Exam (elaborations)
Delaware Insurance Laws
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- SAFe 5.1 Questions And Answers 2024
Delaware Insurance Laws
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Delaware Insurance LawsChosen by qualified electors of the state at general elections and commissioned by the
governor for a term of 4 years. - ANS-How is the commissioner of insurance selected
for office, and how long is the term?
-Grant or deny applications for certificates of authority.
-Examine each insurer, rating organization, or any other organization or association
authorized to transact insurance in this state;
-Enforce and execute the duties imposed by the insurance code;
-Adopt and promulgate rules and regulations;
-Have the powers and expressed authority to carry out all duties;
-Enforce payment of fee, charges and taxes;
-Have additional rights, powers and duties provided by other laws of Delaware. -
ANS-What are the broad powers and duties of the commissioner of insurance?
as often as deemed appropriate, but at least once every five years. - ANS-How often
must the commissioner examine insurers' books and records?
To prevent a producer or insurer from further violating laws for transacting insurance. -
ANS-What is the purpose of a cease-and-desist order?
fine of up to 2,300 per violation, imprisonment for up to 1 year, or both. The maximum
fine for corporations is 6,900 per violation. - ANS-What are the applicable penalties for
violations of the insurance code?
-18 years of age.
-competent, trustworthy, financially responsible and of good reputation,
-not committed any act that is grounds for denial, suspension or revocation.
-has paid the appropriate fees with an application for each line of authority.
-has successfully passed the examination(s) for the line(s) of authority for which the
person has applied. - ANS-What qualifications must a candidate for a producer license
meet in this state?
-must be in compliance with the insurance title code and must be an incorporated stock,
mutual, or reciprocal insurer. - ANS-What factors qualify an insurer for a certificate of
authority?
, notice within 30 days. - ANS-How long does a producer have to notify the commissioner
of change of name or address?
-every 2yrs.
-24 credit hours.
-3 need to be in ethics.
-if a producer holds a health license who solicits long term care policies, they must
complete 3 hours in courses on long term care insurance.
-Resident adjusters: 12 credit hours, 3 in ethics.
-5 credits NOT from ethics, that can carry over to the next license period. - ANS-What
are the continuing education requirements for producers in this state?
-Providing false information.
-Violating insurance laws.
-Obtaining a license through fraud.
- Convicted a felony.
-Cheating on an exam. - ANS-Upon what grounds can the Commissioner revoke or
suspend a producer license?
To place insurance in an unauthorized insurer under the surplus limes law covering a
subject of insurance resident, located or to be performed in Delaware. - ANS-What is
the definition of export?
The commissioner - ANS-Who determines which classes of insurance are eligible for
export?
The recorded must be open to examination by the commissioner at all times within 5
years after issuance of the coverage to which it relates. - ANS-How long must surplus
lines brokers maintain records?
The broker must file this affidavit with the commissioner within 30 days after the
insurance was affected. - ANS-When is a surplus lines broker required to execute an
affidavit?
provides a mechanism for the payment of covered claims under certain insurance
policies to avoid excessive delay in payment and to avoid financial loss. - ANS-What is
the purpose of the Guaranty Association Act?
An agreement by which an insured or prospective insured promises to pay to an
insurance premium finance company. - ANS-What is a premium finance agreement?
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