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Life Insurance Law Exam DE.

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Module Sports Nutrition - Final Exam
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Life Insurance Law Exam DE.

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Life Insurance Law Exam DE
How is Commissioner of insurance chosen? - ANS-Qualified Electors

Commissioner's term of office - ANS-4 years

Producer Regulation - ANS-- Must be licensed in the line of authority for which the
agent transacts insurance
- Must be appointed by insurer to transact on insurer's behalf
- Avoid unfair trade practices

How often does commissioner conduct examination of any insurer? - ANS-At least once
every 5 years

When must a notice of hearing be delivered? - ANS-at least 20 days prior to date of
hearing

If person aggrieved of an act wants to submit a written application for hearing, when
must it be filed by? - ANS-Within 90 days after act was violated

If application filed and deemed made in good faith, when must hearing be held? -
ANS-Within 30 days after filing application

Appeal after the order on hearing? - ANS-60 days

Unintentional Act - ANS-Penalty of not more than $1,000 for each violation,. not to
exceed an aggregate penalty of $150,000 in any 6-month period

Intentional Act - ANS-Penalty of not more than $10,000 for each violation, not to exceed
an aggregate penalty of $150,000 in any 6 month period

Agent - ANS-Licensed producer appointed by the insurer

Broker - ANS-Licensed producer who represents policyholders and is not a direct rep of
any insurance company

Consultant - ANS-Licensee of the department who offers advice, counsel, opinion or
service regarding benefits

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