Social Science Business Insurance
Nebraska Dynamics-Introduction To Crop-
Hail Exam
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Students also studied
Mortgage Disclosure and Title Insur... Chapter 19: Insurance Chapter 17 Chapte
7 terms 13 terms 64 terms 5 terms
qmoore1914 Preview sydneewittmer24 Preview Joudi_Saadeh4 Preview amy
a person applying for a resident insurance producer license must submit a uniform
process
application to the director
-be at least 18 years of age
-has not committed any act that is a ground for denial, suspension, or revocation
-has completed a pre-licensing course of study for the lines of authority for which
characteristics of a process the person has applied
-has paid the required fees
-has successfully passed the examinations for the lines of authority for which the
person has applied
agents/producers must be appointed by each company they represent and licensed
producer
to sell the insurance companies products
a consultant counsels or advises people FOR A FEE regarding the advantages and
consultants disadvantages, insurable risks, benefits, coverage, or provisions of any insurance
policy that could be issued in the state
a person who is not a legal resident of Nebraska may be licensed to act in this state
resident vs. non resident
as a nonresident agent without taking a written examination
if it is necessary for the survival of a business, the DIRECTOR may issue a temporary
temporary insurance producer license WITHOUT REQUIRING AN EXAMINATION FOR A
PERIOD OF UP TO 180 DAYS
-the surviving spouse, next of kin, or a personal representative of a deceased or
disable producer
temporary licenses apply to the following -the designee of a licensed producer who enters active service in the armed forces
individuals of the United States
-in any other circumstance approved by the director in the best interest of the public
-90 days, Director can assign another 90 days if necessary
Who regulates insurance laws? state legislatures
producer
two types of licensees
consultant
, licenses are issued to expire when the licensee's age is DIVISIBLE BY TWO, on the
last day of the month of their birthday, a license will continue in effect until refused,
renewal
revoked, or suspended buy the director , licenses may be renewed within 90 days
prior to expiration
every producer licensed in NEBRASKA MUST NOTIFY THE DIRECTOR IN WRITING
WITHIN 30 DAYS of any change of name or address in his or her residence or
name or address change
business address, anyone failing to provide such a notification may be SUBJECT TO A
FINE OF UP TO $500 per violation, suspension of the person license, or both
any agent, broker, or agency that has violated an insurance law and as a result has
action taken against them to another jurisdiction or by another governmental agency
reporting of actions
in the state must report such action to the director, this report must be filed within 30
days of either the date of arraignment or final disposition of the action
any producer who wishes to use a name other than his/her legal name MUST NOTIFY
assumed names
THE DIRECTOR PRIOR TO DOING SO
it is illegal to issue, publish, or circulate any illustration or sales material that is false,
misrepresentation-lie misleading, or deceptive as to policy benefits or terms, the payment of dividends,
this also refers to oral statements
advertisements cannot include any untrue, deceptive, or misleading statements that
false advertising
apply to the business of insurance or anyone who conducts it
any inducement offered to the insured in the sale of insurance products that is not
rebating
specified in the policy, both the offer and acceptance of rebate are illegal
California
two states that allow rebating?
Florida
it is illegal to be involved and is intended to restrict fair trade or to create a
boycott, coercion, or intimidation
monopoly
occurs when an oral or written statement is made that is intended to injure a person
defamation of insurer engaged in the insurance business, this also applies to statements that are
maliciously critical of the financial condition of any person or company
discrimination in rates, premiums, or policy benefits for persons within the same class
unfair discrimination
or with the same life expectancy is illegal
-crop insurance 3 hours plus 3 hours of industry ethics
continuing education requirements
-all other lines of insurance 21 hours plus 3 hours of industry ethics
if the director denies an application for a license, the director must notify the
applicant in writing for the reason of denial, WITHIN 30 DAYS OF RECEIVING THIS
right to hearing NOTIFICIATION, applicant may make a written demand to the director for a hearing
on the matter, THIS HEARING MUST OCCUR WITHIN 30 DAYS OF THE DIRECTORS
RECEIPT OF THE DEMAND
director may issue the order, person who receives this order is legally required to
cease and desist order stop the act that is in violation of Nebraska insurance laws, MINIMUM fine up to
$1,000, fine can be increased up to $15,000 per violation, not to exceed $150,000
up to $500 may be levied in addition to or in lieu of any applicable denial,
fines
suspension, probation, or revocation of a license
the violator of an y cease and desist order is subject to suspension or revocation of
suspension, revocation, or refusal to issue
any insurance license or certificate of authority issued under the laws of Nebraska
-director is appointed by the governor
directors general duties and powers -directors duty to administer and enforce the Nebraska code of insurance and the
