Term
| State insurance laws will usually set specific notification requirements that carriers must follow for? |
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Definition
Cancellation for non payment of premiums
Non renewal of a policy of insurance
Cancellation for any reason other than nonpayment of premium. |
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Term
| The responsibility of insurance industry regulation in almost all states generally falls under the jurisdiction of each states...? |
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Definition
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Term
| Departments of insurance are responsible for regulating entities who conduct "Insurance Business". These responsibilities include..? |
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Definition
Licensing of insurance companies
Licensing insurance, producers, adjusters, and others,
Handling insurance complaints |
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Term
| If the D.O.I. believes that a carrier, its agent, or an adjuster is engaged in any form of unfair method of competition or trade practice, it has the authority to suspend any part or all of the conduct of insurance business simply by doing what? |
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Definition
| Issuing a cease and desist order. |
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Term
| In order to prohibit unfair insurance practices,and protect the interest of consumers,almost all states have enacted what type of legislation? |
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Definition
| Unfair insurance or claims practices act |
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Term
| In states where adjusters must be licensed, such licensure is granted by whom? |
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Definition
| The Department of Insurance |
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Term
| A D.O.I. responsibility for supervision of claims activity is designed to do all of the following? |
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Definition
Assure policyholders of fair treatment and prompt settlement in the event of a loss.
Investigate charges of unethical conduct.
Take judicious action in appropriate case of unethical conduct. |
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Term
| In states where adjusters must be licensed, in the event of catastrophic, widespread, severe losses, A department of insurance will do what? |
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Definition
| Grant emergency licensure for a limited period of time. |
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Term
| The concept states have agreed to use to recognize and honor licences granted by other states whose licensing requirements are similar to their own. This concept is known as...? |
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Definition
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Term
| An adjuster currently holding an insurance licence in their own state, and who obtains a similar license in another state is known as? |
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Definition
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