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PFS Personal Lines > ON DEMAND: Texas Statutes and Rules Common to All Lines > Flashcards

ON DEMAND: Texas Statutes and Rules Common to All Lines Flashcards

1
Q

Duties Of The Department

Department of insurance Powers and Duties
- Control and supervise all insurance businesses in the state

A

Duties Of The Department

Department of insurance Powers and Duties
- Control and supervise all insurance businesses in the state

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2
Q

Duties Of The Department

Department of insurance Powers and Duties
- Enforce insurance laws

A

Duties Of The Department

Department of insurance Powers and Duties
- Enforce insurance laws

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3
Q

Duties Of The Department

Department of insurance Powers and Duties
- Issue licenses and certificates of authority

A

Duties Of The Department

Department of insurance Powers and Duties
- Issue licenses and certificates of authority

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4
Q

Duties Of The Department

Department of insurance Powers and Duties
- Approves policy forms

A

Duties Of The Department

Department of insurance Powers and Duties
- Approves policy forms

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5
Q

Duties Of The Department

Department of insurance Powers and Duties
- Conduct examinations, investigations, and hearings

A

Duties Of The Department

Department of insurance Powers and Duties
- Conduct examinations, investigations, and hearings

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6
Q

Duties Of The Department

Department of insurance Powers and Duties
- impose penalties

A

Duties Of The Department

Department of insurance Powers and Duties
- impose penalties

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7
Q

Duties Of The Department

Department of insurance Powers and Duties
- the Department of insurance does not sell premium rates or establish fines and penalties, those are defined by law

A

Duties Of The Department

Department of insurance Powers and Duties
- the Department of insurance does not sell premium rates or establish fines and penalties, those are defined by law

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8
Q

Duties Of The Department

Examination of Insurers
- How often are examinations required? (check your state)

A

Duties Of The Department

Examination of Insurers
- How often are examinations required? (check your state)

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9
Q

Duties Of The Department

Examination of Insurers
- applies to all authorized insurers

A

Duties Of The Department

Examination of Insurers
- applies to all authorized insurers

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10
Q

Duties Of The Department

Examination of Insurers
- Insurers pay for the examination

A

Duties Of The Department

Examination of Insurers
- Insurers pay for the examination

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11
Q

Types Of Licenses

PRODUCER (AGENT)
- Represents insurers

A

Types Of Licenses

PRODUCER (AGENT)
- Represents insurers

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12
Q

Types Of Licenses

PRODUCER (AGENT)
- Appointed to transact on behalf of the insurer

A

Types Of Licenses

PRODUCER (AGENT)
- Appointed to transact on behalf of the insurer

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13
Q

Types Of Licenses

BUSINESS ENTITY
- Corporation/association/partnership

A

Types Of Licenses

BUSINESS ENTITY
- Corporation/association/partnership

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14
Q

Types Of Licenses

BUSINESS ENTITY
- must have a designated agent

A

Types Of Licenses

BUSINESS ENTITY
- must have a designated agent

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15
Q

Types Of Licenses

NONRESIDENT
- Different home state

A

Types Of Licenses

NONRESIDENT
- Different home state

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16
Q

Types Of Licenses

NONRESIDENT
- Licensed to transact in resident and nonresident states

A

Types Of Licenses

NONRESIDENT
- Licensed to transact in resident and nonresident states

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17
Q

Types Of Licenses

TEMPORARY
- Issued for the continuation of existing business

A

Types Of Licenses

TEMPORARY
- Issued for the continuation of existing business

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18
Q

Types Of Licenses

TEMPORARY
- a short period of time

A

Types Of Licenses

TEMPORARY
- a short period of time

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19
Q

Types Of Licenses

TEMPORARY
- approved by the department

A

Types Of Licenses

TEMPORARY
- approved by the department

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20
Q

Types Of Licenses

TEMPORARY
- nonrenewable

A

Types Of Licenses

TEMPORARY
- nonrenewable

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21
Q

Types Of Licenses

TEMPORARY
- no more than 180 days usually

A

Types Of Licenses

TEMPORARY
- no more than 180 days usually

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22
Q

Agent Licensing And Appointment

AGENT LICENSING
- At least 18 years old

A

Agent Licensing And Appointment

AGENT LICENSING
- At least 18 years old

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23
Q

Agent Licensing And Appointment

AGENT LICENSING
- Pass licensing examination

A

Agent Licensing And Appointment

AGENT LICENSING
- Pass licensing examination

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24
Q

Agent Licensing And Appointment

AGENT LICENSING
- Complete application and pay fees

A

Agent Licensing And Appointment

AGENT LICENSING
- Complete application and pay fees

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25
Q

Agent Licensing And Appointment

AGENT LICENSING
- Be of good character

A

Agent Licensing And Appointment

AGENT LICENSING
- Be of good character

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26
Q

Agent Licensing And Appointment

AGENT APPOINTMENT
- Insurer > Appoints producer

A

Agent Licensing And Appointment

AGENT APPOINTMENT
- Insurer > Appoints producer

27
Q

Agent Licensing And Appointment

AGENT APPOINTMENT
- Insurer > files notice of agent appointment, pay appointment fees > Department of insurance

