Chapter VII Insurance Regulations (22 Exam Questions)
Any licensed person whose activities affect interstate commerce and who knowingly makes false material statements related to the business of insurance may be imprisoned for up to
10 years
CE hours required in the classroom setting
12 hours (half of the total CE hours)
License reinstatement period after lapse or voluntary surrender?
12 months
Insurer must notify the Commissioner of an agent's appointment
15 days
Producers licensing period?
2 years
Maximum time of the license probation
24
CE requirement every two years?
24 hours
How many continuing education hours must a producer complete on the subject of ethic every licensing period?
3 hours
Producers must keep records of all insurance transactions
3 years
If a licensee changes his or her residence address, within how many days must the department be notified?
30 days
Insurers must notify the commissioner of a termination of an agent appointment
30 days
Report to the commissioner of criminal prosecutions against producer?
30 days
Waiting period to apply for a new license after a license has been revoked?
5 years
According to the telemarketing sales rules, what are the permissible calling hours for telemarketing calls?
8AM to 9PM
Who is considered a nonresident agent?
An agent who resides in another state, but is licensed to write insurance in this state.
A producer CANNOT receive a commission from an insurance company without which of the following?
An appointment with the company
An applicant is denied insurance because of the information found on a consumer report. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting agency?
Fair credit reporting act
Which of the following is an example of a producers fiduciary responsibilities?
Forwarding premium to the insurer
The commissioner is also subject to removal by th
Governor
Which of the following types of discrimination would be considered legal?
In benefits on the basis of difference life expectancies
What is the purpose of requiring licenses 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 fo the following except?
Setting premium rates
A producer's license may be suspended or revoked for all the following EXCEPT
Sharing commissions with another agent
All the following are unfair claims settlement practices EXCEPT?
Suggesting negotiations in settling a claim
Who pays the agents appointment fees
The insurer
