Ohio Property and Casualty Insurance Exam Questions and Answers Updated 2024 (Rated 100%)

Ohio Property and Casualty Insurance Exam Questions and Answers Updated 2024 (Rated 100%) Financial Responsibility Law: drivers have proof that they have money to pay for accident where they are at fault 2. fraud: lie planned to trick others and make it leave other value 3. insolvency: you can't pay your claim 4. mine subsidence: damage to house (only) by cave in collapse of mine 5. negotiate: talk with prospective client of set type of insurance about their benefits 6. to negotiate you must be?: Licensed 7. sell: contract of insurance 8. solicit: try to sell insurance of any type 9. a nonresident agent: does not live in Ohio 10. how can you be a nonresident agent: submit the right application, be in good standing, have resident license 11. how long do you have to notify of an address change?: you have 30 days 12. when do you have to renew license by: every other year on or before the last day of your birthday month 13. how much is the fee to renew your license: the fee is 25 dollars 14. how many hours of CE courses do you have to have to renew: 24 hours, 3 ethics 15. who proves you took CE: you do 16. how do you get an extension on your renewal: military, disability, education 17. late renewal: within 2 months, pay 50 dollar late fee 18. can you suspend license for nonrenewal: yes 19. if you want to change your insurance agent name you must do what first: notify the super of insurance 20. how long are temp licenses good for: 180 days 21. how can you get temp license: agent disabled or dies, give to next in line 22. you can go inactive with insurance but you must not: go on to sell insurance 23. how long must you be out of duty for inactive: 2 years 24. go back active after 2 years?: notify super, pay 50 dollar fee 1 / 18 25. how can you get license taken away?: Fraud, fail to submit papers in time, misrep, felony 26. violate law: up to 25,000 fee with suspension 27. if you violate how long must you be out of business: 5 years 28. what happens if you get a cease and desist: you must stop business and have hearing 29. how much is fine if you dont listen to cease and desist: 10,000 30. work without a license, what is fine?: 25-500, prison up to 6 months 31. unauthorized company fine?: 25-500, 6 months jail 32. violate rules: 25-500, 1 year jail time 33. if you don't file proper insurance documents?: 100-500 dollar fine 34. what happens if you have to have a hearing: notice before suspension, written or in newspaper 35. must want a what to avoid the hearing: consent agreement 36. if you are in ad/civil court you must notify super by: 30 days 37. if you are in criminal court you must notify super: immediately 38. if indicited you must notify super by: 14 days 39. what does the super of insurance do: they ensure laws are followed, make pre requirements, renew yearly 40. insolvency: you can't pay within 30 days