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Insurance > Life, Accident & Health or Sickness > Flashcards

Life, Accident & Health or Sickness Flashcards

1
Q

Type of insurer operates for profit no capital stock

A

Mutual

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2
Q

TRUE regarding an insurer exam ordered by OID

A

Ordered every 5 years insurer pays

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3
Q

Not a qualification of Insurance Commissioner

A

High school degree

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4
Q

A mutual insurer

A

A participating company owned by policy owners

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5
Q

Insurer with home office in Illinois sales office in Oklahoma

A

Foreign insurer

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6
Q

Blue Cross Blue Shield is what Type of insurer

A

Service

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7
Q

What Type of insurer operates non-profit

A

Fraternal

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8
Q

Type of authority could insurer be liable for unauthorized actions of agent

A

Apparent

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9
Q

Although not in contracts producers allowed to advertise using insurers logo

A

Implied

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10
Q

All the following statements are True regarding producers appointment EXCEPT

A

For 24 month period of time

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11
Q

Producer can receive a commission IF

A

Licensed & Bonded

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12
Q

Would require a producers license EXCEPT

A

Giving a Referral

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13
Q

Producer receiving written notice from OID regarding potential violation of insurance code must respond Within

A

20 Days

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14
Q

All are True regarding appointment of producer EXCEPT

A

Insurer notifying OID within 30 days after new producer agreement signed

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15
Q

A producer moves to Australia with no intention of returning to OK which is True

A

Must notify OID of address change within 30 Days

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16
Q

An agent who resides in Another state is called

A

Non-Resident Agent

17
Q

In case of death or disability OF licensed producer a temp licensed issued for period of

A

180 Days

18
Q

True regarding continuing education EXCEPT

A

(F) No continuing education required during first license renewal

19
Q

Producers must account for all premiums collected from policy owners. The producer is acting what capacity

A

Fiduciary

20
Q

OID revoke license all EXCEPT

A

Producer charged with Felony

21
Q

Who orders exam of alien insurer

A

OID

22
Q

Action would OID take after receiving notice of licensees violation of code

A

Give notice

23
Q

License who disagrees with an OID order would appeal where

A

Court

24
Q

Producer giving leather brief case to prospect as Thank You for doing biz

A

Rebating

25
Q

Under Unfair Practices & Fraud Act producer using misrepresentation to persuade insured to replace indiv. Life policy committed which illicit act

A

Twisting

26
Q

If producer is using misrepresentation for purpose of injuring another producer

A

Defamation

27
Q

Under OK Code all are reasons for producer license to be revoked EXCEPT

A

Acquitted of felony

28
Q

Producer who intimidates consumer has engaged in what activity

A

Coercion

29
Q

Producer saying a policy being sold is comprehensive when it is not called

A

Misrepresentation

30
Q

Misrepresenting details of policy to encourage policy owner to replace that policy is

A

Twisting

31
Q

What is replacement

A

Buy one policy and let one policy lapse

32
Q

Would be considered an unfair claims practice

A

Not attempting in good faith to settle a claim

33
Q

When replacing an existing life ins. policy which is NOT true

A

Insurer must report the replacement to the Life & Health Guaranty Assoc.

34
Q

Penalty for an insurer guilty of a violation of Unfair Claims Settlement Practices Act

A

Civil Fine of $100 to $5000

35
Q

All examples of misrepresentative EXCEPT

A

Producer advises insured a mutual has paid 5% dividend past 10 years

36
Q

Producer misrepresenting details of policy to persuade policy owner to replace existing policy is called

A

Twisting

37
Q

When one policy is exchanged for another

A

Replacement

Insurance (1 decks)

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