Qualifications agent license

An individual applicant who:

• 18 years of age
• Has not done anything to justify denying, suspending, or revoking the license
• met prelicensing Requirments
• trustworthy
• consented to a criminal records check
• United States citizen

Qualifications agent license

A business that:

• registered, or maintains its main office, in Ohio
• designated a licensed agent responsible for its compliance
• Has not done anything to justify denying, suspending, or revoking the license

• notifiy 30 days after making the change
• Notify/provide certification from the new state within 30 days after making the change

A broker negotiates coverage and obtains insurance (except life) on property or persons in Ohio from insurers not authorized to transact business in this state.

• be a resident of the United States
• hold both a Property and Casualty license
• applicant must post a $25,000 penal bond

can be issud for credit insurance products, rental car insurance, crop insurance, funeral expense, travel insurance, title insurance

•  No prelicensing education, licensing examination or continuing education is required for a limited lines license.
   
   

• required to complete 24 hours of continuing education
• 3 of which must be ethics-specific, prior to renewing their license

• complete 12 hours of continuing education, 10 of which must be title-specific and 2 of which must be ethics-specific,

complete 24 hours of continuing education, 12 of which must be surety bail bond-specific and 3 of which must be ethics-specific

• 2 different renewal cycles

complete 15 hours of continuing education specifically related to viatical/life settlements and viatical/life transactions

+addition to a resident agent license must complete 24 hours of continuing education, 15 of which must be specifically related to viatical/life settlements and viatical/life transactions and 3 of which must be ethics specific

• 2 renewal Cycles

• the agent’s license can be suspended or revoked
• Superintendent can impose a penalty of up to $25,000. 

deal with fraud; insurance regulation violations; felony convictions; fund mishandling; ect

MIN 2 YEAR SUSPENSION

•  $25,000 per violation
• Assess cost incurred by the department
• Order corrective actions

• Be sent by certified mail, return receipt requested
• Specify the particular act subject to the order and specify a date (within 15 days of the order) of a hearing
• civil penalty can be up to $10,000 per violation

Mine subsidence insurance covers residential property (1 – 4 units only) from damage due to deep mining for up to $300,000 including foundations.

• deductible is a minimum $250 to a maximum of $500

• Insurers have 15 days to respond to clients
•  21 days to respond to the Department of Insurance, or decide whether a case call for an investigation of possible fraud
• 45 days to notify the policyholder regarding the status of an investigation
•  60 days to bring a case of suspected fraud before the department of Insurance.

Is proof of insurance.

The minimum required benefit is $12,500/$25,000/$7,500, or a $30,000 bond or C.D.

• Nonrenewal, cancellation, and minimum policy limits conform with Ohio laws, and Part B coverages are the maximum limit of liability.
• No one will be entitled to receive duplicate payments for the same loss under this coverage and Part A of this policy

$1.5 million

All FAIR Plans must limit exposure, given the range of possible house, Ohio’s limit is $1.5 million.

Joint Underwriting Association

• accepting premiums,
• soliciting applications
• delivering policies

license is required