Chapter 5

Illinois law requires that the licensed insurance producer notify the director in writing of any change in their residential address within?

30 days

Producers who broker insurance must file a bond along with the application for license. The bond must be issued in favor of the people of Illinois, and must be on a continuous form and for an amount equal to 5% of the premium brokered the previous year, NOT to exceed

50,000

All of the follow are regulated areas of the insurance industry except?

Commissions

The necessary qualification for obtaining a producers license in Illinois include all of the following except?

21years of age

Before each license renewal an insurance producer must complete at least how many hours of continuing education?

24 hours

Prior to requesting renewal of an insurance producers license how many hours of continuing education must a producer complete?

24 hours

How long must an insurer keep books and records of insurance transactions in the premium fund trust account?

7 years

Temporary producer license can be issued to all of the following except?

A spouse of disabled licensed producer before and after the sale of the business

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

Dividends from a mutual insurer.

Which of the following is not true regarding a premium fund trust account?

It could be used as a claim payment account

Which of the following best describes the unfair trade practice of defamation?

Making derogatory oral statements about another insurer's financial condition

Of the following persons which one would be required to hold a producers license?

Person soliciting policies of insurance

Which of the following is not a duty of the director of insurance?

Setting premium rates

If a licensee charges any fee separate from a commission off of the insureds premium and if the fee exceeds 10% of the premiums value what must the licensee obtain?

insured's signature