life insurance law

what consequences will occur if a producer acts without a bond that is required

producers license may be revoked

in the event of a terminal illness or injury accelerated benefits pay earlier than scheduled a portion of the policy's

face amount

in what capacity does an insurance producer act in the conduct of business when handling premium funds

fiduciary

ronald is buying life insurance policies. He is unclear which one to buy, and his insurer explains the costs of similar plans, in addition to their basic features. Which rule requires the insurer to disclose such information?

life solicitation rule

a nonresident producer in illinois just relocated to indiana and became a resident producer in that state. whwat must the producer do to satisfy one of illinois requirements for nonresident producers

resubmit a nonresident license application

all of the following would be considered rebating except

sharing commissions w other licensed and appointed agents

in order for a firm to maintain its registration as a legal insurance company what must it do

submit a biennial fee to the director

if a person is working toward becoming permanently licensed as a producer and is issued a temporary license what else must the person also do

take training classes

the director notifies a producer of license termination on march 1 on april 15 the director receives a requrest to review the charges in a court of law what is the latest possible court date that can be set for the hearing

the court date will not be established

what is the max fine for a violation of a cease and desist order

$1000

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

any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as

rebating

a new life insurance policy is derived from a policy that was recently terminated which of the following terms best describes this policy

replacement

a group insurance policy was solicited by a limited insurance representative. which of the following is true according to the disclosure regulation

the representatives name and signature must appear on the master policy

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

within 10 days

how many accounts must be the illinois life and health insurance guaranty association maintain

2 accounts life insurance and annuity

the director informs a producer that it's license has been terminated and immediately receives a request for the charges to be reviewed in court. within what maximum number of days must the hearing be held

2 calendar years immediately preceding the extension date of the license

illinois law requires licensed insurance producer notify director in writing in address within

30 days

in the state of illinois a viatical settlement contract must contain an unconditional right to cancel. how long does this right remain in effect

30 days from the date the contract is executed

the replacement regulation minimizes

Misrepresentation

what must an insurer present to a prospective policy purchaser before the initial premium is paid

buyers guide

which of the following outlines the features of various policies and outlines the advantages and disadvantages to both

buyers guide

which of the following is an example of a producers fiduciary responsibilities

delivering premiums

temporary producer license can be issued to all of the folowing except

designee of a licensed producer entering active military service

which of the following situaions would describe a proper handling of premiums by a producer in this state

a producer who hold premiums for 15 days establishes a premium fund trust account

the necessary qualifications for obtaining a producers license in illinoisi incliude all of the folowoing except

be considered competent and trustworthy

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

disclosure must include the signature of the consumer

an insurance company that routinely ignores all letters and phone calls from insured that heve filed claims is

guilty of an unfair claim settlement practice

what is the main purpose of the regulation on life insurance policy illustrations

help public make educated decisions about buying life insurance

if an agent changes address on january 1 by what day must she inform the director

january 31

a non resident licensed porducer moves to illinois and wnats to obtain alicents in this state hwich of the follwing is true regarding licensing exam

no examination will be required

the director suspends a producers license which of the following occupations could the producer serve during the suspension

none of the above

the director may request the issure 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 or the 12

an applicant for a fire insurance producers license must successfully complete an approved prelicensing education course of at least

20