Insurance Producers and Life Settlements, second half

What this document is

Oregon Revised Statutes Chapter 744 - Insurance Producers and Life Settlements, second half (86 sections, 744.369-744.994) is a state statute published by Oregon Legislative Assembly, oregonlegislature.gov (retrieved via an Internet Archive snapshot of the official site). It is one of the Oregon documents that insurance license exam questions are written from, including oregon life & health, oregon property & casualty, oregon personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• ORS Chapter 744 § 744.541 (Adjustment of Claim Under Policy Issued by Unauthorized Insurer)

  “An adjuster may adjust a loss claimed under an insurance policy issued by an unauthorized insurer other than a surplus line insurer. The adjuster shall notify the Director of the Department of Consumer and Business Services thereof not later than the 20th day after adjusting the loss.”

• ORS Chapter 744 § 744.605 (Insurance Consultant's License Required)

  “A person may not engage in business as an insurance consultant unless the person holds a valid license the Director of the Department of Consumer and Business Services issues under ORS 744.614 that authorizes the person to engage in business as an insurance consultant. For purposes of this section,...”

• ORS Chapter 744 § 744.374(3)-(4) (Required Fraud Warning Statement; Not a Defense)

  “Life settlements contracts and purchase agreement forms and applications for life settlements, regardless of the form of transmission, must contain the following statement or a substantially similar statement: “Any person who knowingly presents false information in this application is guilty of a...”

• ORS Chapter 744 § 744.372(5) (Advertising of Life Settlement Contracts)

  “An advertisement may not represent that premium payments will not be required to be paid on the life insurance policy that is the subject of a life settlement contract or life settlement purchase agreement in order to maintain that policy, unless that is the fact.”

• ORS Chapter 744 § 744.369(3) (Unlawful Life Settlement Contract Actions)

  “A person may not issue, solicit, market or otherwise promote the purchase of an insurance policy for the purpose of, or with an emphasis on, settling the policy.”

• ORS Chapter 744 § 744.730 (Disposition of Charges and Premiums)

  “(3) A third party administrator shall not pay any claim by withdrawals from a fiduciary account in which premiums or charges are deposited. (4) All claims by a third party administrator from funds collected on behalf of the insurer shall be paid only on drafts of and as authorized by the insurer.”

• Or. Rev. Stat. § 744.584(1) (Prohibited conduct for adjuster licensees)

  “A licensee or an applicant for a license to engage in business as an adjuster may not: (a) Act in an incompetent or untrustworthy manner. (b) Falsify or act dishonestly with respect to an application for a license or an amendment to the license or with respect to an examination related to...”

• Or. Rev. Stat. § 744.655 (Rebates prohibited)

  “An insurance consultant may not give or receive or offer to give or receive a rebate of all or a part of any fee or other expenses charged for services or any earnings, profit, dividends or other benefit accruing to the insurance consultant from the services provided by the insurance consultant.”

• Or. Rev. Stat. § 744.856(3) (Conditions for offer or sale of insurance by a limited licensed rental company)

  “A rental company that obtains a limited license under ORS 744.852 may not advertise, represent or otherwise hold the rental company or employees or designated agents of the rental company out as licensed insurers or insurance producers.”

• ORS 744.531 (Classes of insurance for adjusters)

  “The classes of insurance that the Director of the Department of Consumer and Business Services may authorize a licensee to transact under a license to engage in business as an adjuster are: (1) Property and casualty insurance. Under this class, in addition to property and casualty insurance, an...”

• ORS 744.605(1), (2) (Insurance consultant's license required)

  “A person may not engage in business as an insurance consultant unless the person holds a valid license the Director of the Department of Consumer and Business Services issues under ORS 744.614 that authorizes the person to engage in business as an insurance consultant. For purposes of this section,...”

• ORS 744.609 (Exemptions)

  “The following persons are not insurance consultants for the purposes of this chapter, and the prohibition in ORS 744.605 does not apply to them: (1) Any attorney-at-law rendering services in the performance of duties of an attorney-at-law. (2) Any certified public accountant or public accountant...”

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Questions about this source

More Oregon sources

• ORS Chapter 746 - Trade Practices (selected Secs. 746.005-746.240)State statute
• Oregon Revised Statutes Chapter 742 - Insurance Policies Generally (152 sections, 742.001-742.710)State statute
• Oregon Revised Statutes Chapter 743 - Health and Life Insurance, first half (74 sections, 743.004-743.268)State statute
• Oregon Revised Statutes Chapter 743 - Health and Life Insurance, second half (116 sections, 743.269-743.826)State statute
• Oregon Revised Statutes Chapter 743A - Health Insurance Mandated Benefits (whole chapter, 743A.001-743A.335)State statute
• Oregon Revised Statutes Chapter 743B - Health Benefit Plans, first half (47 sections, 743B.001-743B.287)State statute
• Oregon Revised Statutes Chapter 743B - Health Benefit Plans, second half (50 sections, 743B.288-743B.810)State statute
• Oregon Revised Statutes Chapter 744 - Insurance Producers and Life Settlements, first half (60 sections, 744.052-744.367)State statute