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Persons required to be _____ as a Producer
Licensed
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Under the _______ __________ ________Act a person who “Transacts Insurance” in Oklahoma must be licensed in the appropriate line of insurance
Oklahoma Producer Licensing Act
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Any of the following is considered “transacting Insurance”
- 1.Solicit (prospecting)
- 2. Negotiate (quoting)
- 3. Effectuation of contract of insurance (application) “bind insurance”
- 4. Transaction of matter “subsequent” to effectuation of the contract and arising out of it (service)
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Transacting insurance (4)
- Prospecting
- Quoting
- Application
- Service
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Persons exempt from licensing
- Employees within an agency who receive no commission and devote full time to clerical or administrative services only.
- Salaried employees within an insurance company (who receive no commission). No soliciting or negotiating insurance. Underwriter or actuary
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To receive a commission from an insurer:
- Be licensed in the appropriate line of insurance
- Have an insurer appointment
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The law of ____ pertains to contractual relationships where a person is authorized to perform certain acts for another.
Law of agency
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Under the law of agency there are three parties involved:
- 1. Principal: Insurer
- 2. Producer (agent)
- 3. Third Party: client or policy owner
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A___ is a temporary insurance contract.
Binder
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A binder is a temporary protection from a maximum period of ____ days.
90 days
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A binder can be written or _____
Verbal
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Insurance producers have a ____ responsibility to both the insurance company and the insureds they represent.
Fiduciary
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A fiduciary is a person is a person held in trust and must place the other party’s interest above his/ ___ interest.
Own
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Fiduciary responsibilities of a producer:
- 1. Identifying financial risk to the insured.
- 2. Selling the best policy coverage for the insured
- 3. Explaining insurance coverage
- 4. Collecting the initial premium.
- 5. Delivering the insurance policy.
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A conflict of ____ can arise when a producer’s decision does not fulfill their fiduciary responsibility and is influenced by personal interests.
Interest
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Types of Oklahoma Licenses:
- 1. Producer
- 2. CSR
- 3. Limited Insurance Rep
- 4. Temporary Producer
- 5. Surplus Lines Insurance Broker
- 6. Insurance Consultant
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The term period of all Licenses are ____ months.
24
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Producer license categories (lines or insurance)
Personal P&C, Commercial P&C, Life, accident & health, title insurance
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Limited Insurance Rep can sell, solicit, or negotiate what lines:
Credit, travel, prepaid legal, car rental, vending machine
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Temporary producer license may be issued for ___ days.
180 days
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Examples of temporary producers:
Surviving spouse or court appointed personal rep of a licensed producer who dies or becomes disabled. A person designated by producer who is entering the Armed Forces. Any person the Commissioner determines would serve the public interest.
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______ _____ ____ ______ is a person or legal entity that transacts insurance on behalf of a non admitted insurer.
Surplus lines Insurance Broker
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If the type of insurance required cannot be obtain from an ____ insurance company, then the insured can purchase insurance from a unauthorized insurance company thru a surplus lines.
Admitted
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Surplus lines insurance must be purchased through a ______ surplus lines broker and cannot be purchased directly with the non admitted insurance.
Licensed
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Surplus lines policies issued by a non admitted company must contain ___ ____ type a notification stamped on the declarations page that this policy is a surplus lines policy and not subject to the protection of the Oklahoma property & Casualty Guaranty Association.
BOLD FACE TYPE:
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A premium tax of __ % of the gross premium is charged on all surplus lines policies.
6
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The surplus lines broker collects the tax from, the insured and remits the tax to the Sate of OK on a ___ basis.
Quarterly
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____ _____ is a person licensed to engage in the business of offering advice , counsel or opinion with respect to the benefits, advantages, disadvantages of an insurance policy.
Insurance consultants
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Consultants are paid a __ by the client and can never receive a commission nor sell and insurance policy.
Fee
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Consultants must have a ____ _____ fro services, specifying fee and nature of the work.
Written agreement
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Consultants cannot concurrently hold a consultant license and a?
Producer license
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