Missouri Property and Casualty State Laws exam with answers

Missouri Property and Casualty State |\ |\ |\ |\ |\




Laws exam with answers
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National Association of Insurance Commissioners
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(NAIC) - CORRECT ANSWERS ✔✔writes rules and statutes
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for legeslature
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Director of the Department of Insurance is appointed by -
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CORRECT ANSWERS ✔✔Governor, with the advice and
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consent of the senate. |\ |\ |\




The Director can only be involved with an insurance
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company as a - CORRECT ANSWERS ✔✔Policy holder
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Director has full power and authority to - CORRECT
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ANSWERS ✔✔Regulate the Department of Insurance,|\ |\ |\ |\ |\ |\



Interpret laws, Examine records of insurer, examine the
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insurer's records every 5 years, determine solvency, Bring
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suit in Circuit Court to enjoin any illegal act, enforce
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compliance with the laws, administratively subpoena |\ |\ |\ |\ |\ |\



documents and witnesses in any investigation |\ |\ |\ |\ |\

,The Director must give ____ days written notice of
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hearings regarding rule changes - CORRECT ANSWERS
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✔✔15


All Insurers doing business in Missouri must obtain a -
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CORRECT ANSWERS ✔✔Certificate of Authority from the
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Director.
Failure to do so is a felony.
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Who may examine the affairs of any person or
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organization involved in an insurance transaction? -
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CORRECT ANSWERS ✔✔The Director or the Chief
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Examiner


A producer's appointment letter may be revoked by the -
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CORRECT ANSWERS ✔✔insurer |\ |\




Any company or individual being examined must provide
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any requested records within ___ days. - CORRECT
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ANSWERS ✔✔10 |\




Each Insurer must file all policies, applications,
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endorsements, and rates for the - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\ |\



✔✔Director's approval. |\

,The Director must approve or reject any form or rate filing
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within____ days - CORRECT ANSWERS ✔✔60
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The Director may issue __________________________ to any
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insurance company or person violating the law. - |\ |\ |\ |\ |\ |\ |\ |\



CORRECT ANSWERS ✔✔cease and desist orders |\ |\ |\ |\ |\




The person is entitled to a public hearing before the
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Director if a request for a hearing is made in
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writing to the Director within _____ days. - CORRECT
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ANSWERS ✔✔15 |\




The person may be represented by a __________ at the
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hearing. - CORRECT ANSWERS ✔✔Lawyer |\ |\ |\ |\




The Director may issue a - CORRECT ANSWERS ✔✔Fine of
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up to $1,000 for each unintentional violation, but not to
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exceed $100,000 in any 12 month period.
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Fine of up to $25,000 for a flagrantly intentional violation,
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not to exceed $250,000 in any 12 month
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period.
Order of forfeiture of up to $100 for each intentional
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violation of the insurance laws. |\ |\ |\ |\




License suspension or revocation. |\ |\ |\

, The Director may order - CORRECT ANSWERS
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✔✔restitution from the "Consumer Restitution Fund" |\ |\ |\ |\ |\ |\



established to distribute to |\ |\ |\




aggrieved consumers funds obtained through the
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Director's enforcement proceedings. |\ |\




Missouri requires the following to be licensed - CORRECT
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ANSWERS ✔✔Life and Annuity Producer (and Variable Life
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or Annuity Producer);
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• Accident and Health Producer (Health);
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• Property Producer;
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• Casualty Producer;
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• Personal Lines Producer;
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• Prepaid Legal Producer;
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• Limited Lines Credit Producer (no exam required);
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• Crop Producer;
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• Limited Lines Travel Producer (no exam required);
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• Limited Lines Surety Producer;
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• Title Producer;
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• Surplus Lines Broker; and
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• Public Adjuster.
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The following do not take the exam and do not get an
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appointment letter - CORRECT ANSWERS ✔✔Third Party |\ |\ |\ |\ |\ |\ |\