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Licensing 101 > Texas State Laws and Regs > Flashcards

Texas State Laws and Regs Flashcards

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1
Q

The commissioner is appointed by the governor for a period of how many years?

A

2 years

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2
Q

A commissioner must have at least ____ years’ experience in business and government.

A

5 years

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3
Q

The commissioner must provide a _________ surety bond.

A

$50,000

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4
Q

State fees in excess of ____ must be submitted by electronic transfer

A

$500,000

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5
Q

Persons must respond to Commissioner inquiries within ____ days

A

15 days

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6
Q

Penalties
Department must send notice of violation within ____ days of findings

A

14 days

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7
Q

Penalties
Response from alleged violator must be within ____days of receipt

A

20 Days

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8
Q

Penalties
Maximum penalty for insurance code violations

A

$25,000

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9
Q

Licensing and Continuing Education
minimum age for license

A

Age 18

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10
Q

Licensing and Continuing Education
waiting period to reapply if license is denied or revoked

A

5 years

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11
Q

Licensing and Continuing Education
Temporary License is valid for up to _____ days

A

180 days

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12
Q

Continuing Education (CE) per renewal period

Total CE requirement

A

24 hours

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13
Q

Continuing Education (CE) per renewal period

Ethics and consumer protection CE requirement

A

3 hours

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14
Q

Product Specific Initial Training and Ongoing CE requirements
Long Term care partnership policies

Initial Certification Course ____ hours

A

8

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15
Q

Product Specific Initial Training and Ongoing CE requirements
Long Term care partnership policies

CE requirement every 2 years ____ hours

A

4 hours

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16
Q

Product Specific Initial Training and Ongoing CE requirements
Small employer health benefit plans

initial certification course _____hours

A

8 hours

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17
Q

Product Specific Initial Training and Ongoing CE requirements
Small employer health benefit plans

CE requirement every 2 years _____ hours

A

4 hours

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18
Q

Product Specific Initial Training and Ongoing CE requirements
Medicare Related Products

Initial training requirement ____ hours

A

8 hours

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19
Q

Product Specific Initial Training and Ongoing CE requirements
Medicare Related Products

CE requirement every 2 years _____ hours

A

4 hours

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20
Q

Product Specific Initial Training and Ongoing CE requirements
Annuity Products

Initial certification course ____ hours

A

4 hours

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21
Q

Product Specific Initial Training and Ongoing CE requirements
Annuity Products

CE requirement every 12 months _____ hours

A

4 hours

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22
Q

Continuing education records must be kept for ____ years

A

4 years

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23
Q

License Renewal

Business entity agent licenses are renewed every ____ years after the license is issued.

A

2 years

24
Q

License Renewal

Agent licenses for individuals are renewed every ____ years based on their birth year (even/odd numbered birth years renew in even/odd numbered years)

A

2 years

25
Q

License Expiration and Reinstatement

If a license has been expired for ___ days or less, it may be renewed by paying the renewal fee plus a %50 penalty.

A

90 days

26
Q

License Expiration and Reinstatement

A license expired more than ____ days but less than one year cannot be renewed; a new license may be issued with no exam upon payment of license fee and penalty fee.

A

90 days

27
Q

License Expiration and Reinstatement

if the license is expired more than ____ year(s) all requirements for a new license (including an exam) must be met

A

1 year

28
Q

Reporting of Actions

Change of address, felony convictions, or administrative actions must be reported to the Commissioner on a ____ basis

A

Monthly

29
Q

Unfair Trade Practices

Suspected fraudulent acts must be reported to the commissioner or law enforcement with in ___ days

A

30 days

30
Q

Violation of Cease and Desist Orders

Max penalty for each violation

A

$1,000

31
Q

Violation of Cease and Desist Orders

Max penalty for ALL violations

A

$5,000

32
Q

Texas Life, Accident, Health, and Hospital Service Insurance Guaranty Association
The Association’s maximum liability per person

Life Insurance death benefit

A

$300,000

33
Q

Texas Life, Accident, Health, and Hospital Service Insurance Guaranty Association
The Association’s maximum liability per person

Life insurance cash value

A

$100,000

34
Q

Texas Life, Accident, Health, and Hospital Service Insurance Guaranty Association
The Association’s maximum liability per person

Cash Value in annuities

A

$250,000

35
Q

Texas Life, Accident, Health, and Hospital Service Insurance Guaranty Association
The Association’s maximum liability per person

Basic hospital, medical-surgical, or major medical insurance

A

$500,000

36
Q

Texas Life, Accident, Health, and Hospital Service Insurance Guaranty Association
The Association’s maximum liability per person

Disability and long-term care benefits

A

$300,000

37
Q

Texas Life, Accident, Health, and Hospital Service Insurance Guaranty Association
The Association’s maximum liability per person

Other health insurance benefits

A

$200,000

38
Q

Required LIFE insurance policy provisions

Policy loans must be available after_____ policy years

A

3 years

39
Q

Required LIFE insurance policy provisions

Settlement of death benefit

A

2 months

40
Q

Required LIFE insurance policy provisions

Time limit for legal action may not be less than ____ years

A

2 years

41
Q

Required LIFE insurance policy provisions

Right to return, or lookback period is _____ days

A

15 days

42
Q

Prohibited LIFE insurance policy provisions

Policy cannot be backdated more than ____ months

A

6 months

43
Q

Group Life/ Conversion to individual Policy

Allowed within ___ days of coverage

A

31 days

44
Q

Accident and Health Insurance/ Medicare Supplement

Maximum pre-existing exclusion period

A

6 months

45
Q

Accident and Health Insurance/ Medicare Supplement

Open Enrollment with in ___ months of enrolling in Medicare part B, and being age 65 or older

A

6 months

46
Q

Accident and Health Insurance/ Medicare Supplement

Right to return (free look)

A

30 days

47
Q

Accident and Health Insurance/ Medicare Supplement

Guaranteed issue is available to those who had prior group health or Medicare Advantage coverage who apply for a Medicare supplement within ___ days after the date of termination or disenrollment of the prior coverage.

A

63 days

48
Q

Advertisements must be submitted ___ days prior to use

A

60 days

49
Q

Accident and Health Insurance/ Medicare Supplement
Permitted Compensation

Medicare supplement first-year commission can be no more than ___% of the commissions paid for selling or servicing the policy in the second year.

A

200%

50
Q

Long Term Care

Provides coverage for not less than ___ months

A

12 months

51
Q

Long Term Care

Minimum inflation protection percentage is

A

5%

52
Q

Long Term Care

Maximum pre-existing exclusion period

A

6 months

53
Q

Small group health insurance

Small employer employs at least 2, but not more than ___ eligible employees.

A

50

54
Q

Small group health insurance

A minimum of ____% of employees must elect coverage

A

75%

55
Q

Texas Statute and rules pertinent to HMOs
Notice of Cancellation

____ days in advance for nonpayment of amounts due under the contract (no notice is required for failure to pay premium)

A

30 days

56
Q

Texas Statute and rules pertinent to HMOs
Notice of Cancellation

____ days in advance for fraud or intentional material misrepresentation

A

15 days

57
Q
A

Licensing 101 (27 decks)

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