeowner who works less than 40 hrs a week
When should an insured notify the insurer of a claim
promptly, immediately, ASAP, urgently
What is the purpose of a joint underwriting plan
To provide coverage to persons in high risk categories who cannot obtain insurance at a reasonable cost. ( high risk)
Who would be considered a named insured
The insureds 30 year old sister who lives with her
An order and notice of commissioner will not be effective unless
Signed by the commissioner, or under the commissioner’s authority
When an insurance company makes payment for lost of damage property the salvage belongs to
The insurer
A statement given by an insured following a loss is called
proof of loss
What is the difference between bond and insurance
A bond is between 3 people
Who set the rate for the insurance company
By individual company with their past experience
The insurance company which is owned by its policy holders
mutual insurers
Which of the following would be covered by marine insurance
bridges
When insured building is burned down and he decided he does not want it anymore and leave the building to the insurer, this is an example of
abandonment
If an insured has two different insurance coverage’s, how is it paid
Pro rata
What is the duty of Guaranty associations in Hawaii
To pay for any insurer that becomes insolvent
How should a Surplus line insurance act in the state of Hawaii
by employing a producer
What kind of actions are surplus lines insurance prohibited from doing
competing with a License insured.
Under what conditions will a Commissioner refuse to issue a license to an agent
If you are found untrustworthy
A standardized set of agreements offered by one party to another on a take it of leave it basis
adhesion contract
How much will workers compensation pay for a funeral
$1500
Who appoints a producer in the state of Hawaii
The insurer appoints their own producer
Returning a portion of the premium or the agent’s/broker/s commission on the premium to the insured or other inducements to place business with a specific insurer
rebate
What is the event which an unbroken sequence is the result
Proximate cause
An employee taking money or property away from the premises
messenger
What is replacement cost less depreciation
ACV
Part of bond- person doing the work
obligee
Part of bond- person wanting work done
principal
Part of bond- Guarantor of the bond make sure financial demand is paid
surety
Who appoints the insurance Commissioner
Director of Commerce and Consumer Affairs
Letter sent when the insured fails to report a claim in a reasonable amount of time the insurer will send a
Reservation of Rights
Professional liability insurance for a medical professional will cover
Nurse and other staff members ( also known as malpractice insurance)
PAP provides coverage in all of the following locations except
Mexico
Betty is in an accident in NY while on vacation. She is 100% at fault. She has a minimum Hawaii policy of 20\40\10. NY minimum policy required by law is 25\50\10. The driver of the other car sustains $18K in bodily injury and $15K in property damage . Assuming all charges are justified, what’s the total amount Betty’s insurance will pay?
$33K, Bettys insurance will pay according to NY law.
A provision in a property, renter’s , and homeowners’s insurance policy that excludes coverage for a lost item of considerable value if the cause of the loss cannot be sufficiently explained by the insured.
Mysterious disappearance
JUP provide auto coverage at no cost to whom
For persons on public assistance service
The CGL wold cover who
the director’s spouse who injured her finger in the filing cabinet
In an application for ocean marine insurance a yacht owner states that the yacht will only be sailed in inland waters. if the insured subsequently sails the yacht on the open seas, coverage may be denied because the insured has…
breached a warranty
Which of the following homeowner forms provide the least amount of peril coverage
HO-8
