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buyer's guide : is a consumer publication that describes the type of coverage being offered and provides general information to help the applicant compare different policies and reach an informed decision about whether the proposed coverage is appropriate.
commissioner of insurance The Commissioner oversees the insurance industry in California. This is an elected position that is held for a term of 4 years with a two-term limit.
notice An order or notice of the Commissioner must be in writing and signed by the Commissioner or an authorized representative.
examination of records The Commissioner must examine the financial affairs of each insurer operating in California prior to issuing a certificate of authority. At the very least, a company shall be then examined once every 5 years.
hearings The Commissioner may call and hold hearings for any purpose deemed necessary.
when must a hearing be held after the notice is served? 30 days
cease and desist order The Commissioner may issue a cease-and-desist order to any person found to have committed an unfair or deceptive act or has violated a state insurance law.
insurance agent An insurance agent is a person authorized, by and on behalf of an insurer to transact all classes of insurance other than life, disability, or health insurance, on behalf of an admitted insurance company.
insurance broker An insurance broker is a person who, for compensation and on behalf of another person, transacts insurance other than life, disability, or health with, but not on behalf of, an insurer
insolvency Insurer Insolvency is the impairment of an insurer’s capital, financial stability, and financial strength to the point where policyholders and the public may be harmed.
impairment Impairment means that the necessary paid-in capital of the insurer has been compromised.
conservation If an insurance company is in an impaired financial condition, the Commissioner may file an application for an order to take control of its affairs for the purpose of improving its condition.
agent An insurance agent is a person authorized, by and on behalf of an insurer to transact all classes of insurance other than life, disability, or health insurance, on behalf of an admitted insurance company.
continuing education All agents must complete 24 hours of continuing education each two-year license renewal period. Four of those hours must be in Ethics.
agent records Life insurance agents must keep transaction records for 5 years.
claimant A person who asserts a right of recovery under an insurance policy is called the claimant.
materiality Materiality is relevant information that would probably influence a party’s assessment of a proposed contract.
what is insurance according to the California insurance code? a contract to indemnify against loss
what is concealment? the neglect to communicate that which a party knows and ought to communicate
What does non-admitted mean not entitled to transact insurance business in the state
a licensee may not transact insurance business in California until? the licensee is appointed by an insurer
upon termination of all an agent's appointments, the agent's license will not be canceled but become inactive
when do all licenses issue to a natural person terminate? when the person dies
what is a fiduciary? a person or organization holding the funds or property of another in trust
human life approach looks at potential lost earning of a person as a measure of how much insurance to purchase
needs approach is used in cases where the amount of life insurance needed is based upon the individual's ( or family) financial goals and objectives
black out period the period of time from the insured's death until the surviving spouse is permitted to receive retirement income benefits
persons 65 and older free look period 30 days
Created by: Lupe12
 

 



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