MN P&C Flashcards
Appointment – the insurer must file a notice of appointment with how many days of first sale by the producer?
15 days
an insurer that terminates an appiontment with an agent must notify the commisisoner within how long?
30 days
how many days to send written notice of termiantion to the producer?
15 days
how many days after receiving written termination from the insurer does the agent have to send comments to the Commissioner?
30 days
penalty for failing to appoint producer is $___ per offense up to $___ maximum per unappointed producer
$25, $300
producer must notify comissionsioner within how many days if theres administrative action or criminal prosecution?
30 days
notify Commish within how many days after felony or gross misdemeanor?
10 days
lapsed licensee can reinstate within how many months?
12 months
penalty for rebating?
60 to 600 per violation
the insurer must reply to customer claims and inquiries within how many days?
10
policies must be delivered to the insured within ___ working days of the producers receipt from the insurere
30 days
Producer: financial and complain records must be kept on file for ____ years
6 years
premium refunds must be sent to the insured within ___ days of ht eproducers reciept from the insurer
5 days
Insurer: policy forms, applications, and advertising must be retained for ___ years after the effective date
3 years
insurer: claim records must be retained for ____ years after the claim is paid or denied
3 years
Insurers: complaint records must be retained for ___ years from the date received
4 years
insurer: refund unearned premium to the insured within ___ days
30
oral binders must be put in writing to the insured within ____ business days
5
applicant of the consumer report challenge in how many days?
30
bad credit report stays on for how many?
7 years
bankruptcy?
10 years
free look for life insurance?
10 days
free look for life insurance replacements?
30 days
Individual life insurance policy Grace Periods
1 month
