Basic Insurance
The number of Medicare supplement policies available.
10
Insurance is regarded as this type of contract.
unilateral contract
This was a coffee house before moving to the heart of the financial district and becoming an insurance facility similar to a stock exchange.
Lloyd's of London
A producer represents everyone except these people.
convicted felons
Misrepresenting policy information to induce a client to forfeit, lapse, or surrender a previous insurance policy for another is an illegal practice called ...
twisting
This orders you to stop what you are doing.
Cease and Desist Order
In this type of contract there are TWO parties, but only ONE is making a promise.
unilateral contract
Although appointed by the Governor, in the state of Pennsylvania the commissioner has this specific term in office.
4 years
Credit insurance is written to protect these persons.
creditors
Rebating is an illegal activity that prevents you from sharing your commission with this person.
the client
An insurer from another country who is allowed to do insurance in your home state.
alien insurer
A "take it or leave it" contract.
adhesion contract
If you are employed to this organization, you you are ineligible to become a licensed agent.
public utility
These people are represented by the non- appointed producer.
the client/ prospect/ insured
This is an illegal activity where a producer receives kickbacks from an auto body shop for referring clients to them.
unlawful referral
This program was administered by the Commonwealth of Pennsylvania for the needy and those with limited financial resources.
Medicaid
In variable annuities, this person accepts the investment risks.
contract owner
A system that is a part of the HMO in which its members MUST use a primary care physician.
Gatekeeper System
A person who has the authority to represent another individual, entity or organization.
producer
A producer is expected to honor and pay claims. Not doing so without a valid reason results in this.
unfair claim settlement practice
The three categories of life insurance.
Ordinary
Group
Industrial
This is the type of contract where ONE party receives unequal consideration.
aleatory contract
This can be paid to a non- licensee if they were licensed at the time of the sale.
deferred commission
This act combines with TWO other acts to protect the public.
The other two acts include "The Credit Reporting Act" and "The Insurance Information and Privacy Act."
The Privacy Act
This action involves not communicating all the relevant details of the contract to the prospect or insured. Whether intentional or non intentional, it gives the insured party the right to rescind the insurance contract.
concealment