Kansas Property and Casualty Exam Study Guide | Questions with 100% Correct Answers | Verified | Latest Update 2024
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Course
Kansas Property and Casualty
Institution
Kansas Property And Casualty
Commissioner of Insurance is elected every, _____________. - -elected to office every 4 years.
-If vacancy, governor will appoint a suitable person to fill the position until a qualified successor is
elected.
Commissioner of Insurance is elected by ______________. - The voters in Kansas
General...
Kansas Property and Casualty Exam Study Guide | Questions with 100% Correct Answers | Verified | Latest Update 2024 Commissioner of Insurance is elected every, _____________. - ✔✔-elected to office every 4 years. -If vacancy, governor will appoint a suitable person to fill the position until a qualified successor is elected. Commissioner of Insurance is elected by ______________. - ✔✔The voters in Kansas General duties of the Kansas Commissioner of Insurance include : - ✔✔ -general supervision, control, and regulation of persons and companies authorized to transact the business of insurance in Kansas. -authority to make any rules necessary to enforce the insurance laws of Kansas. -Supervises all transactions relating to the organization or reorganization of Insurance companies in Kansas and also supervises the sale of stocks, bonds, and other items that are evidence of interest or debt issued by those companies. -Issues proper insurance license for producers, brokers, and certificates of authority for the Insurers qualified to conduct business in Kansas. *Which of the following is not a general duty of the Kansas Commissioner of Insurance? - ✔✔Creates Kansas Insurance laws *The Commissioner may examine the financial condition of any insurer whenever it is necessary OR at least every _______________ years. - ✔✔5 Powers of the Commissioner of Insurance regarding Department of Insurance hearings? - ✔✔The Commissioner can examine witnesses and evidence The Commissioner has subpoena power The Commissioner can serve a person a statement of charges and conduct a hearing *The Commissioner of Insurance does not have the power to - ✔✔issue a cease and desist *The Commissioner may subject a person who has violated the Kansas Insurance Code to imprisonment up to ________________ in the county jail. - ✔✔6 months *In Kansas, insurers that are formed under the laws of Minnesota are _______________ companies. - ✔✔Foreign An insurance company or risk retention group licensed and incorporated in Kansas. - ✔✔Domestic Company * A ________________ is required in order for an insurer to conduct business in the state of Kansas. - ✔✔Certificate of Authority Any incorporated society, order or lodge, without capital stock, conducted solely for the benefit of its members and not for profit. - ✔✔Fraternal Benefit of Society *An individual or business entity required to be licensed under the provisions of Kansas statues to sell, solicit or negotiate insurance. The term ___________ also includes broker unless otherwise specified. - ✔✔Producer *An individual or business entity that is licensed to act as an insurance agent and maintains a principal place of residence or business in Kansas. - ✔✔Resident Producer *An individual or business entity doing business in Kansas, while being a licensed resident of another state. The producer must make application and be in good standing in their home state, and their home state must award a nonresident producer license to residents of Kansas on the same basis. - ✔✔Nonresident Producer The Commissioner of Insurance can issue a temporary insurance producer license for a period not exceeding 180 days, without requiring an examination, the following individuals or business entities: - ✔✔- Surviving spouse or court -appointed personal representative of a licensed insurance producer who dies or becomes mentally or physically disabled.
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