Chapter Quiz - Oklahoma Statutes, Rules, and Regulations Common to all lines
A termporary license is normally valid for
180 days
How many continuing education hours must a producer complete on the subject of ethics every licensing period?
3 hours
If a producer's appointment is terminated, the insurer must notify the Commissioner within how many days following the effective date of termination?
30
If a producer moves to a new residence or has a new agency address, the change must be reported to the Commissioner within
30 days
Which of the following persons is required to hold a producer license?
A nonresident agent who negotiates insurance contracts
Who is considered a nonresident agent?
An agent who resides in another state, but is licensed to write insurance in this state.
An insurer who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called.
Defamation
An insurance company that is formed under the laws of another state is known as which type of insurer?
Foreign
In an insurance transaction, which of the following does a licensed agent represent?
Insurer
What is the purpose of requiring license for persons who transact insurance?
Protect the general public
An agent who offers a cash reward to a prospect for buying a policy is guilty of
Rebating
The commissioner of Insurance is responsible for all of the following actions except
Setting permium rates.
A producer's license may be suspended or revoked for all of the following reasons except
Sharing commissions with another agent.
If the Commissioner issues a cease and desist order, that means the insurer must
Stop committing a particular violation.
All of the following are unfair claims settlement practices except
Suggesting negotiations in settling the claim.
