Ohio Property & Casualty Insurance License Exam — All Questions
3 questions
Which agency regulates insurance and licenses resident property and casualty producers in Ohio?
- a.The Ohio Bureau of Motor Vehicles
- b.The Ohio Secretary of State
- c.The Ohio Department of Insurance (Superintendent of Insurance)✓
- d.The Public Utilities Commission of Ohio
Ohio regulates insurance through the Ohio Department of Insurance, led by the Superintendent of Insurance (Ohio Revised Code Chapter 3901). The department licenses agents, reviews forms and rates, and enforces the insurance laws. On the exam, remember that the Department of Insurance, not the BMV or Secretary of State, licenses producers.
An Ohio producer offers to rebate part of the commission to a client as an inducement to buy a policy. Under Ohio law this is:
- a.Permitted if the insurer approves
- b.Permitted for commercial clients only
- c.Prohibited rebating✓
- d.Required to be reported but otherwise lawful
Giving any part of the premium or commission, or other valuable consideration not stated in the policy, as an inducement to buy is prohibited rebating under Ohio's unfair trade practices law and can bring fines and license action by the Ohio Superintendent of Insurance.
After an Ohio personal auto or homeowners policy is past its initial underwriting period, an insurer's mid-term cancellation is generally allowed only:
- a.For specific statutory grounds such as nonpayment of premium or fraud, with required advance written notice✓
- b.For any reason, with no notice
- c.Only during the first 24 hours of the policy
- d.Never, once the policy is issued
Ohio limits mid-term cancellation of seasoned personal-lines policies to defined grounds such as nonpayment or fraud and requires advance written notice so the insured can replace coverage. The exact notice day-counts are set by statute and can change; verify current figures with the Ohio Department of Insurance.