Illinois Statues and Regulations Common to All Liens

Within how many days may a person who is being examined by the Director for nonfinancial business practices request a hearing after receiving the examination report?

10 days

The Director may refuse to issue a license if a licensee's aggregate amount of premiums on controlled business exceeded the aggregate amount of premiums on all other insurance business during

2 calendar years immediately preceding the extension date of the license.

A producer whose license is revoked or whose application for a license is denied will be ineligible to reapply for any license for at least

3 years.

How long must an insurer keep books and records of insurance transactions in the Premium Fund Trust Account?

7 years

Which of the following persons is required to hold a producer license?

A person who negotiates insurance contracts

Which of the following situations would describe a proper handling of premiums by a producer in this state?

A producer who holds premiums for 15 days establishes a Premium Fund Trust Account.

The Director regulates insurance rates through detailed rate reviews. The Director will prohibit insurance rates that are A.Excessive. B Inadequate. C Unfairly discriminatory.

D Any of the above.

All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT

Dividends from a mutual insurer.

If an agent changes address on January 1st, by what date must he or she inform the Director?

January 31

A producer conducts business ethically and receives high praise from most customers. The producer pays all of the required license renewal fees, but receives a notice that its license has been terminated. What is the most likely reason for this?

Lack of continuing education

All policy applications must identify which of the following?

Licensee which solicited the applicant's business

What type of license does an individual need to obtain in order to solicit and sell insurance?

Producer's license

An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. The agent is guilty of

Rebating

If an actuary would like to sell life insurance policies, what licensure is needed?

producers license for life insurance