Connecticut Producer's Examination for Life/Accident and Health Insurance Questions And Answers Already Graded A+
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Course
Connecticut Life/Accide
Institution
Connecticut Life/Accide
Commissioner's general duties and powers - ️️-supervise insurance business
-licensing
-approve policies + forms
-enforce insurance laws and impose penalties for violations
-conduct examinations, investigations, and hearing
Reporting of actions - ️️A licensee must report any administrat...
Connecticut Producer's Examination for
Life/Accident and Health Insurance
Commissioner's general duties and powers - ✔️✔️-supervise insurance business
-licensing
-approve policies + forms
-enforce insurance laws and impose penalties for violations
-conduct examinations, investigations, and hearing
Reporting of actions - ✔️✔️A licensee must report any administrative action taken
against him in another jurisdiction or state within 30 days of the final disposition of the
matter. The report, filed with the Superintendent must include a copy of any relevant
legal documents. 500.00 fine if not. no minor traffic infractions
Types of licensees - ✔️✔️- Producer (agent): represents insurers, appointed to
transact on behalf of insured
- Business entity: corporation/association/ partnership, must have a designated agent
- Insurance agent: insurance producer authorized in writing by any insurance company
to solicit, negotiate or sell insurance contract, or collect premiums
Nonresident producers - ✔️✔️· Nonresident producer: is domiciled and license as a
resident producer in another state
- Must submit license, fill out application, pay fee
Temporary producer - ✔️✔️· Temporary license : issued for continuation of existing
business, short period, approved by the dept, nonrenewable, ~180 days
License Renewal - ✔️✔️-licenses expire 12/31
-renewed annually (> 12/1)
-Cannot practice > 60 days after expiration
Change in name or address - ✔️✔️- Notify board within 30 days
- producer must maintain proof of notice on file for 5 years
Assumed names - ✔️✔️producers must only use their legal names...no aliases
Conti Licensing Process - ✔️✔️1) Be 18 years or older
2) Be a U.S. citizen or a legally admitted alien
3) Complete all educational requirements
,4)Pass exam
5) Be a legal resident at the time of application
6) Satisfy the Commission as to honesty, trustworthiness, integrity, and competency.
Honesty, trustworthiness, and integrity will be established by the background check on
the initial application.
nuing education requirements, exemptions, and penalties - ✔️✔️- Must be renewed
every 2 years
- Continuing education- must be completed every reporting period
- License is not required if a person does not receive commissions
Disciplinary actions - ✔️✔️- Disciplinary actions;
§ License denial, suspension, revocation or refusal to renew
§ Cease and desist order
§ Monetary fines
Cease and desist order - ✔️✔️issued by the commissioner to stop producing insurance
due to illegal activity (may be issued before a hearing)
Hearings - ✔️✔️sessions held by committees or subcommittees to gather information
and views from experts
Suspensions, revocations, refusal to issue or renew, fines - ✔️✔️-Any licensee who
neglects or fails to satisfy continuing education requirements will be subject to license
suspension until compliance
Certificate of Authority - ✔️✔️- approval from state dep of insurance and meet financial
requirements set by state
Capital and surplus requirement - ✔️✔️
Unfair claim settlement practices - ✔️✔️Dishonest or unfair behavior related to settling
insurance claims which is specifically proscribed by state law.
Producer regulation - ✔️✔️- Sell: exchange contract or policy of insurance by any
means for money or its equivalent
- Solicit: to attempt to sell insurance or ask or urge a person to apply for a specific type
Negotiate: act directly conferring with or offering advice to a purchaser or prospective
purchaser
Controlled business - ✔️✔️Life insurance coverage written on the producer's own life
and on the lives of such persons as the producer's relatives and business associates.
The amount of controlled business a producer may write is restricted in most states,
often to a maximum of 50% in a 12 month period.
Commissions - ✔️✔️incentive pay calculated as a percentage of sales
, Failure to remit premiums - ✔️✔️producer license suspended if premium is not paid in
30 days
Unfair and prohibited practices - ✔️✔️It is considered an unfair trade practice to
knowingly commit and unfair trade method of competition or to engage in such actions
with enough frequency that the commission of unfair marketing practices indicates a
general business practice.
Misrepresentation - ✔️✔️false, misleading, or deceptive statements about policy terms
or benefits
False advertising - ✔️✔️untrue, deceptive, or misleading statement in insurance
advertising
Defamation of insurer - ✔️✔️malicious critical statements about a person or company
Boycott, coercion and intimidation - ✔️✔️Using threat or force to create a monopoly or
restrict fair trade in the transaction of insurance
False financial statements - ✔️✔️when an insurance company, agent, adjuster or
consumer commits a deliberate deception in order to obtain an illegitimate gain. It can
occur during the process of buying, using, selling or underwriting insurance.
Failure to maintain complaint record - ✔️✔️- Change of address: must notify in 30
days; producer must maintain proof of notice on file for 5 years
- Business Names: the legal name of a corporation or partnership or any trade of
fictitious name under which a licensee conducts insurance business
- Branch Office: must file w dept a branch office registration form 30 days before
business is first conducted
Unfair discrimination - ✔️✔️cannot discriminate in rates, premiums, or benefit
Rebating - ✔️✔️offering benefits or services not specified In the policy
Twisting - ✔️✔️misleading comparison of policies to persuade insured to cancel or
switch policies
Examination of books and records - ✔️✔️The insurer is granted the right to audit books
and records of the insured relating to the policy for a period of up to 3 years after the
end of the policy
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