A

Agent Licensing And Appointment

AGENT APPOINTMENT
- Insurer > files notice of agent appointment, pay appointment fees > Department of insurance

28
Q

Agent Licensing And Appointment

AGENT APPOINTMENT
- Agent may hold more than one appointment

A

Agent Licensing And Appointment

AGENT APPOINTMENT
- Agent may hold more than one appointment

29
Q

Agent Licensing And Appointment

MAINTAINING A LICENSE
- Continuing education every licensing period (state specific)

A

Agent Licensing And Appointment

MAINTAINING A LICENSE
- Continuing education every licensing period (state specific)

30
Q

Agent Licensing And Appointment

MAINTAINING A LICENSE
- renewal fees

A

Agent Licensing And Appointment

MAINTAINING A LICENSE
- renewal fees

31
Q

Agent Licensing And Appointment

MAINTAINING A LICENSE
- current name and address

A

Agent Licensing And Appointment

MAINTAINING A LICENSE
- current name and address

32
Q

Agent Licensing And Appointment

MAINTAINING A LICENSE
- Reinstatement rules

A

Agent Licensing And Appointment

MAINTAINING A LICENSE
- Reinstatement rules

33
Q

CONTINUING EDUCATION REQUIREMENTS

- How many hours must licenses complete?

A

CONTINUING EDUCATION REQUIREMENTS

- How many hours must licenses complete?

34
Q

CONTINUING EDUCATION REQUIREMENTS

- Are there ethics requirements?

A

CONTINUING EDUCATION REQUIREMENTS

- Are there ethics requirements?

35
Q

CONTINUING EDUCATION REQUIREMENTS

- How long is a licensing period?

A

CONTINUING EDUCATION REQUIREMENTS

- How long is a licensing period?

36
Q

NOTIFICATIONS TO THE DEPARTMENT

Change of address
- notify the insurance department within 30 days, check your state requirement

A

NOTIFICATIONS TO THE DEPARTMENT

Change of address
- notify the insurance department within 30 days, check your state requirement

37
Q

NOTIFICATIONS TO THE DEPARTMENT

Change of address
- residential, business, and email address and phone numbers

A

NOTIFICATIONS TO THE DEPARTMENT

Change of address
- residential, business, and email address and phone numbers

38
Q

NOTIFICATIONS TO THE DEPARTMENT

Reporting actions
- Report administrative actions taken against a producer within 30 days, check your state requirements

A

NOTIFICATIONS TO THE DEPARTMENT

Reporting actions
- Report administrative actions taken against a producer within 30 days, check your state requirements

39
Q

NOTIFICATIONS TO THE DEPARTMENT

Reporting actions
- provide required documentation if charged with criminal conduct

A

NOTIFICATIONS TO THE DEPARTMENT

Reporting actions
- provide required documentation if charged with criminal conduct

40
Q

COMMISSIONS AND COMPENSATION

- Producers must be licensed to receive compensation

A

COMMISSIONS AND COMPENSATION

- Producers must be licensed to receive compensation

41
Q

Unfair Trade Practices

MISREPRESENTATION
- False, misleading, or deceptive statements about policy terms or benefits

A

Unfair Trade Practices

MISREPRESENTATION
- False, misleading, or deceptive statements about policy terms or benefits

42
Q

Unfair Trade Practices

FALSE ADVERTISING
- Untrue, deceptive, or misleading statements in insurance advertising

A

Unfair Trade Practices

FALSE ADVERTISING
- Untrue, deceptive, or misleading statements in insurance advertising

43
Q

Unfair Trade Practices

REBATING
- Offering benefits or services not specified in the policy (giving back some of your commission for buying)

A

Unfair Trade Practices

REBATING
- Offering benefits or services not specified in the policy (giving back some of your commission for buying)

44
Q

Unfair Trade Practices

TWISTING
- Misleading comparison of policies to persuade insured to cancel or switch policies

A

Unfair Trade Practices

TWISTING
- Misleading comparison of policies to persuade insured to cancel or switch policies

45
Q

Unfair Trade Practices

DEFAMATION
- Maliciously critical statements about a person or company “When you throw dirt, you lose ground.” Take the high ground. Know your product and your competitor’s product so you can fairly compare.

