(chapter 5) Indiana Laws and departmental Rules common to all lines

A producer has completed all of his continuing education hours, but his license has just lapsed. Within what time frame must the producer reinstate his license if he wants to avoid taking an exam to regain his licensed status?

12 months

How long can a person hold a consultants license before it expires?

2 years

The commissioner last examined an insurance company in 2017. When is the next latest date for the commissioner to examine the same company?

2022 (once every 5 years)

Every company possessing a certificate of authority must notify the commissioner of the election or appointment of every new director or principal officer within

30 days

In order for a canadian insurance company to do business in this state, it must apply for and obtain

A certificate of authority

Which of the following is NOT an example of controlled business?

A licensee writes policies soley for friends and their families

A candidate applying for which of the following licenses will not be required to pass a written examination?

A nonresident producer

Which of the following would be considered an unfair claims settlement practice?

Advising the insured that is the claim goes to arbitration, the insured would probably receive less than what is being offered

Which of the following is not correct regarding qualifications for a resident producer license in Indianan?

Applicants must be at least 21 years old

in order to get a nonresident licensed in this state, producers must

Apply and pay a fee to a nonresident state that reciprocates

A new insurance company wants to begin conducting insurance in indiana. What will it need to receive before legally opening for business?

Certificate of authority

Which of the following is NOT correct regarding examination of companies ?

The commissioner must examine all alien companies

A person who knowingly and with intent to defraud an insurer files a statement of claim any false, incomplete or misleading information can be found guilty of committing a

Felony

For how long is an insurance license valid?

For as long as the fees are paid and the education requirements are met by the due date

An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act?

Illegal under ant circumstances

Which of the following is responsible for the powers, duties, management, and control of the insurance department?

Insurance commissioner

Which of the following types of licenses is most suitable for an individual or corporation who, for a fee, offers advice concerning insurance contracts?

Insurance consultant

Which of the following types of licenses is most suitable for an individual who transacts insurance on behalf of an insurance company admitted to do business in Indiana?

Insurance producer

In Indiana, controlled business is

Limited to 25% of a producer's annual commission income

Which of the following is NOT correct regarding false statements by a person engaged in the business of insurance?

Only written statements can be considered fraud.

All of the following are unfair settlement practices EXCEPT

Suggesting negotiatons in settling a claim

Which of the following is an example of a producer being involved in an unfair trade practice of rebating?

Telling a client that his first premium will be waived if he purchases the insurance policy today

If a producer allowed her license to laspe, which of the following would NOT be true?

The producer must take a written examination within 12 months of the laspe for the license to be reinstalled

When a producer is trying to reinstate a lapsed license, what kind of fees would he be reqiured to pay?

The producer will have to pay a penalty 3 times the unpaid renewal fees

How long does the commissioner serve in office?

There is no specific length of term; the commissioner serves at the pleasure of the governor

Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce

Without receiving written consent from an insurance regulatory authority

Which of the following types of licenses is most suitable for an individual who transacts insurance on behalf of an insurance company admitted to do business in Indiana?

insurance producer

All of the following could be reasons for issuing a temporary license EXCEPT

licensing of new insurance producers after the business has been transferred

Once a complaint has been filed with the commissioner regarding an unfair claims practice, the commissioner

within 10 business days will send a copy of the complaint to the company involved