Exam (elaborations)
OHIO PROPERTY AND CASUALTY INSURANCE EXAM
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OHIO PROPERTY AND CASUALTY INSURANCE EXAM
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OHIO PROPERTY AND CASUALTY INSURANCE EXAMFinancial responsibility law - answers -drivers have proof that they have money to pay
for accident where they are at fault
Fraud - answers -lie planned to trick others and make it leave other value
Insolvency - answers -you can't pay your claim
Mine subsidence - answers -damage to house (only) by cave in collapse of mine
Negotiate - answers -talk with prospective client of set type of insurance about their
benefits
To negotiate you must be? - answers -licensed
Sell - answers -contract of insurance
Solicit - answers -try to sell insurance of any type
What happens if you don't have your insurance card when asked? - answers -90 day
suspension and reinstatment fee
Two types of workers comp - answers -self insurance and regular
How do you get an extension on your renewal - answers -military, disability, education
Late renewal - answers -within 2 months, pay 50 dollar late fee
Can you suspend license for nonrenewal - answers -yes
If you want to change your insurance agent name you must do what first - answers -
notify the super of insurance
How long are temp licenses good for - answers -180 days
How can you get temp license - answers -agent disabled or dies, give to next in line
You can go inactive with insurance but you must not - answers -go on to sell insurance
How long must you be out of duty for inactive - answers -2 years
Go back active after 2 years? - answers -notify super, pay 50 dollar fee
,How can you get license taken away? - answers -fraud, fail to submit papers in time,
misrep, felony
Violate law - answers -up to 25,000 fee with suspension
If you violate how long must you be out of business - answers -5 years
What happens if you get a cease and desist - answers -you must stop business and
have hearing
How much is fine if you dont listen to cease and desist - answers -10,000
Work without a license, what is fine? - answers -25-500, prison up to 6 months
Unauthorized company fine? - answers -25-500, 6 months jail
Violate rules - answers -25-500, 1 year jail time
If you don't file proper insurance documents? - answers -100-500 dollar fine
What happens if you have to have a hearing - answers -notice before suspension,
written or in newspaper
Must want a what to avoid the hearing - answers -consent agreement
If you are in ad/civil court you must notify super by - answers -30 days
If you are in criminal court you must notify super - answers -immediately
If indicited you must notify super by - answers -14 days
What does the super of insurance do - answers -they ensure laws are followed, make
pre requirements, renew yearly
Insolvency - answers -you can't pay within 30 days
For self insurance of workers comp business must have how many people - answers -
500
Contract - answers -legal agreement between two parties
Adhesion - answers -ambugity in contract, always favors the client
Agency - answers -boss and agent
, Agency system - answers -set of agents
Binder - answers -legal contract immediately temp coverage for temp need
Binding authority - answers -legal contract to give binders
A nonresident agent - answers -does not live in ohio
How can you be a nonresident agent - answers -submit the right application, be in good
standing, have resident license
How long do you have to notify of an address change? - answers -you have 30 days
When do you have to renew license by - answers -every other year on or before the last
day of your birthday month
How much is the fee to renew your license - answers -the fee is 25 dollars
How many hours of ce courses do you have to have to renew - answers -24 hours, 3
ethics
Who proves you took ce - answers -you do
How many days does someone have to accept or deny a claim - answers -21 days
Who can you share commission with - answers -someone who is licensed in the same
type of insurance as you
How many days do you have to file for loss papers - answers -60 days
How much of a fee do you have to pay per agent yearly - answers -15 dollars
Rebate - answers -give money to prospective client to encourage them to go with your
service
What is the largest fine someone may have - answers -25,000
When can't you have the consumer fee - answers -if you are doing regular insurance
business
Secretary will look through insurance company every? - answers -3-5 years
Do they have to ask for your rights for fair credit reporting - answers -yes
If you commit fraud/ make false statement, what is prision time - answers -10 years
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