Arizona Specific Life and Health Law Supplement QUESTIONS & ANSWERS(RATED A)
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Course
Arizona Life and Health Insurance
Institution
Arizona Life And Health Insurance
The Director of Insurance must conduct an examination... - ANSWER of every domestic insurer at least once every 5 years
Minimum age to obtain a producer's license - ANSWER 18
Nonresident producer must obtain residence license.... - ANSWER within 90 days of moving to Arizona
180 Days Length...
Arizona Specific Life and Health Law Supplement
QUESTIONS & ANSWERS(RATED A)
The Director of Insurance must conduct an examination... - ANSWER of every domestic insurer at least
once every 5 years
Minimum age to obtain a producer's license - ANSWER 18
Nonresident producer must obtain residence license.... - ANSWER within 90 days of moving to Arizona
180 Days Length of Temporary Producer license - ANSWER without requiring an examination, if a
licensed producer dies, becomes disabled, or enters active military service
Records must be retained.... - ANSWER for at least 3 years
Producer licenses are issued for... - ANSWER a term of 4 years
Time frame to report change of contact info, administrative actions, or criminal charges to the Director...
- ANSWER 30 days
Continuing Education (CE) Every 4 Years - ANSWER License Periods beginning prior to January 1, 2014
and the producer had a nonresident license in another state
-40 Required credit hours
Resident license periods beginning after January 1, 2014:
-48 required number of credit hours;
-Including 6 hours of ethics training
Civil Penalties for Insurance Violations - ANSWER -$2,500 Maximum per violation fine for violations
committed knowingly
-$15,000 Maximum aggregate fine for violations committed knowingly
, -$250 Max per violation fine for violations committed unknowingly
-$2,500 Max aggregate fine for violations committed unknowingly
Insurance Fraud Penalty - ANSWER $5,000 Maximum civil penalty per violation
Age 15 - - ANSWER Age that a minor is deemed competent to enter into a contract of life or disability
insurance on the minor's own life
10 Days Free look for - ANSWER Free look for health insurance
30 days free look for - ANSWER Free look for Medicare supplements and Long term care insurance
For group insurance Employer group must have - ANSWER at least 2 eligible employees
For group health insurance labor unions must have... - ANSWER at least 25 participants
Group health conversion period - ANSWER 31 days (no evidence of insurability required)
Small group health plans - ANSWER -at least 2 but no more than 50 employees
-30 days open enrollment period
-Notice of renewal and premium increase must be sent 60 days before expiration date of policy
-Health insurance advertising files must be kept for minimum of 3 years
Medicare supplements Open Enrollment... - ANSWER within 6 months of first enrolling in Medicare Part
B and being 65 or older
Medicare supplement pre-existing exclusion - ANSWER Maximum period of 6 months
Medicare Supplements Permitted Compensation - ANSWER -Maximum first year compensation may be
no more than 200% of servicing compensation (renewal compensation)
, -Renewal compensation must be paid for at least 5 years
LTC Insurance Minimum Benefit Period - ANSWER of 24 months
Transacting Insurance Business Includes: - ANSWER -making or proposing, as an insurer, an insurance
contract
-making or proposing, as guarantor or surety, a guaranty or suretyship contract
-taking or receiving any insurance application
-receiving or collecting any premium, commision, membership fees, assessments, dues, or other
consideration for any insurance contract
-issuing or delivering insurance contracts to Arizona residents or to persons authorized to do business in
this state
Transacting Insurance Business also includes; - ANSWER -transacting any kind of business specifically
recognized as transacting an insurance business within the meaning of the insurance code
-transacting or proposing to transact any insurance business in substance equivalent to any of these
provisions and designed to evade the laws of Arizona
Insurance (AZ Definition) - ANSWER A contract by which one undertakes to indemnify another or to pay
a specified amount upon determinable contingencies
-The following are not insurance;
-Private ambulance service contracts or private fire protection service contracts
-Charitable gift annuities
-Collision damage waivers
An insurance producer is - ANSWER a person required to be licensed by the Code to sell, solicit, or
negotiate any class or classes of insurance
Sell means to... - ANSWER exchange a contract of insurance by any means, for money or its equivalent,
on behalf of an insurer
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