Maryland Property and Casualty Exam
Study online at https://quizlet.com/_edh2q3
1. Producers anyone who legally performs activities of an insurance agent broker in MD
2. Business entity refers to the legal structure of an organization
producer
3. Nonresident pro- licensed agent in any state other than MD
ducer
4. temporary li- may be issued in case of death or disability of licensed producer. Valid for 15
cense months
5. advisers give advise to clients about insurance exposures and coverages
6. public insurance represents and is compensated by the commissioner
adjusters
7. portable elec- must be approved by the commissioner
tronics insurance
limited lines li-
cense
8. reinstatement A producer who allows his or her license to lapse may, within 12 months from the
and renewal renewal date, reinstate the license without retaking the state licensing exam.
9. address change must notify commissioner within 30 days
10. reporting of ac- report actions to the commissioner within 30 days
tions
11. assumed names must notify the commissioner of any assumed names
12. requirements to must report to commissioner within 30 days
report felony
convictions
, Maryland Property and Casualty Exam
Study online at https://quizlet.com/_edh2q3
13. reinstatement no longer then 1 year, $100.00 fee and complete education
14. continuing edu- 24 continuing education credit hours every 2 years
cation require-
ments
15. disciplinary ac- can be fined up to $100,000
tions
16. cease and desist punishable as a violation to the insurance code
order
17. hearings may be held whenever the commissioner finds necessary
18. fraud $300 or more is fraud. Less than $300 is a misdemeanor
19. commissioner appointed by the governor for a 4 year term
20. notice of renewal within 45 days before premium changes
premium
21. certificate of au- allows insurance companies to write contracts of insurance
thority
22. binders temporary insurance contract delivered by the insurer to the insured before a
permanent insurance policy is issued.
23. solvency The ability of a company to pay interest as it comes due and to repay the balance
of debt due at its maturity.
24. rates regulated so they are not excessive, inadequate or unfairly discriminated
25. producer ap- Insurers must renew producer appointments every 2 years.
pointments
, Maryland Property and Casualty Exam
Study online at https://quizlet.com/_edh2q3
26. termination of the insurer shall, within 30 days following the effective date of the termination
producer ap-
pointments
27. fiduciary respon- The responsibilities a broker has to clients in an agency relationship includes
sibilities placing the interest of the client first, full disclosure of all facts, material and other,
and giving advice and opinions
28. acting for unli- cannot transact insurance for company without a certificate of authority
censed insurers
29. charging of fees insurer may not willfully collect premium or charge for insurance not provided
30. twisting misrepresentation that persuades an insured to cancel
31. rebating a practice of giving money back to a policyholder in order to incentivize or "induce"
a sale
32. larceny theft; robbery; stealing
33. fair credit report- consumer reporting agencies must follow order to keep confidential
ing act
34. fraud and false 1033 fine of $50,000. 10 year prison for false statement. 15 year prison for
statements in- jeopardizing security
cluding 1033
waiver
35. surplus lines any type of insurance not offered by an insurer licensed to do business within the
state; must be given to a nonadmitted insurer
36. misrepresenta- A false statement or lie that can render the contract void.
tion
Study online at https://quizlet.com/_edh2q3
1. Producers anyone who legally performs activities of an insurance agent broker in MD
2. Business entity refers to the legal structure of an organization
producer
3. Nonresident pro- licensed agent in any state other than MD
ducer
4. temporary li- may be issued in case of death or disability of licensed producer. Valid for 15
cense months
5. advisers give advise to clients about insurance exposures and coverages
6. public insurance represents and is compensated by the commissioner
adjusters
7. portable elec- must be approved by the commissioner
tronics insurance
limited lines li-
cense
8. reinstatement A producer who allows his or her license to lapse may, within 12 months from the
and renewal renewal date, reinstate the license without retaking the state licensing exam.
9. address change must notify commissioner within 30 days
10. reporting of ac- report actions to the commissioner within 30 days
tions
11. assumed names must notify the commissioner of any assumed names
12. requirements to must report to commissioner within 30 days
report felony
convictions
, Maryland Property and Casualty Exam
Study online at https://quizlet.com/_edh2q3
13. reinstatement no longer then 1 year, $100.00 fee and complete education
14. continuing edu- 24 continuing education credit hours every 2 years
cation require-
ments
15. disciplinary ac- can be fined up to $100,000
tions
16. cease and desist punishable as a violation to the insurance code
order
17. hearings may be held whenever the commissioner finds necessary
18. fraud $300 or more is fraud. Less than $300 is a misdemeanor
19. commissioner appointed by the governor for a 4 year term
20. notice of renewal within 45 days before premium changes
premium
21. certificate of au- allows insurance companies to write contracts of insurance
thority
22. binders temporary insurance contract delivered by the insurer to the insured before a
permanent insurance policy is issued.
23. solvency The ability of a company to pay interest as it comes due and to repay the balance
of debt due at its maturity.
24. rates regulated so they are not excessive, inadequate or unfairly discriminated
25. producer ap- Insurers must renew producer appointments every 2 years.
pointments
, Maryland Property and Casualty Exam
Study online at https://quizlet.com/_edh2q3
26. termination of the insurer shall, within 30 days following the effective date of the termination
producer ap-
pointments
27. fiduciary respon- The responsibilities a broker has to clients in an agency relationship includes
sibilities placing the interest of the client first, full disclosure of all facts, material and other,
and giving advice and opinions
28. acting for unli- cannot transact insurance for company without a certificate of authority
censed insurers
29. charging of fees insurer may not willfully collect premium or charge for insurance not provided
30. twisting misrepresentation that persuades an insured to cancel
31. rebating a practice of giving money back to a policyholder in order to incentivize or "induce"
a sale
32. larceny theft; robbery; stealing
33. fair credit report- consumer reporting agencies must follow order to keep confidential
ing act
34. fraud and false 1033 fine of $50,000. 10 year prison for false statement. 15 year prison for
statements in- jeopardizing security
cluding 1033
waiver
35. surplus lines any type of insurance not offered by an insurer licensed to do business within the
state; must be given to a nonadmitted insurer
36. misrepresenta- A false statement or lie that can render the contract void.
tion
