NC Health Insurance Exam with complete solution graded A+

Definitions - Broker - Means a person who, being a licensed agent, procures insurance for a party other than himself through a duly authorized agent or an insurer that is licensed to do business in this State bur for which the broker is not authorized to act as an agent. Definitions - Limited Representative - Means a person is authorized by the Commissioner (Wayne Goodwin) to solicit or negotiate contracts for particular kinds of insurance (Motor Club, Dental, Travel) and which kind of insurance is restricted in the scope of coverage afforded. Procure - Means to Obtain Representation 1 - Every agent or limited representative represents the INSURANCE COMPANY and NOT the insured or his beneficiary. Representation 2 - Every broker in any controversy between the insured or his beneficiary is regarded as representing the INSURED OR HIS BENEFICIARY and NOT the insurer. General License Requirements - A life insurance license authorized a resident agent to sell variable contract if the agent satisfies the Commissioner (Wayne Goodwin) that the agent has met the Financial Industry Regulatory Authority (FINRA) requirements of the Secretary of State in NC. General License Requirements - A health insurance license authorizes a resident agent to sell Medicare supplement and long-term care insurance policies if the agent takes and passes a supplemental written examination for the insurance license. General License Requirements - A limited rep., may receive qualification for one or more licenses without examination for the following kinds of insurance: 1. Dental 2. Credit Life 3. Motor Club 4. Prearrangement Insurance5. Travel Accident and Baggage AKA - Limited Rep. General License Requirements - NO licensed agent, broker, or limited rep., shall solicit anywhere in the boundaries of this State, or receive or transmit an application or premium of insurance, for a company not licensed to do business in this State. General License Requirements - NO agent shall place a policy of insurance with any insurer unless the agent has a current appointment as agent for the insurer. ex: BCBS appoints me permission to sell their products. General License Requirements - A business entity that sells, negotiates, or solicits insurance shall be licensed. EVERY MEMBER OF THE BUSINESS PERSONALLY ENGAGED IN THIS STATE IN SOLICITING POLICIES OF INSURANCE SHALL QUALIFY AS AN INDIVIDUAL LICENSEE EX: FullHR waiting to hire me due to needing my Health Insurance License. General License Requirements - A license issued to an agent authorizes him to at until his license is otherwise suspended or revoked. Upon suspension or revocation of a license, the licensee shall return it to the Commissioner (Wayne Goodwin).