laws and regulations related to insurance
Nebraska Dynamics-Introduction To Crop-
Hail Exam
Save
Students also studied
Mortgage Disclosure and Title Insur... Chapter 19: Insurance Chapter 17 Chapte
7 terms 13 terms 64 terms 5 terms
qmoore1914 Preview sydneewittmer24 Preview Joudi_Saadeh4 Preview amy
a person applying for a resident insurance producer license must submit a uniform
process
application to the director
-be at least 18 years of age
-has not committed any act that is a ground for denial, suspension, or revocation
-has completed a pre-licensing course of study for the lines of authority for which
characteristics of a process the person has applied
-has paid the required fees
-has successfully passed the examinations for the lines of authority for which the
person has applied
agents/producers must be appointed by each company they represent and licensed
producer
to sell the insurance companies products
a consultant counsels or advises people FOR A FEE regarding the advantages and
consultants disadvantages, insurable risks, benefits, coverage, or provisions of any insurance
policy that could be issued in the state
a person who is not a legal resident of Nebraska may be licensed to act in this state
resident vs. non resident
as a nonresident agent without taking a written examination
if it is necessary for the survival of a business, the DIRECTOR may issue a temporary
temporary insurance producer license WITHOUT REQUIRING AN EXAMINATION FOR A
PERIOD OF UP TO 180 DAYS
-the surviving spouse, next of kin, or a personal representative of a deceased or
disable producer
temporary licenses apply to the following -the designee of a licensed producer who enters active service in the armed forces
individuals of the United States
-in any other circumstance approved by the director in the best interest of the public
-90 days, Director can assign another 90 days if necessary
Who regulates insurance laws? state legislatures
producer
two types of licensees
consultant
, licenses are issued to expire when the licensee's age is DIVISIBLE BY TWO, on the
last day of the month of their birthday, a license will continue in effect until refused,
renewal
revoked, or suspended buy the director , licenses may be renewed within 90 days
prior to expiration
every producer licensed in NEBRASKA MUST NOTIFY THE DIRECTOR IN WRITING
WITHIN 30 DAYS of any change of name or address in his or her residence or
name or address change
business address, anyone failing to provide such a notification may be SUBJECT TO A
FINE OF UP TO $500 per violation, suspension of the person license, or both
any agent, broker, or agency that has violated an insurance law and as a result has
action taken against them to another jurisdiction or by another governmental agency
reporting of actions
in the state must report such action to the director, this report must be filed within 30
days of either the date of arraignment or final disposition of the action
any producer who wishes to use a name other than his/her legal name MUST NOTIFY
assumed names
THE DIRECTOR PRIOR TO DOING SO
it is illegal to issue, publish, or circulate any illustration or sales material that is false,
misrepresentation-lie misleading, or deceptive as to policy benefits or terms, the payment of dividends,
this also refers to oral statements
advertisements cannot include any untrue, deceptive, or misleading statements that
false advertising
apply to the business of insurance or anyone who conducts it
any inducement offered to the insured in the sale of insurance products that is not
rebating
specified in the policy, both the offer and acceptance of rebate are illegal
California
two states that allow rebating?
Florida
it is illegal to be involved and is intended to restrict fair trade or to create a
boycott, coercion, or intimidation
monopoly
occurs when an oral or written statement is made that is intended to injure a person
defamation of insurer engaged in the insurance business, this also applies to statements that are
maliciously critical of the financial condition of any person or company
discrimination in rates, premiums, or policy benefits for persons within the same class
unfair discrimination
or with the same life expectancy is illegal
-crop insurance 3 hours plus 3 hours of industry ethics
continuing education requirements
-all other lines of insurance 21 hours plus 3 hours of industry ethics
if the director denies an application for a license, the director must notify the
applicant in writing for the reason of denial, WITHIN 30 DAYS OF RECEIVING THIS
right to hearing NOTIFICIATION, applicant may make a written demand to the director for a hearing
on the matter, THIS HEARING MUST OCCUR WITHIN 30 DAYS OF THE DIRECTORS
RECEIPT OF THE DEMAND
director may issue the order, person who receives this order is legally required to
cease and desist order stop the act that is in violation of Nebraska insurance laws, MINIMUM fine up to
$1,000, fine can be increased up to $15,000 per violation, not to exceed $150,000
up to $500 may be levied in addition to or in lieu of any applicable denial,
fines
suspension, probation, or revocation of a license
the violator of an y cease and desist order is subject to suspension or revocation of
suspension, revocation, or refusal to issue
any insurance license or certificate of authority issued under the laws of Nebraska
-director is appointed by the governor
directors general duties and powers -directors duty to administer and enforce the Nebraska code of insurance and the
laws and regulations related to insurance
