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Terms in this set (50)
Describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance
To appoint a producer as its agent, the appointing insurer must file a notice of appointment with the commissioner within how many days from the date the agency contract is excecuted?
An insurance producer may not act as an agent for an insurer unless she/he has become....
When a producer was reviewing a potential customers coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. THis producer could be found guilty of
As a condition for renewal of their licenses,how many hours of continuing education are required for all resident and nonresident insurance providers?
This assocication helps protect policyowners and beneficiaries against financial loss caused by the insolvency of an insurance company
Tennessee Guaranty Association
Any person acting as an insurance producer without a valid license may be fined up to....
$1000 per violation
Handling insurer funds in a trust capacity is a...
The regulation of the insurance industry primarily rests with...
In order to enforce the Insurance Code, the commissioner has the power to conduct what?
The authority given by an insurer to an agent to transact insurance or adjust claims on the insurer's behalf
insurer who has received a Certificate of Authority from the department of insurance to transact insurance in this state
to stop or discontinue
foreceful act or threat aimed to influence a person to act against his or her will
payment to the agent by the insurance company for placing insurance, usually a percentage of the policy premium
the head of the state department of insurance
not subject to an obligation
an offer that attempts to influence the other party
a mutual interchange of rights and privileges
ability to meet financial obligations
a formal written law enacted by legislature; insurance statues can be found in the state insruance code
enacted or regulated by a statute
an order for someone to appear as a witness or submit testimony or evidence
insurance not available from authorized insurers; placed with nonadmitted insurers who specialize in offering insurance to the high-risk market
Once the Department of Insurance receives an inquiry or complaint against a person, the Department must provide the person with a copy of the order/complaint within ___ days
All investigations must be completed after __ years of receiving a complaint, or the entry of an inquisitiorial order, whichever comes first.
For _______ violations, it will be up to $1000 for each violation (but cannot exceed a total of $100,000)
For _____ violations, it will be up to $25,000 for each violation (but cannot exceed a total of $250,000)
The Tennessee Insurance ______ Licensing Act governs the qualifications and procedures for the licensing of insurance producers.
Means a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance.
Means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity
Means a person authorized by the Commissioner to sell, solicit, or negotiate limited lines insurance.
Limited Lines Producer
Because an agent/producer handles the funds of the insured and the insurer, he/she has a ___________ responsibility.
A _____ is someone in a position of trust. More specifically, it is illegal for insurance producers to commingle premiums collected from the applicants with their own personal funds.
A resident of Tennessee who meets the qualifications required by the Commissioner may apply for and receive a _____________________ that authorizes the licensee to transact insurance in that state.
resident producer license
A _____ is an individual who is domiciled and licensed as a resident producer in a state other than Tennessee.
The Commissioner may issue a temporary insurance producer license for a mximum of ___ days without requiring an examination.
To appoint a producer as its agent, the insurer must file a notice of appointment within ___ days from the date the agency contract is executed or the first insurance application is submitted. This notice must be in format approved by the Commissioner. Must also pay any fees.
A licensing period in Tennessee lasts for ___ months.
Producers must complete __ credit hours of continuing education by the end of every __ year licensing period as a condition of license renewal. Of those credits, __ hours must pertain to ethics.
24, 2, 3
____ is defined as any inducement offered to the insured in the sales of insurance products that is not specified in the policy. Both the offer and acceptance of this is illegal.
It is illegal to be involed in any activity of ____, coercion, or intimidation that is intended to restrict fair trade or to create a monopoly. This would include unfair behavior that influences not only clients but competing agents and brokers.
______ is to require, as a condition to a loan, that the applicant purchase insurance from a specific insurer.
______ occurs when an oral or written statement is made that is intended to injure a person engaged in the insurance business.
Defamation also applies to statements that are _______ critical of the financial condition of any person or company.
______ in rates, premiums, or policy benefits for persons within the same class or with the same life expectancy is illegal.
Cannot base off of marital status, race, national origin, gender, sexual orientation, creed, or ancestry.
Replacing an insurance policy or annuity contract in a manner contrary to the rules established by the commissioner
Unfair Replacement Transaction Practices
With respect to any policy of insurance underwritten in a pool, residual market mechanism, joint underwriting authority, or assigned risk plan, any information contained in a policy application and/or obtained in the servcing of such a policy of insurance cannot be used for the purpose of soliciting any form of insurance
Unfair utilization of proprietary information
The ___________ was created as a nonprofit legal entity to protect the insured and their benefiiaries against insolvent or impaired insurers.
Tennessee Life and Health Insurance Guaranty Association
The TN Life & Health Insurance Guaranty Association is composed of all insurers who lawfully do business in the state. It assesses members according to the lines of business they transact and maintains 3 SEPERATE accounts which are:
life and health insurance, annuities
THIS SET IS OFTEN IN FOLDERS WITH...
Chapter 1- Health
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