125871
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 |
| Birthplace | Insurer are allowed to ask an applicants BIRTHPLACE for identification purposes but NOT to discriminate |
| Insolvency | Inability of insurer to meet its financial obligation when due. |
| Insolvency | Any impairment of minimum PAID-IN CAPITAL. |
| Paid-in Capital (Cushion) | Amount by which assets exceed liabilities. |
| Conservation | the act of the Commissioner taking over an insolvent insurers' business and being vested with its assets, books and records in an attempt to rehabilitate it. |
| Conservator | Rehabilitation is the primary goal of the Commissioner as Conservator |
| Refusal to turn over books, records or assets after Commissioner issues a seizure order during an insolvency proceeding will be guilty of MISDEMEANOR and subject to... | $1000 fine and/or Up to 1 year in jail |
| If commissioner determines that it is futile to proceed as conservator, he will liquidate and wind up the business of insurer. | If commissioner determines that it is futile to proceed as conservator, he will liquidate and wind up the business of insurer. |
| Efforts to Combat Fraud | DOI has Fraud Division and Insurance Companies have Fraud Units |
| Efforts to Combat Fraud | National Automobile Theft Bureau, Insurance Claims Analysis Bureau, Workers' Comp Fraud Reporting, Arson Information Reporting System |
| PERJURY | Insured guilty of PERJURY for signing fraudulent claim form |
| Committing fraud can result in... | 1, 2, 3, or 5 years in jail and/or $150,000 or 2x value of fraud Fine |
| Insurers CANNOT refuse an application or to issue insurance under LESS FAVORABLE conditions because of... | Color, National Origin/ Ancestry, Religion |
| Insurers CANNOT refuse an application or to issue insurance under LESS FAVORABLE conditions because of... | Sexual Orientation, Genetic Characteristics, Physical & mental impairments which do NOT increase risk |
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