NC Statutes & Regulations Pertinent to Life Insurance Lesson 11 Questions and Answers Graded A+
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NC Statutes & Regulations Pertinent to Life
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NC Statutes & Regulations Pertinent To Life
NC Statutes & Regulations Pertinent to Life Insurance Lesson 11 Questions and Answers Graded A+
Contract of Insurance - Agreement by which the insurer is bound to pay money or its equivalent, or do some act of value to the insured upon and as an indemnity or reimbursement for the destruction, l...
NC Statutes & Regulations Pertinent to Life Insurance Lesson 11 Questions and Answers Graded A+ Contract of Insurance -✔✔ Agreement by which the insurer is bound to pay money or its equival ent, or do some act of value to the insured upon and as an indemnity or reimbursement for the destruction, loss, or injury of something in which the party has an interest. Commissioner -✔✔ Commissioner of Insurance of NC or authorized designee -Heads sta te Department of Insurance -Responsible for fair ratemaking, injury prevention efforts, and close regulation of insurance solvency and industry practices. Department -✔✔ Department of Insurance of NC NAIC -✔✔ National Association of Insurance Commissio ners Person -✔✔ individual, partnership, firm, association, corporation, joint -stock company, trust, any similar entity, or combination acting together. Commissioner's Election and Term of Office -✔✔ -Elected by the people; same as General Assembly and State officers. -Term begins January 1st after they are elected and is 4 years or until someone else is elected. -Governor fills in any vacancy in an unexpired term. Powers and Duties of Commissioner -✔✔ -prescribe the necessary forms and financial statements to entities as described in Chapter 58. -report any violations of the law by insurance companies to the Attorney General -give synopsis of any insurance contract offered to citizens -administer oaths required in the discharge of Commissioner's official duty. -compile and make available list of rates charged and explanation of coverage for: Insurance against loss to residential real property and Private passenger (nonfleet) motor vehic le -administer and enforce provisions of Patient Protection and Affordable Care Act and the provisions of the Health Care and Education Reconciliation Act of 2010. Examination, Hearings, and Investigations -✔✔ -examinations, hearings, and investigations may be conducted by the Commissioner personally. -Commissioner may arrest with warrant or have person arrested if there is evidence of criminal activity. -All hearings must be held in ordinance with NC General Statutes and be at a time/place designated in a written notice by the Commissioner and given to the person cited. -Notice must state subject of inquiry and any charges. Restraining Orders; Criminal Convictions -✔✔ -Restraining orders are given when any person violates or threatens to violate Cha pter 58, or Article A of Chapter 143 of the General Statutes. -Application must be given in the superior court of any county. -When licensee is convicted in court, their license is suspended until reinstated by the Commissioner. -Conviction: adjudication of guilt, plea of guilt, and plea of nolo contendere. License Surrender -✔✔ -Licensee accused of any act, omission, or misconduct that would subject to suspension or revocation may surrender license for a period of time established by Commissioner. Noti fication of Criminal Convictions; Change of Address; Service of Notice; Contracts for Online Service, Admin Services, or Regulatory Data Systems -✔✔ -Applicants provide Commissioner with address and email address; has 10 business days to inform Commission er of any changes or is subject to a $50 fee. -Any conviction other than traffic violation must be reported to Commissioner within 10 business days. -Commissioner will contact licensee directly or send first -class mail for any service notices.
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