118861
Description
Flashcards by Det Ferraris, updated more than 1 year ago
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Created by Det Ferraris
almost 11 years ago
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| Question | Answer |
| Errors & Omission (E&O) Insurance | Type of liability insurance designed to cover financial losses for which a professional is responsible because of errors, negligence or omissions. |
| E&O Insurance | Covers: Erros,Negligence and Omissions. $500 deductible or higher. $1M coverage or more. NOT cover criminal/unfair trade practices. Policies are NOT standardized. |
| NO FREE INSURANCE | Illegal, Cannot be offered as incentive to purchase an item. |
| Name Filing Requirements | True Name/ DBA, DBA may be disapproved if name is too similar to once already in use, name state licensee is underwriter,implies activities not allowed or misleads public. 2 Names Max |
| Names that CANNOT be disapproved | Bonafide Natural Name, CLU (Chartered Life Underwriter for Life Agents), CPCU (Chartered P&C Undewriter for Fire & Casualty) |
| ACCEPTABLE CHOISES for when an agent wants to attach a corporations name on stationery or advertisements | Representing, a stockholder of, using services of, placing business through |
| Changes of address on file including EMAIL, RESIDENCE, BUSINESS, MAILING must be reported to DOI | Changes of address on file including EMAIL, RESIDENCE, BUSINESS, MAILING must be reported to DOI |
| Upon receipt of a written demand, Original or Certified copy must be turned in to DOI within 30 days. | Upon receipt of a written demand, Original or Certified copy must be turned in to DOI within 30 days. |
| Records SHALL BE AVAILABLE for inspection or examination by the commissioner AT ALL TIMES. | Records SHALL BE AVAILABLE for inspection or examination by the commissioner AT ALL TIMES. |
| Records of policy delivery must be kept for 5 YEARS. | Records of policy delivery must be kept for 5 YEARS. |
| Required Life & Disability Records | Original Application, Premiums, all policies within 5 years, correspondence, comparisons of benefits, Outline of Coverage |
| A Conviction following a Nolo Contendere plea is still deemed to be a conviction. | A Conviction following a Nolo Contendere plea is still deemed to be a conviction. |
| Restricted License | Special license in which holder has no property right in it and it may be suspended or revoked WITHOUT a hearing or cause. |
| Permanent License | As long as its renewed, updated, and you continue to do required continuing training and don't break any rules, you can keep the license. |
| Reason to be Denied License with RIGHT TO A HEARING | Convited Felony, Convicted Misdemeanor involving Insurance Law. |
| Denial of License WITHOUT right to a hearing | Convicted Felony and Convicted Misdemeanor involving insurance law (NOT CHARGED). License denied within 5 years. License revoked/suspended within 5 years. |
| Nolo Cotondere | No Contest=Neither plead guilty/not guilty in front of a judge |
| Appoint | Once an agent is licensed, he needs to be APPOINTED by an insurer before he can transact (SELL) insurance. |
| Notice of Appointment | Form that grants permission to act as an agent and sell a particular line of insurance on behalf of the insurer. The appointment is effective on the date the form is signed by the insurer. |
| Insurance Agents | Agents are Appointed and Brokers are NOT. |
| F&C Broker-Agent can either be Broker/Agent, he is acting as an insurance agent NOT as a broker to the insurers for whom he has been appointed with. | F&C Broker-Agent can either be Broker/Agent, he is acting as an insurance agent NOT as a broker to the insurers for whom he has been appointed with. |
| Life Only Agent | Cannot act as an agent of insurer unless appointed by the insurer. Once agent applies and insurer accepts, insurer must appoint the agent 14 days of receipt of application. |
| Class of Disability | includes Health, disability income, Long term care and Medicare Supplement policies. |
| An Accident & Health Broker-Agent must be appointed prior to selling disability products on behalf of disability insurer. | An Accident & Health Broker-Agent must be appointed prior to selling disability products on behalf of disability insurer. |
| Disability products can only be sold by agents. | Disability products can only be sold by agents |
| F&C Broker-Agent cannot sell disability products as a broker. | F&C Broker-Agent cannot sell disability products as a broker. |
| Implied Declaration | When an insurer files a Notice of Appointment, they declaring that the applicant has Good Reputation and is Worthy of license sought= Implied Declaration. |
| Appointment Termination | Appointment is terminated when: License Expires, Agent Quits, License is inactive, Termination of Appointment is filed. |
| Inactive License | No Appointments |
| Reasons for Denial of License but WITH RIGHT TO A HEARING | Unqualified to perform duties, Lacks Intergrity/Reputation, Lied to License App/Policy, Exposed Incompetence, Violated CIC, Acted as agent before licensed, Submitted fake certificate. |
| Convicted of a crime=Not proved Guilty but pleaded Nolo Contendere | Convicted of a crime=Not proved Guilty but pleaded Nolo Contendere |
| Charged for a crime= Proved Guilty | Charged for a crime= Proved Guilty |
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