License/ Regulations
Who's job is it to administer and enforce insurance laws to protect the public?
The Commish
When handling premiums the agent is acting in with type of responsibility?
Fiduciary
PURE
this type of insurance company is managed by an attorney-in-fact and is an unincorporated association of individuals who insure each other
reciprocal insurer
the utmost good faith principle is what?
all parties to an insurance transation are honest
The Commish must examine a domestic insurer once every # of years?
5 years
Commingling in reference to a life insurance agent is what?
mixing personal funds with clients funds
chance of a loss without any chance of gain
authority a producer has that is written in his or her contract
express authority
sworn statement of truth guaranteed to be true is what?
warranty
Continuing education requirements are every # of years to keep your life insurance license
2 years
How long do agents need to keep all relative insurance transactions?
3 Calendar years
______ ______ has the possibility for gain or loss and is NOT insurable
Speculative Risk
actual authority the producer has to transact normal business activities is known as
implied authority
when an insurer voluntarily gives up the right to obtain information that they are entitled to they have made what?
a waiver
30 days
refusal of a financial institution to make a loan unless the client also buys insurance from them is considered what type of unfair trade practice?
coercion
A condition that could result in a loss is know as?
exposure
in reference to a legal contract the acronym C-O-A-L stands for what?
Consideration, offer, acceptance, and legal purpose/legal capacity
a specific and definite proposal to enter into a contract is known as?
offer
If a licensed agent is convicted of a felony they must report the circumstances regarding the conviction to the commish within how many days?
30 Days
returning part of a commission to a client as an inducement to buy is an unfair trade practice called?
rebating
to be insurable losses must be?
calculable
something of value needs to be exchanged; does not need to be equal ;
consideration clause
only one party makes an enforceable promise to the insurer is known as what type of contract
unilateral