Insurance IL statutes and regukations for all lines
producers licenses are good for what period of time
2 years
For commercial property and casualty insurance policies, other than Ocean marine, advance written notice of at least 60 days must be provided to the first named insured whenever the renewal premium will increase by ______ or more.
30% or more
which of the following is an example of a producer's fiduciary responsibilities
A producer promptly forwarding premiums to the insurance company
All of the following actions are considered rebating except
An agent misrepresents policy benefits to convince a policyowner to replace policies.
the director issued a written notice about a hearing for a business entity. the hearing is scheduled for may 1st. the affected business entity should receive the notice no later than
April 20th or 10 days prior
Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practies?
Making comparisons between different policies.
which of the following best describes a misrepresentation? 1. making a maliciously critical statement that is intended to injure another person2. discriminating among individuals of the same insuring class3. issuing sales material with exaggerated statements about policy benefits4. making a deceptive or untrue statement about a person engaged in the insurance business
issuing sales material with exaggerated statements about policy benefits
