Flashcards in Regulations (CH 1) Deck (16):
Insurance fraud- false or deceptive claim amounts and degrees of penalty
fifth degree- amount of false claim between $1,000 and $7,500.
fourth degree- amount of claim between $7,500 and $150,000.
third degree- more than $150,000
Temporary Licenses issued can not exceed a period of ---- days
180 days of issue
In lieu of license suspension or revocation, superintendent can require an agent to:
enter into a specific consent agreement designed to rectify the violation.
For a claim, loss must be approved or denied within ____ days
The main purpose of the Ohio Insurance Guaranty Association is to
pay the claims of insolvent member insurance companies
Policy termination- notice must be mailed to insured at the last known address with at least _____ notice
- 10 days notice for non-payment of premium
-30 days notice for reason other than non-pay
Ohio FAIR Plan Underwriting Association
Basic Property, Homeowners, and some limited Farm Insurance coverage available for qualified person who have been unable to secure coverage in normal market.
In order to be eligible for Ohio FAIR Plan an insured certifies:
-the property is not vacant or severely physically deficient.
-the property is free of outstanding tax assessments.
-At least two Ohio insurers declined to write coverage, citing underwriting reasons.
Ohio Commercial Insurance Joint Underwriting Association
the non-profit unincorporated joint underwriting association established under section 3930.03 of the Revised Code
Ohio Commercial market assistance plan
the mechanism created to respond to assist commercial insurance buyers in Ohio in obtaining difficult-to-place commercial insurance coverages.
In order to be considered an act of terrorism,
the act must cause damage in excess of 5 million dollars
minimum split Auto Liability limits are:
minimum combined single limit for bodily injury and property damage
25,000 per bodily injury
50,000 per occurrence for bodily injury
25,000 per occurrence for property damage
combined single limit for bodily injury and property damage is $75,000
Uninsured/Underinsured motorist- the owner/operator of a motor vehicle that
-has no bodily injury liability bond or insurance policy covering owner's liability,
-insurer denies coverage to owner/owner is insolvent
-identity of the negligent owner or operator cannot be determined
-owner has diplomatic or other legal immunity
Before using an assumed name you must:
notify the department of insurance
Required continuing education (CE) requirements
24 hours every two years, 3 of which are Ethics.