Disability and Life Washington Test Correct 100%(RATED A+)

Insurance Commissioner - ANSWER Head of Office of Insurance Commissioner, is in charge of company supervision, consumer protection, and rates and forms. -Elected on a 4 year term -Pays 25k bond -Must examine records at least every 5 years Has Power to: -Issue rules to carryout or enforce the state insurance code -Hold investigations, -Hold examinations to see if anyone has broken the code. If commish has reason to believe someone has broken the code, they can: -Issue a cease and desist order -sue to stop the person from continuing the action -Do both If Someone found guilty commish can: -Suspend, revoke, or refuse to issue a license: Must give 15 day warning and hearing can be asked for. If hearing happens, must give 10 day warning. -Impose a civil penalty If someone doesnt have a license they can pay up to a 25k fine per infraction Filing Rates and Forms - ANSWER -Must be filed at least 30 days before use -If not rejected automatically approved after 30 days -Commish can extend approval period by 15 days -Premiums have to be approved too Penalties for breaking insurance code - ANSWER -It is a misdemeanor -Fine of $10-$1000 must be paid 15 to 30 days after given -Imprisonment for up to 364 days -both -Any other appropriate penalty An Insurer is: - ANSWER -Insurance Company -Fraternal Benefit Society -Certified Health Plan -Health Maintanence Org. -Health Care Service contractor Not Insurance - ANSWER -Travel or auto services (like AAA) -Private air ambulance -Travel emergency service "Insurance License" is called - ANSWER -Certificate of Authority Insurance Gauranty Association - ANSWER -Protects insureds for 500k for: Life, medical, disability, annuity -100k to gvt retirement benefit plan -Can not be advertised -Happens if insurer is not solvent Temporary License - ANSWER -Can be granted for 180 days -To surviving spouse or court appointed beneficiary for purpose of sale of business -To member of business if owner dies -To person who will take over business while employee is on active duty for military -To serve the public interest Nonresident Producer License - ANSWER -Currently Licensed as a producer in their home state -Fulfilled application requirements and paid fees -The applicants home state will also grant nonresident licenses on the same basis Exceptions to those who need licenses: - ANSWER -Officer, director, etc... of an insurance company who doesn't get commission -Someone who just enrolls individuals with plans without getting commission P