LESSON 11: NC STATUTES & REGULATIONS
PERTINENT TO LIFE INSURANCE |
COMPREHENSIVE STUDY GUIDE, PRACTICE
QUESTIONS AND CORRECT ANSWERS
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
, 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 -Restraining orders are given when any person violates or threatens to violate Chapter
58, or Article A of Chapter 143 of the General Statutes.
-Application must be given in the superior court of any county.
-When licensee is convicted in court, their license is suspended until reinstated by the
Commissioner.
-Conviction: adjudication of guilt, plea of guilt, and plea of nolo contendere.
PERTINENT TO LIFE INSURANCE |
COMPREHENSIVE STUDY GUIDE, PRACTICE
QUESTIONS AND CORRECT ANSWERS
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
, 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 -Restraining orders are given when any person violates or threatens to violate Chapter
58, or Article A of Chapter 143 of the General Statutes.
-Application must be given in the superior court of any county.
-When licensee is convicted in court, their license is suspended until reinstated by the
Commissioner.
-Conviction: adjudication of guilt, plea of guilt, and plea of nolo contendere.
