Lesson 11: NC Statutes & Regulations Pertinent to Life Insurance Questions and Answers Graded A+ |100% Complete

Lesson 11: NC Statutes & Regulations Pertinent to Life Insurance Questions and Answers Graded A+ Contract of Insurance Agreement by which the insurer is bound to pay money or its equivalent, or do some act of value to the insured upon and as an indemnity or reimbursement for the destruction, loss, or injury of something in which the party has an interest. Commissioner Commissioner of Insurance of NC or authorized designee -Heads state Department of Insurance -Responsible for fair ratemaking, injury prevention efforts, and close regulation of insurance solvency and industry practices. Department Department of Insurance of NC NAIC National Association of Insurance Commissioners Person individual, partnership, firm, association, corporation, joint-stock company, trust, any similar entity, or combination acting together. Commissioner's Election and Term of Office -Elected by the people; same as General Assembly and State officers. -Term begins January 1st after they are elected and is 4 years or until someone else is elected. -Governor fills in any vacancy in an unexpired term. Powers and Duties of Commissioner -prescribe the necessary forms and financial statements to entities as described in Chapter 58. -report any violations of the law by insurance companies to the Attorney General -give synopsis of any insurance contract offered to citizens -administer oaths required in the discharge of Commissioner's official duty. -compile and make available list of rates charged and explanation of coverage for: Insurance against loss to residential real property and Private passenger (nonfleet) motor vehicle -administer and enforce provisions of Patient Protection and Affordable Care Act and the provisions of the Health Care and Education Reconciliation Act of 2010. Examination, Hearings, and Investigations -examinations, hearings, and investigations may be conducted by the Commissioner personally. -Commissioner may arrest with warrant or have person arrested if there is evidence of criminal activity. -All hearings must be held in ordinance with NC General Statutes and be at a time/place designated in a written notice by the Commissioner and given to the person cited. -Notice must state subject of inquiry and any charges. Restraining Orders; Criminal Convictions