UNIT 2

Question 1

Insurance code

Answer 1

Body of laws at state level.

Question 2

Statues

Answer 2

The body of law developed by the legislative branch of government. They outline the duties of the commissioner and the activates of the Department of insurance

Question 3

Rules and Regulations

Answer 3

Developed by department of insurance to expand upon statutory requirements and legislative intent.

Question 4

Commissioner, Superintendent, or director of insurance

Answer 4

This person has broad powers to supervise and regulate insurance affairs within state. in charge of making certain all insurance operations within the state are in compliance with the laws made by the state legislature.

Question 5

regulating insurance companies

Answer 5

the manner in which the company must be organized, the requirements for incorporation, and the amounts for minimum capital and surplus.

Question 6

Annual Statment

Answer 6

Each insurance company must report its financial condition in an annual statement

Question 7

investments

Answer 7

All states have regulations that are intended to ensure that insurers invest in only high-quality assets to prevent insolvencies.

Question 8

What do Insurance regulations take place at?

Answer 8

State Level

Question 9

When does Federal Regulations come in at?

Answer 9

They Oversee areas not covered by state regulations

Question 10

Consumer Rights

Answer 10

Is when the information in their files is inaccurate or incomplete they are able to dispute which will make the agency reinvestigate and correct it.

Question 11

Notice To Applicant

Answer 11

Must be issued to all all applicants for life an health insurance coverage which informs that a report will be ordered concerning their past credit history and other life and health insurance they have previously applied for.

Question 12

pretext interview

Answer 12

is an interview whereby a person, in attempt to obtain information about another person, pretends to be someone else, misrepresents the true purpose of the interview, or refuses to properly identify himself.

Question 13

How many times are there examinations of insurer’s?

Answer 13

Once every three years

Question 14

Proper marker conduct

Answer 14

means conducting insurance business fairly and responsibly

Question 15

Guaranty associations

Answer 15

are organized to protect claimants, policy-holders, annuitants, and creditors of financially impaired or insolvents insurers by providing funds for the payments of claims and other related policy benefits

Question 16

Buyers Guide

Answer 16

Is a document providing basic information about insurance policies

Question 17

Policy summary

Answer 17

life insurance

Question 18

Outline of coverage

Answer 18

Health insurance