NORTH CAROLINA MEDICARE SUPPLEMENT FINAL PAPER
2025 QUESTIONS WITH SOLUTIONS RATED A+
✔✔How long must a NC Insurance firm keep policy documents? - ✔✔7 years
✔✔Commissioner must give ___ days written notice of all hearings - ✔✔10 days
✔✔Commissioner duties - ✔✔- execute NC insurance laws
- Furnish necessary reporting forms to insurance companies
- review annual statements from insurance companies
conduct examinations of all domestic insurers at least once every 5 years
- Report any violations of insurance laws to the Attorney General
✔✔Injunctions - ✔✔Whenever it appears to the Commissioner that a person has
violated an insurance law, the commissioner may apply to the courts for a restraining
order and injunction
✔✔What happens if a conviction of a criminal violation is found by commissioner? -
✔✔Automatically suspends the insurance license of that person
✔✔What happens is an insurance licensee is accused of any misconduct that could
subject the license to suspension or revocations, the licensee with the consent and
approval of the Commissioner, may - ✔✔surrender the license for a period of time
established by the Commissioner
✔✔A person or entity who surrenders a license is - ✔✔not eligible for licensure during
the period of license surrender
✔✔Refusal to provide records subjects the licensee to license suspension or
revocation, and if convicted, the licensee is - ✔✔guilty of a misdemeanor
✔✔The commissioner may _______ the license of any licensee who willfully knows that
a person has violated either the fraudulent claims or embezzlement provisions and does
not notify the commissioner - ✔✔suspend, revoke, or refuse to renew license
✔✔A person who knowingly presents a false or fraudulent claim to an insurer is guilty of
- ✔✔a felony
✔✔Immunity for reporting fraud - ✔✔unless a person acted maliciously, a person
required to furnish information to the commissioner as part of a fraud investigation is not
subject to civil liability for libel or slander for providing the required information
✔✔Embezzlement - ✔✔Any insurance agent or broker who embezzles any money
received is guilty of a felony
, ✔✔If a licensee is convicted in any court for any crime or offense, other than a motor
vehicle infraction, the licensee must notify the commissioner in __________ of the
conviction within _________ days of the conviction date - ✔✔in writing of the conviction
within 10 days of the conviction date
✔✔Insurance Code violations may result in - ✔✔license suspension or revocation,
monetary penalty, and restitution
✔✔True or false: Each day on which a violation occurs constitutes a separate violation -
✔✔True
✔✔The civil penalty will be in addition to any criminal penalty - ✔✔True
✔✔Upon petition of the Commissioner, the court may order - ✔✔restitution to make
whole any person harmed by the violation
✔✔All insurers or their producers must maintain a log of written complaints that: -
✔✔List the nature of the complaint, include the insured's policy or claim number; and,
explain the disposition of the complaint
✔✔The complaint log must be retained for ___ - ✔✔5 years
✔✔What makes up unfair descrimination? - ✔✔Blindness or partial blindness, deafness
or partial deafness, Race, color, or national or ethnic origin
✔✔Lenders _______ require the purchase of insurance from them or from an affiliate or
subsidiary of the lender as a condition to making renewing, refinancing, refinancing, or
setting the terms of a loan. - ✔✔may not
✔✔Lenders may disapprove an insurer or agent as long as long as the disapproval is -
✔✔reasonable
✔✔Real estate lenders for one-to four familty residences must - ✔✔accept as evidence
of insurance a temporary written insurance contract or binder
✔✔If written proof of loss is required by the insurer, it must furnish a blank form for that
purpose within ___ days of receiving a notice of claim from the claimant - ✔✔15 days
✔✔An insurer or producer may accept payment of an insurance premium by credit card
or debit card if: - ✔✔- the insurer does not unfairly discriminate; and
- the insurer pays the fees charged by the credit or debit card company
2025 QUESTIONS WITH SOLUTIONS RATED A+
✔✔How long must a NC Insurance firm keep policy documents? - ✔✔7 years
✔✔Commissioner must give ___ days written notice of all hearings - ✔✔10 days
✔✔Commissioner duties - ✔✔- execute NC insurance laws
- Furnish necessary reporting forms to insurance companies
- review annual statements from insurance companies
conduct examinations of all domestic insurers at least once every 5 years
- Report any violations of insurance laws to the Attorney General
✔✔Injunctions - ✔✔Whenever it appears to the Commissioner that a person has
violated an insurance law, the commissioner may apply to the courts for a restraining
order and injunction
✔✔What happens if a conviction of a criminal violation is found by commissioner? -
✔✔Automatically suspends the insurance license of that person
✔✔What happens is an insurance licensee is accused of any misconduct that could
subject the license to suspension or revocations, the licensee with the consent and
approval of the Commissioner, may - ✔✔surrender the license for a period of time
established by the Commissioner
✔✔A person or entity who surrenders a license is - ✔✔not eligible for licensure during
the period of license surrender
✔✔Refusal to provide records subjects the licensee to license suspension or
revocation, and if convicted, the licensee is - ✔✔guilty of a misdemeanor
✔✔The commissioner may _______ the license of any licensee who willfully knows that
a person has violated either the fraudulent claims or embezzlement provisions and does
not notify the commissioner - ✔✔suspend, revoke, or refuse to renew license
✔✔A person who knowingly presents a false or fraudulent claim to an insurer is guilty of
- ✔✔a felony
✔✔Immunity for reporting fraud - ✔✔unless a person acted maliciously, a person
required to furnish information to the commissioner as part of a fraud investigation is not
subject to civil liability for libel or slander for providing the required information
✔✔Embezzlement - ✔✔Any insurance agent or broker who embezzles any money
received is guilty of a felony
, ✔✔If a licensee is convicted in any court for any crime or offense, other than a motor
vehicle infraction, the licensee must notify the commissioner in __________ of the
conviction within _________ days of the conviction date - ✔✔in writing of the conviction
within 10 days of the conviction date
✔✔Insurance Code violations may result in - ✔✔license suspension or revocation,
monetary penalty, and restitution
✔✔True or false: Each day on which a violation occurs constitutes a separate violation -
✔✔True
✔✔The civil penalty will be in addition to any criminal penalty - ✔✔True
✔✔Upon petition of the Commissioner, the court may order - ✔✔restitution to make
whole any person harmed by the violation
✔✔All insurers or their producers must maintain a log of written complaints that: -
✔✔List the nature of the complaint, include the insured's policy or claim number; and,
explain the disposition of the complaint
✔✔The complaint log must be retained for ___ - ✔✔5 years
✔✔What makes up unfair descrimination? - ✔✔Blindness or partial blindness, deafness
or partial deafness, Race, color, or national or ethnic origin
✔✔Lenders _______ require the purchase of insurance from them or from an affiliate or
subsidiary of the lender as a condition to making renewing, refinancing, refinancing, or
setting the terms of a loan. - ✔✔may not
✔✔Lenders may disapprove an insurer or agent as long as long as the disapproval is -
✔✔reasonable
✔✔Real estate lenders for one-to four familty residences must - ✔✔accept as evidence
of insurance a temporary written insurance contract or binder
✔✔If written proof of loss is required by the insurer, it must furnish a blank form for that
purpose within ___ days of receiving a notice of claim from the claimant - ✔✔15 days
✔✔An insurer or producer may accept payment of an insurance premium by credit card
or debit card if: - ✔✔- the insurer does not unfairly discriminate; and
- the insurer pays the fees charged by the credit or debit card company
