NC State Specific

Question 1

What is the length of the Commissioner’s term?

Answer 1

4 Years

Question 2

What is the minimum age to obtain a producer’s license?

Answer 2

Age 18

Question 3

Prelicensing Education Requires ___
__ Hours for life insurance licensing applicants

Answer 3

20 Hours

Question 4

Prelicensing Education Requires ___
___ Hours for Medicare supplement or long-term care license.

Answer 4

10 Hours

Question 5

How many Continuing Credits (CE) are required each biennial compliance period?

Answer 5

24 Credits

Question 6

Continuing Education (CE) Each Biennial Compliance Period
 Includes ___ credits on professional ethics

Answer 6

3

Question 7

The Commissioner will conduct an investigation of all domestic insurers at least once every how many years?

Answer 7

5 Years

Question 8

What is the timeframe to report change of address, administrative actions, or criminal prosecutions to the Commissioner?

Answer 8

10 days

Question 9

What is the minimum fine per day for civil penalties for Violations of the North Carolina Insurance Code?

Answer 9

$100

Question 10

What is the maximum fine per day for civil penalties for Violations of the North Carolina Insurance Code?

Answer 10

$1000

Question 11

Prelicensing Education Requirements
__ Hours for health insurance licensing applicants

Answer 11

20

Question 12

An insurer should file a notice of appointment within ___ days after the first application is submitted.

Answer 12

15

Question 13

An insurer must file written notice of termination with the Commissioner within ____ days

Answer 13

30 days

Question 14

An Insurer must mail a copy of the termination to the producer within ___ days after notifying the Commissioner.

Answer 14

15 Days

Question 15

The Commissioner may issue a temporary producer license for a maximum of _____ days to a surviving spouse, business partner, or employee if a producer dies, becomes disabled, of is called to active military service.

Answer 15

180 days

Question 16

If an individual requests access to personal information obtained by an insurer, it must be provided within___ business days of the request.

Answer 16

30 Days

Question 17

An Insurer must act within ____ business days, if an individual requests correction, amendment, or deletion of information.

Answer 17

30 Days

Question 18

Unfair Claims Practice or Unfair Method of Competition
: Penalties - Minimum fine for each WILLFUL unfair practice violation

Answer 18

$1,000

Question 19

Unfair Claims Practice or Unfair Method of Competition
: Penalties - Maximum fine for each WILLFUL unfair practice violation

Answer 19

$5,000

Question 20

Guaranty Association : The Maximum Liability for Life or health benefits including cash values

Answer 20

$300,000

Question 21

Guaranty Association: 
The Maximum Liability for
-Basic medical, hospital, or surgical expense policies and major medical expense insurance

Answer 21

$500,000

Question 22

Minors age ___ or older may enter into Life Insurance and annuity contracts

Answer 22

15 years

Question 23

(Individual Life insurance: Required provisions)

What is the Free look period?


Answer 23

10 days

Question 24


(Individual life insurance: Required Provisions)

What is the Grace Period ?

Answer 24

31 days

Question 25

(Individual life insurance: Required Provisions) What is the Policy Reinstatement Provision?


Answer 25

5 years

Question 26

(Individual Health Insurance Policy Provisions )
 What is the Free Look Period ?

Answer 26

10 Days

Question 27

(Individual Health Insurance Policy Provisions) Proof of loss must be provided with in how many days?

Answer 27

180 Days

Question 28

(Group Health Insurance Policies) 
A terminated employee must request continuation of coverage within how many days?

Answer 28

60 Days

Question 29

(Group Health Insurance Policies)
 Premiums may not exceed ____%

Answer 29

102%

Question 30

(Group Health Insurance Policies) 
Coverage ceases ___ months after the employee’s date of termination

Answer 30

18 Months

Question 31

(Group Health Insurance Policies)
 Conversion to an individual policy must happen within ___ days of termination of a group continuation coverage (no evidence of insurability is required)

Answer 31

31 Days

Question 32

All accident and health insurance policies must be filed with the Commissioner and are considered approved if not rejected within ___days of filing.

Answer 32

90 Days

Question 33

Nonresident producer must obtain resident license within _____ days of moving to North Carolina.

Answer 33

90 Days

Question 34

Duties of Replacing Insurer: 
Free-look for life insurance replacements is ______

Answer 34

30 days

Question 35

Duties of Replacing Insurer: 
Copies of notice regarding replacement must be maintained for how many years?

Answer 35

5 years

Question 36

The Commissioner must give _____ days written notice of all hearings ?

Answer 36

10

Question 37

The commissioner is the head of the _________________ which regulates the insurance industry in the state.

Answer 37

North Carolina Department of Insurance

Question 38

Any insurance agent or broker who embezzles any money is guilty of a _________________. (Misdemeanor or Felony)

Answer 38

Felony

Question 39

Complaint Records: All insurers or their producers must maintain a log of written complains for ________ years.

Answer 39

5

Question 40

Proof of Loss: If written proof of loss is required but the insurer, it must furnish a blank form for that purpose within ________ days of receiving a Notice of claim.

Answer 40

15 Days