Maine Insurance - Questions Frequently Missed (Answered) Correctly 2024!!

Maine Insurance - Questions Frequently Missed (Answered) Correctly 2024!! How much time does a person who was a party to a hearing have to appeal the order by the Superintendent? 30 days As a prerequisite to maintaining a license, licensees must complete a continuing education requirement every: 2 years If Jerry's insurance producer's license expires, how much time does he have to be reinstated without retaking the Maine insurance licensing examination? 2 years What is the maximum life insurance death benefit liability to the Maine Life and Health Guaranty Association for an individual? 300,000 If an insurance producer, changes their business address, how much time does she have to inform the Superintendent? 30 days What is the maximum prison sentence for someone who continues to be involved in the insurance business after their insurance producer license has been suspended? 6 months How much time does an insurance licensee have to apply a received premium? 30 days What is the minimum civil penalty for a corporation convicted of an insurance law violation? 2000 If an insurance producer, changes their business telephone number, how much time does she have to inform the Superintendent? 30 days What is the maximum major medical insurance liability to the Maine Life and Health Guaranty Association for an individual? 500,000 How much time does a person who was NOT a party to a hearing have to appeal the order by the Superintendent? 40 days What is the maximum civil penalty for a corporation convicted of an insurance law violation? 15,000 How much time does a producer who fails to pay their licensing fee have to pay before their license is suspended? 90 days How many days does an insurer have to inform the Superintendent of a producer's termination? 30 days If an insurance producer, changes their business telephone number, how much time does she have to inform the Superintendent? 30 days How much time does an insured normally have to file a notice of claim with their insurer after a health occurrence? 20 days If the Superintendent fails to act, how much time does someone have to file an appeal? 6 months Within how many days after informing the Superintendent of a producer's termination does the insurer have to inform the producer? 15 days The Superintendent may not issue a license to a person whose license has been revoked for at least: 1 year What is the maximum annuity benefit liability to the Maine Life and Health Guaranty Association for an individual? 250k A producer or business entity must keep a complete record of all transactions completed under the license at the place of business for at least: 3 years All of the following are contained in the policy summary, EXCEPT: Beneficiary Designations After a settlement contract is executed by all parties, the viator has the right to rescind the contract before: 30 days How much time does someone have to return a new life insurance policy for a full refund? 10 days What is the net payment index for a life insurance policy? The cost of the policy based on amount of premium and frequency of payment After a settlement contract payment is received, the viator has the right to rescind the contract before 15 days What is the surrender cost index for a life insurance policy? The cash value of a life insurance policy at a given time How many days does someone have to send funds to a viator after a beneficiary has been changed due to a settlement contract? 3 business days What is the maximum civil penalty for an individual convicted of an insurance law violation? 5,000 How does an insurer verify the personal characteristics of an applicant? Inspection report How much time does an insurer have to pay a claim once a proof of loss is verified?