A

Unfair Trade Practices

DEFAMATION
- Maliciously critical statements about a person or company “When you throw dirt, you lose ground.” Take the high ground. Know your product and your competitor’s product so you can fairly compare.

46
Q

Unfair Trade Practices

UNFAIR DISCRIMINATION
- Discrimination in rates, premiums, or benefits

A

Unfair Trade Practices

UNFAIR DISCRIMINATION
- Discrimination in rates, premiums, or benefits

47
Q

Unfair Trade Practices

FRAUD AND FALSE STATEMENTS

FRAUD
Any misrepresentation of a material fact, made knowingly and with the intent to deceive; an act of deceit or cheating

A

Unfair Trade Practices

FRAUD AND FALSE STATEMENTS

FRAUD
Any misrepresentation of a material fact, made knowingly and with the intent to deceive; an act of deceit or cheating

48
Q

Unfair Trade Practices

FRAUD AND FALSE STATEMENTS

FALSE OR FRAUDULENT STATEMENTS
- Knowingly making false oral or written statements pertaining to any aspects of insurance or insurers

A

Unfair Trade Practices

FRAUD AND FALSE STATEMENTS

FALSE OR FRAUDULENT STATEMENTS
- Knowingly making false oral or written statements pertaining to any aspects of insurance or insurers

49
Q

Unfair Trade Practices

FRAUD AND FALSE STATEMENTS

If activities affect interstate commerce:
PENALTY:
- Fine
- Imprisonment (10-15 years)

A

Unfair Trade Practices

FRAUD AND FALSE STATEMENTS

If activities affect interstate commerce:
PENALTY:
- Fine
- Imprisonment (10-15 years)

50
Q

Violations And Penalties

VIOLATION
- An insurer or agent is suspected of committing a violation or being involved in an unfair trade practice

A

Violations And Penalties

VIOLATION
- An insurer or agent is suspected of committing a violation or being involved in an unfair trade practice

51
Q

Violations And Penalties

VIOLATION
- Department of insurance is notified, issues a statement of charges

A

Violations And Penalties

VIOLATION
- Department of insurance is notified, issues a statement of charges

52
Q

Violations And Penalties

HEARING
- Aggrieved party may contest and request a hearing

A

Violations And Penalties

HEARING
- Aggrieved party may contest and request a hearing

53
Q

Violations And Penalties

HEARING
- Advance notice of hearing

A

Violations And Penalties

HEARING
- Advance notice of hearing

54
Q

Violations And Penalties

HEARING
- Hearing held promptly

A

Violations And Penalties

HEARING
- Hearing held promptly

55
Q

Violations And Penalties

HEARING
- Aggrieved party has a chance to be heard

A

Violations And Penalties

HEARING
- Aggrieved party has a chance to be heard

56
Q

Violations And Penalties

OTHER PENALTIES
- Cease and desist order

A

Violations And Penalties

OTHER PENALTIES
- Cease and desist order

57
Q

Violations And Penalties

OTHER PENALTIES
- Established by state laws

A

Violations And Penalties

OTHER PENALTIES
- Established by state laws

58
Q

Violations And Penalties

OTHER PENALTIES
- Imposed based upon hearing outcome

A

Violations And Penalties

OTHER PENALTIES
- Imposed based upon hearing outcome

59
Q

Violations And Penalties

OTHER PENALTIES
- License denial/suspension/evocation

A

Violations And Penalties

OTHER PENALTIES
- License denial/suspension/evocation

60
Q

Insurance Guaranty Association

- Nonprofit legal entity

A

Insurance Guaranty Association

- Nonprofit legal entity

61
Q

Insurance Guaranty Association

- Protects insureds against insolvent insurers

A

Insurance Guaranty Association

- Protects insureds against insolvent insurers

62
Q

Insurance Guaranty Association

- Funded by member insurers

A

Insurance Guaranty Association

- Funded by member insurers

63
Q

Insurance Guaranty Association

- pays up to specified limits

A

Insurance Guaranty Association

- pays up to specified limits

64
Q

Insurance Guaranty Association

- illegal to advertise association protection when selling insurance products

A

Insurance Guaranty Association

- illegal to advertise association protection when selling insurance products

PFS Personal Lines (10 decks)

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