Wy State P&c Exam Study Guide For Statues, Rules And Regulations Common To All Lines

Miscellaneous Producer Regulations (Numbers, Dollars, Days & Dates) {Ans: Memorize these numbers and their definitions for state regulations portion of test: - 24 hours - must be completed for CE every 2 years - 3 hours - must be completed of CE in ethical requirements - 30 days - to inform the commissioner of change of address - 30 days - for nonresident producer to file a change of address - 30 days - to report criminal prosecutions and administrative actions - 3 years - Producers must keep records available for inspection}Reciprocal Insurance Company {Ans: Results in an interchange of reciprocal agreements of indemnity among persons known as subscribers. Put into effect and administered by an attorney-in-fact common to all persons. Subscribers agree to become liable for their share of losses and expenses incurred among all subscribers, and they authorize the attorney in fact to manage and operate the exchange}Home office {Ans: Insurer's headquarters, principal place of business}Agent Appointment and Termination {Ans: In order to transact insurance as a representative of an insurance company, an insurance producer must be appointed by that insurer. - Insurer must file notice of appointment with the Insurance Department within 15