Life Insurance State Exam Ch. 8 Verified Solution
Commissioner of Insurance
Who is the chief executive officer and Director of the department of insurance, and what powers and
duties do they have? Options: a. The Commissioner is the chief executive officer and Director of the
department of ...
Life Insurance State Exam Ch. 8 Verified Solution
Commissioner of Insurance
Who is the chief executive officer and Director of the department of insurance, and what powers and
duties do they have? Options: a. The Commissioner is the chief executive officer and Director of the
department of insurance, with all the powers and perform all the duties vested in and imposed upon the
department; b. The Commissioner is a subordinate officer with limited powers and duties; c. The
Commissioner is a non-executive officer with no powers or duties; d. The Commissioner is a governor-
appointed official with undefined powers and duties
Answer: a. The Commissioner is the chief executive officer and Director of the department of insurance,
with all the powers and perform all the duties vested in and imposed upon the department;
What actions can the Commissioner take when they have knowledge that a person has engaged in an
illegal practice or unfair or deceptive act? Options: a. Administer oaths, summon and compel by order or
subpoena the attendance of witnesses to testify, request records, and initiate criminal proceedings; b.
Only administers oaths and summons witnesses; c. Only requests records; d. Initiates criminal
proceedings without evidence
Answer: a. Administer oaths, summon and compel by order or subpoena the attendance of witnesses to
testify, request records, and initiate criminal proceedings;
How often must the Commissioner examine each domestic insurer? Options: a. At least once every 5
years; b. At any time they want; c. Only when there is a complaint filed; d. Never
Answer: a. At least once every 5 years;
Other Questions
What are the steps involved in the examination process, including how long it takes for the
Commissioner to review submissions and enter an order? Options: a. 20 days to review submissions,
then 30 days to enter an order; b. 30 days to review submissions, then 60 days to enter an order; c. 60
days to review submissions, then 30 days to enter an order; d. No specific timeframe
Answer: b. 30 days to review submissions, then 60 days to enter an order;
How many days does the Commissioner have to either grant or refuse a demand for a hearing? Options:
a. 15 days; b. 30 days; c. 45 days; d. No specific timeframe
, Answer: c. 45 days;
How many days' notice must be given before a hearing, and how many days does it take for the
Commissioner to compile a written order after the hearing? Options: a. 20 days' notice, then 10 days to
compile written order; b. 20 days' notice, then 20 days to compile written order; c. 20 days' notice, then
30 days to compile written order; d. No specific timeframe
Answer: b. 20 days' notice, then 20 days to compile written order;
temporary: ✔️The Commissioner may issue a temporary insurance producer license for a period not
exceeding 180 days without requiring an examination
the Commissioner may impose a civil penalty not to exceed ______ per violation. ✔️$10,000
To appoint a producer as its agent, an insurer will file a notice of appointment with the Commissioner
within ____ days from the date the agency contract is executed or the first application is submitted
✔️15
appointment fee= ✔️$10
Insurers must submit the names and addresses of all appointed agents to the Superintendent by
_________ each year, with renewal appointment fees, in order to keep appointments in effect. ✔️June
30th
Appointments will renew automatically on the __________ each year unless the insurer terminates the
appointment prior to the renewal date. ✔️first day of July
An insurer that terminates an agent's appointment will notify the Commissioner within ________ after
the effective date of termination. ✔️30 days
The insurer shall mail a copy of the notification to the producer's last known address by certified mail,
return receipt requested, postage prepaid or overnight delivery within _______ days after notifying the
Commissioner. ✔️15
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