Chapter 2: General Insurance Laws & Regulations

I. The McCarren-Ferguson Act Public Law 15 The Three Branches of Government Roles and Duties of the Insurance Commissioner General Powers of the Insurance Commissioner - Examination of Records - Notice and Conduct of Hearings - Cease and Desist Orders - Violations - Approval of Policy Forms and Rates Print Section 1* II. Transacting Insurance Suspension or Revocation of Insurer License Agent/Producer Licensing - Resident Agent/Producer Requirements - Non-Resident Agent Licensing - Change of Address - Personal Liability of an Agent III. Suspension of Revocation of a Producer License - Grounds for License Suspension or Revocation Unfair Trade Practices - Rebating - Twisting - Misrepresentation and False Advertising - Defamation - Unfair Discrimination - Favored Agent or Insurer; Coercion of Debtors Prohibited - Excessive Charges - Unfair Claim Settlement Practices - Undefined Acts or Practices Print Section 3* IV. Elements of a Valid Contract - Competent Parties - Legal Purpose - Offer & Acceptance - Consideration * Company’s Consideration * Applicant’s Consideration * Doctrine of Utmost Good Faith * Doctrine of Reasonable Expectations * Warranties * Representation How are Untruths Defined? - Misrepresentations Print Section 4* V. Optional Elements of a Contract - Counter-Offer - Invitation to Make an Offer Reaching an Agreement - Application Only - Prepaid Application When Does Coverage Start? Law of Agency - Concept of Agency - The Agent as a Fiduciary - Handling of Premiums Print Section 5* VI. Take Chapter 2 Test

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