Download Personal Lines Insurance - Ohio Exam Questions and more Exams Nursing in PDF only on Docsity! PERSONAL LINES INSURANCE - OHIO (Questions - Insurance Regulation) Exam Questions Latest 2023 Making any misrepresentation or incomplete comparison of policies to any person for the purpose of inducing that person to lapse a current policy best describes _________________________ - correct answer ✅twisting By what date each year must each insurer submit the names of each agent they are requesting to be appointed to represent them? - correct answer ✅June 30 An insurance company must file all rating plans, policy forms and exceptions with the Department of Insurance prior to implementation. How long does the Department of Insurance have to approve or deny the filing? - correct answer ✅30 days The state may suspend, refuse to renew, or revoke an agent's license if more than _____ (percent) of the total written premium by the agent in any 12 month period of time comes from controlled sources. - correct answer ✅50% Writing insurance on your own property or that of your relatives, employer, or employees is known as ________________ business. - correct answer ✅Controlled PERSONAL LINES INSURANCE - OHIO (Questions - Insurance Regulation) Exam Questions Latest 2023 To apply for a license, the applicant must be at least what age? - correct answer ✅18 An insurance company certificate of authority to operate in the state renews every ______ year(s). - correct answer ✅1 A false statement meant to injure a person in the business of insurance is the unfair trade practice of _________________________. - correct answer ✅defamation A person surrendering their license for a disciplinary cause can no longer hold any insurance license for a minimum period of: - correct answer ✅5 years Agent Willougby states that his policy will be guaranteed renewable for at least 5 years. Willoughby is guilty of ______________________________. - correct answer ✅misrepresentation PERSONAL LINES INSURANCE - OHIO (Questions - Insurance Regulation) Exam Questions Latest 2023 A cease and desist order is communicated by a ________________________ from a member of the Department of Insurance. - correct answer ✅certified letter When a company appoints an agent to represent it, a fee of ___________ is payable to the Department of Insurance. - correct answer ✅$15 The maximum amount of civil forfeiture assessed against an agent by the Superintendent of Insurance may not exceed: ____________________ - correct answer ✅$25000 The inability of a company to pay its obligations when due is known as: _____________________________ - correct answer ✅insolvency The maximum amount of commissions or fees a company may pay to an unlicensed agent is: _______________ - correct answer ✅$0 PERSONAL LINES INSURANCE - OHIO (Questions - Insurance Regulation) Exam Questions Latest 2023 An agent who gives something of value to induce a prospect to purchase from them is guilty of the unfair trade practice of: _______________________ - correct answer ✅rebating Any refund of premium is to be made to a policy owner in a timely manner, which is defined as within _______ days - correct answer ✅30 Third and subsequent violations of Ohio Proof of Financial Responsibility Law results in a reinstatement fee of ___________ before driving privileges will be reinstated. - correct answer ✅$600 The Terrorism Risk Insurance Act requires that damages be in excess of $______________ in order to be considered a "certified act of terrorism - correct answer ✅5 million An Ohio employer may be granted status as a self-insured employer by meeting certain state-mandated conditions. Among these conditions is a requirement that the employer has at least _________ employees. - correct answer ✅500
