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Licensing 101 > Texas State Laws and Regs > Flashcards

Texas State Laws and Regs Flashcards

(57 cards)

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1
Q

The commissioner is appointed by the governor for a period of how many years?

A

2 years

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2
Q

A commissioner must have at least ____ years’ experience in business and government.

A

5 years

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3
Q

The commissioner must provide a _________ surety bond.

A

$50,000

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4
Q

State fees in excess of ____ must be submitted by electronic transfer

A

$500,000

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5
Q

Persons must respond to Commissioner inquiries within ____ days

A

15 days

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6
Q

Penalties
Department must send notice of violation within ____ days of findings

A

14 days

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7
Q

Penalties
Response from alleged violator must be within ____days of receipt

A

20 Days

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8
Q

Penalties
Maximum penalty for insurance code violations

A

$25,000

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9
Q

Licensing and Continuing Education
minimum age for license

A

Age 18

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10
Q

Licensing and Continuing Education
waiting period to reapply if license is denied or revoked

A

5 years

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11
Q

Licensing and Continuing Education
Temporary License is valid for up to _____ days

A

180 days

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12
Q

Continuing Education (CE) per renewal period

Total CE requirement

A

24 hours

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13
Q

Continuing Education (CE) per renewal period

Ethics and consumer protection CE requirement

A

3 hours

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14
Q

Product Specific Initial Training and Ongoing CE requirements
Long Term care partnership policies

Initial Certification Course ____ hours

A

8

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15
Q

Product Specific Initial Training and Ongoing CE requirements
Long Term care partnership policies

CE requirement every 2 years ____ hours

A

4 hours

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16
Q

Product Specific Initial Training and Ongoing CE requirements
Small employer health benefit plans

initial certification course _____hours

A

8 hours

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17
Q

Product Specific Initial Training and Ongoing CE requirements
Small employer health benefit plans

CE requirement every 2 years _____ hours

A

4 hours

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18
Q

Product Specific Initial Training and Ongoing CE requirements
Medicare Related Products

Initial training requirement ____ hours

A

8 hours

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19
Q

Product Specific Initial Training and Ongoing CE requirements
Medicare Related Products

CE requirement every 2 years _____ hours

A

4 hours

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20
Q

Product Specific Initial Training and Ongoing CE requirements
Annuity Products

Initial certification course ____ hours

A

4 hours

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21
Q

Product Specific Initial Training and Ongoing CE requirements
Annuity Products

CE requirement every 12 months _____ hours

A

4 hours

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22
Q

Continuing education records must be kept for ____ years

A

4 years

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23
Q

License Renewal

Business entity agent licenses are renewed every ____ years after the license is issued.

24
Q

License Renewal

Agent licenses for individuals are renewed every ____ years based on their birth year (even/odd numbered birth years renew in even/odd numbered years)

25
License Expiration and Reinstatement If a license has been expired for ___ days or less, it may be renewed by paying the renewal fee plus a %50 penalty.
90 days
26
License Expiration and Reinstatement A license expired more than ____ days but less than one year cannot be renewed; a new license may be issued with no exam upon payment of license fee and penalty fee.
90 days
27
License Expiration and Reinstatement if the license is expired more than ____ year(s) all requirements for a new license (including an exam) must be met
1 year
28
Reporting of Actions Change of address, felony convictions, or administrative actions must be reported to the Commissioner on a ____ basis
Monthly
29
Unfair Trade Practices Suspected fraudulent acts must be reported to the commissioner or law enforcement with in ___ days
30 days
30
Violation of Cease and Desist Orders Max penalty for each violation
$1,000
31
Violation of Cease and Desist Orders Max penalty for ALL violations
$5,000
32
Texas Life, Accident, Health, and Hospital Service Insurance Guaranty Association The Association's maximum liability per person Life Insurance death benefit
$300,000
33
Texas Life, Accident, Health, and Hospital Service Insurance Guaranty Association The Association's maximum liability per person Life insurance cash value
$100,000
34
Texas Life, Accident, Health, and Hospital Service Insurance Guaranty Association The Association's maximum liability per person Cash Value in annuities
$250,000
35
Texas Life, Accident, Health, and Hospital Service Insurance Guaranty Association The Association's maximum liability per person Basic hospital, medical-surgical, or major medical insurance
$500,000
36
Texas Life, Accident, Health, and Hospital Service Insurance Guaranty Association The Association's maximum liability per person Disability and long-term care benefits
$300,000
37
Texas Life, Accident, Health, and Hospital Service Insurance Guaranty Association The Association's maximum liability per person Other health insurance benefits
$200,000
38
Required LIFE insurance policy provisions Policy loans must be available after_____ policy years
3 years
39
Required LIFE insurance policy provisions Settlement of death benefit
2 months
40
Required LIFE insurance policy provisions Time limit for legal action may not be less than ____ years
2 years
41
Required LIFE insurance policy provisions Right to return, or lookback period is _____ days
15 days
42
Prohibited LIFE insurance policy provisions Policy cannot be backdated more than ____ months
6 months
43
Group Life/ Conversion to individual Policy Allowed within ___ days of coverage
31 days
44
Accident and Health Insurance/ Medicare Supplement Maximum pre-existing exclusion period
6 months
45
Accident and Health Insurance/ Medicare Supplement Open Enrollment with in ___ months of enrolling in Medicare part B, and being age 65 or older
6 months
46
Accident and Health Insurance/ Medicare Supplement Right to return (free look)
30 days
47
Accident and Health Insurance/ Medicare Supplement Guaranteed issue is available to those who had prior group health or Medicare Advantage coverage who apply for a Medicare supplement within ___ days after the date of termination or disenrollment of the prior coverage.
63 days
48
Advertisements must be submitted ___ days prior to use
60 days
49
Accident and Health Insurance/ Medicare Supplement Permitted Compensation Medicare supplement first-year commission can be no more than ___% of the commissions paid for selling or servicing the policy in the second year.
200%
50
Long Term Care Provides coverage for not less than ___ months
12 months
51
Long Term Care Minimum inflation protection percentage is
5%
52
Long Term Care Maximum pre-existing exclusion period
6 months
53
Small group health insurance Small employer employs at least 2, but not more than ___ eligible employees.
50
54
Small group health insurance A minimum of ____% of employees must elect coverage
75%
55
Texas Statute and rules pertinent to HMOs Notice of Cancellation ____ days in advance for nonpayment of amounts due under the contract (no notice is required for failure to pay premium)
30 days
56
Texas Statute and rules pertinent to HMOs Notice of Cancellation ____ days in advance for fraud or intentional material misrepresentation
15 days
57

Licensing 101 (27 decks)

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