Primerica Part 5

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The Commissioner of Insurance issues a Cease and Desist Order and immediately receives a request fir the charges to be reviewed in a hearing. Within how many days must the hearing be held?

10 days

What is the minimum required number of continuing education credits in ethics every licensing period?

2 hours

Agents whose license has been revoked will not be able to receive another license in Texas for at least

5 years

A temporary license is normally valid for

90 days

Who is considered a nonresident agent?

An agent who resides in another state, but is licensed to write insurance in this state.

A life agent's license must be renewed

Every 2 years on the anniversary date of issuance

statute

a formal written law enacted by legislature; insurance statutes can be found in the state Insurance Code

reciprocity

a mutual interchange of rights and privileges

Which of the following persons is required to hold a producer license? a. a directer of the insurer who administers employee benefits. b. a salaried employee who creates insurance advertisements c. a nonresident agent who negotiates insurance contracts d. an agent's administrative assistant who takes messages related to claims

a nonresident agent who negotiates insurance contracts

inducement

an offer that attempts to influence the other party

What is NOT an example of a company's location of incorporation? a. authorized b. domestic c. foreign d. alien

authorized

moral turpitude

conduct that is contrary to community standards of justice, honesty or good morals

An insurer who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called

defamation

How often must producers renew their licenses?

every 2 years

coercion

forceful act or threat aimed to influence a person to act against his or her will

In an insurance transaction, who does a licensed agent represent?

insurer

home office

insurer's headquarters, principal place of business

exempt

not subject to an obligation

All would be considered an insurance transaction EXCEPT a. soliciting a policy b. advising a policyowner regarding a claim c. negotiating coverage d. obtaining an insurance license

obtaining an insurance license

commission

payment to the agent by the insurance company for placing insurance, usually a percentage of the policy premium

An agent who offers a cash reward to a prospect for buying a policy is guilty of

rebating

restitution

restoration to the original condition or repayment

The Commissioner of Insurance is responsible for all of the following actions EXCEPT a. issuing Certificates of Authority b. enforcing the Insurance Code c. setting premium rates d. issuing cease and desist orders

setting premium rates

commissioner

the head of the State Department of Insurance

What is the main purpose of requiring licenses for persons who transact insurance?

to protect the general public

cease and desist

to stop or discontinue

insolvent

unable to meet financial obligations


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