stuff you MUST review Flashcards
The insurance business is mainly regulated by
individual states
free look period in KY is
10 days
lapsed life insurance may be reinstated within
3 years
if agent requests a hearing due to suspended/revoked licesnse, the court has ____ amount of days to conduct the hearing
10
KY life and health guaranty association
designed to protect against impaired or insolvent insurers
fine for violating HIV disclosure procedures is
$50-100
how long can someone hold a temp license in the state of ky?
180 days
what is true if applicant for Medicare supplement policy is eligible? (3 things)
- coverage must be made on guaranteed issue basis
- insurer may impose exclusions for pre existing conditions
- all medicare supplement policies must be guaranteed renewable
controlled business
policies written on people that the producer has direct influence over (be sure to study insurance contracts)
replacement notice
*look at group insurance
if your license laps, you have ____ months to reinstate it without re taking the exam
12
adjuster
investigates or settles claims arising under insurance contracts on behalf of the insured or insurer
as appointed head of insurance dept, the commissioner will serve no more than ____ years and remains in office for no more than ____years (same amount of time)
4; 4
once an employee is terminated, they have ___days to convert from group to individual insurance policy
31
churning
replacing policies for the sole purpose of making commission
