P And C 1 Ohio Insurance Regulation

Question 1

Financial Responsibility Law

Answer 1

State laws that require owners or operators of autos to provide evidence that they have the funds to pay for automobile losses for which they might become liable. Insurance is the usual method for providing this evidence to the state.

Question 2

Fraud

Answer 2

A false statement intended to deceive the insurer and induce it to part with something of value or to surrender s legal right. May void a policy.

Question 3

Solicitor

Answer 3

A representative who helps an agent or broker solicit insurance and collect premiums. A solicitor may neither bind nor counter sign policies.

Question 4

Insurance Director

Answer 4

Common Title for head of the state department of insurance (also has been called Superintendent or Commissioner in some states).

Question 5

Fair Credit Reporting Act

Answer 5

Federal laws that allow consumers who are denied insurance because of information contained in a credit report to be notified and allowed to obtain the information used in the report from the reporting agency.

Question 6

Director/Superintendent

Answer 6

Shall be the chief officer and director of the Department of Insurance and shall have the all the powers and perform all the duties vested in and imposed upon the Department of Insurance.

Question 7

Disciplinary Actions

Answer 7

An insurer may cancel any agents license by submitting to the Insurance Department a written request for cancellation. The Superintendent of Insurance May refuse a license applied for, revoke or suspend a license if he feels the license is being used for the purpose of writing controlled business.