State Laws

What is the minimum notice period for cancellation of a policy by the insurer?

• 10 days

• 30 days

• 20 days

• 40 days

How should the notice of cancellation be delivered to the insured?

• By text message

• In person or by first-class mail

• By email

• By phone call

What happens if there is an irregularity in the notice to the lienholder?

• The insurer must resend the notice

• The lienholder must be notified again

• The cancellation is still valid as to the insured

• The cancellation is invalid

Within how many working days must an agent return the unearned premium to the insured?

• 5 working days

• 10 working days

• 15 working days

• 20 working days

What is the penalty for failing to return any unearned premium?

• 25% of the amount of the return

• 10% of the amount of the return

• 15% of the amount of the return

• 20% of the amount of the return

What is the maximum amount of penalty and interest for failing to return any unearned premium?

• 60% of the amount of the refund due

• 50% of the amount of the refund due

• 40% of the amount of the refund due

• 30% of the amount of the refund due

What is the notice period for cancellation of a policy that has been in effect for less than 60 days?

• 20 days

• 5 days

• 10 days

• 15 days

When is notice to the insured not required?

• When the policy is canceled by the insured

• When the policy is canceled by an insurance premium finance company

• When the policy is canceled for non-payment of premium

• When the policy is canceled for fraud

What must the insurer provide when canceling a policy under § 33-24-46?

• A reason for the cancellation

• A refund of the premium

• A grace period

• A new policy

What is considered a 'nonrenewal'?

• Extension of the policy term

• Failure to pay the premium

• Refusal by an insurer to renew

• Cancellation of the policy