G6: Producers (Section II)

Pregunta	Respuesta
Errors & Omission (E&O) Insurance	Type of liability insurance designed to cover financial losses for which a professional is responsible because of errors, negligence or omissions.
E&O Insurance	Covers: Erros,Negligence and Omissions. $500 deductible or higher. $1M coverage or more. NOT cover criminal/unfair trade practices. Policies are NOT standardized.
NO FREE INSURANCE	Illegal, Cannot be offered as incentive to purchase an item.
Name Filing Requirements	True Name/ DBA, DBA may be disapproved if name is too similar to once already in use, name state licensee is underwriter,implies activities not allowed or misleads public. 2 Names Max
Names that CANNOT be disapproved	Bonafide Natural Name, CLU (Chartered Life Underwriter for Life Agents), CPCU (Chartered P&C Undewriter for Fire & Casualty)
ACCEPTABLE CHOISES for when an agent wants to attach a corporations name on stationery or advertisements	Representing, a stockholder of, using services of, placing business through
Changes of address on file including EMAIL, RESIDENCE, BUSINESS, MAILING must be reported to DOI	Changes of address on file including EMAIL, RESIDENCE, BUSINESS, MAILING must be reported to DOI
Upon receipt of a written demand, Original or Certified copy must be turned in to DOI within 30 days.	Upon receipt of a written demand, Original or Certified copy must be turned in to DOI within 30 days.
Records SHALL BE AVAILABLE for inspection or examination by the commissioner AT ALL TIMES.	Records SHALL BE AVAILABLE for inspection or examination by the commissioner AT ALL TIMES.
Records of policy delivery must be kept for 5 YEARS.	Records of policy delivery must be kept for 5 YEARS.
Required Life & Disability Records	Original Application, Premiums, all policies within 5 years, correspondence, comparisons of benefits, Outline of Coverage
A Conviction following a Nolo Contendere plea is still deemed to be a conviction.	A Conviction following a Nolo Contendere plea is still deemed to be a conviction.
Restricted License	Special license in which holder has no property right in it and it may be suspended or revoked WITHOUT a hearing or cause.
Permanent License	As long as its renewed, updated, and you continue to do required continuing training and don't break any rules, you can keep the license.
Reason to be Denied License with RIGHT TO A HEARING	Convited Felony, Convicted Misdemeanor involving Insurance Law.
Denial of License WITHOUT right to a hearing	Convicted Felony and Convicted Misdemeanor involving insurance law (NOT CHARGED). License denied within 5 years. License revoked/suspended within 5 years.
Nolo Cotondere	No Contest=Neither plead guilty/not guilty in front of a judge
Appoint	Once an agent is licensed, he needs to be APPOINTED by an insurer before he can transact (SELL) insurance.
Notice of Appointment	Form that grants permission to act as an agent and sell a particular line of insurance on behalf of the insurer. The appointment is effective on the date the form is signed by the insurer.
Insurance Agents	Agents are Appointed and Brokers are NOT.
F&C Broker-Agent can either be Broker/Agent, he is acting as an insurance agent NOT as a broker to the insurers for whom he has been appointed with.	F&C Broker-Agent can either be Broker/Agent, he is acting as an insurance agent NOT as a broker to the insurers for whom he has been appointed with.
Life Only Agent	Cannot act as an agent of insurer unless appointed by the insurer. Once agent applies and insurer accepts, insurer must appoint the agent 14 days of receipt of application.
Class of Disability	includes Health, disability income, Long term care and Medicare Supplement policies.
An Accident & Health Broker-Agent must be appointed prior to selling disability products on behalf of disability insurer.	An Accident & Health Broker-Agent must be appointed prior to selling disability products on behalf of disability insurer.
Disability products can only be sold by agents.	Disability products can only be sold by agents
F&C Broker-Agent cannot sell disability products as a broker.	F&C Broker-Agent cannot sell disability products as a broker.
Implied Declaration	When an insurer files a Notice of Appointment, they declaring that the applicant has Good Reputation and is Worthy of license sought= Implied Declaration.
Appointment Termination	Appointment is terminated when: License Expires, Agent Quits, License is inactive, Termination of Appointment is filed.
Inactive License	No Appointments
Reasons for Denial of License but WITH RIGHT TO A HEARING	Unqualified to perform duties, Lacks Intergrity/Reputation, Lied to License App/Policy, Exposed Incompetence, Violated CIC, Acted as agent before licensed, Submitted fake certificate.
Convicted of a crime=Not proved Guilty but pleaded Nolo Contendere	Convicted of a crime=Not proved Guilty but pleaded Nolo Contendere
Charged for a crime= Proved Guilty	Charged for a crime= Proved Guilty

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	Creado por Det Ferraris hace más de 11 años