Tremendous Timeframes
When making any change to their name, address, personal email, business email, or any other change to their personal contact information, licensees must notify the Director of this change within:
What is 30 days?
These are the four things that take place regarding Disciplinary Actions and Civil Charges, in the order in which they usually occur.
What is: (in order)
-violation
-hearing
-cease and desist
-other penalites
In order for one to submit their Resident License Application, these four things must be met.
What is:
-pass the exam
-eighteen years or older
-acts committed cannot be grounds for denial, suspension or revocation of a license
-required fees must be paid and submitted with the application
This person exists to investigate insurance claims on behalf of the insured/insurer.
What is Adjuster?
When renewing an active license, at least _____ hours of Continuing Education (CE) msut be completed; of that total time, six of those hours must be in ______.
What is:
-48 hours
-ethics
What is ten days?
Making any false statements to make a policy sound better than it is, or to attempt to get an undesirable customer to cancel their policy, is considered:
(BONUS POINTS -- what would this unfair practice look like when committed by the insured, instead of the insurer?)
What is misrespresentation?
(BONUS -- it would look like the insured making an untrue statement regarding themselves/the risk they pose to the 2nd party on their application)
This is the party that a life settlement broker represents.
What is the first party/the insured?
These are the main three duties of an insurance producer, as well as what they mean.
What is sell, solicit and negotiate?
Sell = the actual act of binding the policy
Solicit = the act of convincing someone to buy
Negotiate = advising on all of the terms and benefits of a particular policy
Surrendering your license would require you to do this.
In addition, you would not be able to reapply for your license for at least ______ following the date of surrender.
What is:
-submit a written request to the Director
-one year
This is how often the Director must examine admitted insurance companies in AZ.
What is once every five years?
Regarding rebating, the only things of significant value allowed to be given to an insured by the insurer to thank them for business is any merchandise under ____, with no more that _____ spent on one single client per year.
What is $25 and $100?
This type of entity must have at least one insurance producer individually licensed for the appropriate line of authority in each relevant office.
What is a Business Entity?
Although this person does not create the laws governing insurance or have the power to jail individuals, they are responsible for enforcing these legalities all the same.
What is the Director of Insurance?
The option to opt into __________ must be made by the insurer to any/all insureds.
What is electronic communication?
This is the maximum length of time that a temporary license may be issued without requiring an examination.
What is up to 180 days?
Regarding Unfair Discrimination, a person cannot be given a different rate/denied coverage on the basis of:
(give at least three examples)
POSSIBLE ANSWERS:
What is race, religion, disability, genetic condition, blindness, past history with domestic violence (victim), sexual orientation, etc.
In order to become a Non-Resident Producer, these two things must be done/continuously done.
What is:
-be licensed to sell/solicit/negotiate insurance in their resident state; keep this license in good standing
-must submit an application to the non-resident state(s) and pay the required fees
This is how many times a surplus lines broker must attempt to place the insured with an admitted insurer first.
What is at least three times?
Policies issued in AZ must include:
What is the name of the licensed producer?
Licenses expire on the last day of your birth month every ________.
In initial expiration, it will be the last day of your birth month after three full years have passed once your ______________.
What is:
-four years
-license has been issued
If found guilty of an illegal Unfair Trade/Claims practice, one can be charged up to _______ for every intentional act, with a six-month aggregate penalty of up to ________.
What is $5,000 and $50,000?
In order to be suitable for public business, a vending machine that sells insurance policies must display all four of the following.
What is:
-name and address of the insurer and agent
-type of insurance and policy sold
-location of the machine
-ID # of the machine
This is the group responsible for investigating fraudulent claims on behalf of the insurer.
What is the insurance fraud unit?
(Fun Fact! In Real World, this is called the SIU -- Special Investigation Unit)
True or False: If a payment by mail is received after a due date, even if postmarked on the due date, it is still considered late.
What is false?