Illinois Statutes and Regulations Common to all Lines
what is the maximum fine for a violation of a cease and desist order?
$1000
if a licensed producer dies, the Director may issue a temporary license to that producer's representative for an initial period of
180 days
an applicant for a fire insurance producer's license must successfully complete an approved prelicensing education course of at least
20 hours
ron's application to become an insurance producer has been denied. what is the soonest possible time that he can apply again?
3 years
how long must an insurer keep books and records of insurance transactions in the Premium Fund Trust Account?
7 years
a person is in the process of becoming permanently licensed as a producer. a temporary producer's license may be issued for a maximum period of
90 days
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
which of the following correctly describes controlled business?
anytime more than 50% of the total premiums collected by a producer comes from themselves, his or her spouse, employer, or own business
the act of rebating is considered a
class B misdemeanor
how often is a resident insurance producer required to pay license fees?
every 2 years
An insurance company that routinely ignores all letters and phone calls from insureds that have filed claims is
guilty of an unfair claim settlement practice
an applicant receives a temporary insurance producer license. after 80 days the owner of the insurance company decides to sell the business. which of the following is TRUE?
the license will automatically terminate
