(a) Any person who engages in any unfair method of competition or any unfair or deceptive act or practice defined in Section 790.03 is liable to the state for a civil penalty to be fixed by the commissioner, not to exceed five thousand dollars ($5,000) for each act, or, if the act or practice was willful, a civil …

Persons who transact insurance without being appropriately licensed may be issued a cease and desist order, carrying administrative penalties of up to $5,000 per day for each day a violation occurred, as well as a fine of up to 5 times the amount of money received by the unlicensed person for acting in a capacity which …

A nonresident producer who moves from one state to another state or a resident producer who moves from this state to another state shall file a change of address and provide certification from the new resident state within thirty (30) days of the change of legal residence. No fee or license application is required.

The correct answer is: The application does not include the premium. What may be solicited in West Virginia without submitting to the Commissioner to determine whether the charges for the insurance are reasonable in relation to the benefits provided? Sue’s hospital bill is $4,500.

If this situation occurs within a certain period of time, the insured is considered still disabled from the original disability and is not subject to a new elimination period. The recurrent disability provision encourages employees to return to work without the fear of losing benefits if the disability continues.

Churning is in effect “twisting” of policies by an existing insurer. While replacement of existing coverage is a perfectly legitimate practice, inducing changes in coverage based on misrepresentation or deception is unethical and illegal.

Twisting is the act of replacing insurance coverage of one insurer with that of another based on misrepresentations (coverage with Carrier A is replaced with coverage from Carrier B). Churning is in effect “twisting” of policies by the existing insurer (coverage with Carrier A is replaced with coverage from Carrier A).

The act of “twisting” when life insurance is being sold is illegal in most states. Twisting occurs when an insurance agent replaces an existing life policy with a new one using misleading tactics.

Twisting — the act of inducing or attempting to induce a policy owner to drop an existing life insurance policy and to take another policy that is substantially the same kind by using misrepresentations or incomplete comparisons of the advantages and disadvantages of the two policies.

Unfair business practices include misrepresentation, false advertising or representation of a good or service, tied selling, false free prize or gift offers, deceptive pricing, and noncompliance with manufacturing standards.

A violation is also punishable by an administrative fine of $5,000 for each nonwillful violation or $75,000 for each willful violation.

If your insurance company suspects a fraudulent claim, they may actually cancel your policy altogether. And in serious cases, they will turn you over to law enforcement and you may face misdemeanor or felony fraud charges.

If you’re caught lying during the application process, the insurance company can immediately decline coverage. The incident will get logged in the MIB, which means other insurance companies will know about it. That means it will be much harder to get a life insurance policy from any other provider.

In most U.S. states, it is illegal to not have auto insurance, and if you lie and say you have it, and provide a fictitious or former/expired insurer’s name and policy number, you will also be committing fraud.

Some policies will have you eligible for a death benefit immediately, while others will make you wait four or five years before it takes effect. However, the average amount of time before your life insurance kicks in is one to two years.

In order to assess your life insurance need, the insurer will need to know your age and income at the time of the application. One simple and common method is to calculate coverage as a multiple of annual income. The insurer may also ask for information on existing policies.

If you are caught lying on insurance application or insurance claim you face a variety of consequences. Your application or claim can be denied. You could be charged a higher premium. Your policy could be canceled.

What if you lie and say you weren’t offered affordable health insurance by your employer? You might be able to trick the exchange into giving your health plan the advance payment of a subsidy. But the IRS will catch you, you’ll have to pay it back, and you’ll have committed fraud.

Regardless of the type of policy, lying on the application can result in you classified as a smoker if the insurer finds out. You may even go your whole life thinking you got away with it. However, if an autopsy finds smoking-related illnesses, the insurer may reject the death benefit and not pay your survivors.

When it comes to personal injury cases, insurance companies typically request 10 years of medical history. However, in some states, doctors and medical facilities are only required to keep records for a minimum of 7 years, so they may not be able to request records back that far.

Generally speaking, life insurance companies will be able to access some information about your medical history, usually through the MIB, questionnaires that you fill out during the application process or if you sign an authorization granting them access.

The longer your life expectancy, the lower your cost for life insurance coverage. Insurance companies can request your permission for a health care provider to release your personal medical records to them. When you sign the application, there is often a separate signature page that the company asks you to sign.

Insurance companies can request your permission for a health care provider to release your personal medical records to them. When you sign the application, there is often a separate signature page that the company asks you to sign.

An insurance company should not be provided any medical records associated with a pre-existing medical condition. Individuals should always carefully review their medical records before sending them to the insurance adjuster. It’s important for accident victims to not provide too much information.