Insurance Regulation
What is the maximum fine for submitting a false or fraudulent claim to the insurer?
$1,000
If a producer allows his or her license to lapse, the license may be reinstated without retaking an examination within the maximum period of
12 months
Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commisioner?
12 months
How many continuing education hours must a producer complete on the subject of ethics every licensing period?
3 hours
If a licensee changes his or her address, within how many days must the Department be notified?
30 days
A producer CANNOT receive a commission from an insurance company without which of the following?
an appointment with the company
Who is considered a nonresident agent?
an agent who resides in another state, but is licensed to write insurance in this state
All of the following are penalties for submitting a fraudulent claim to the insurer EXCEPT
community service
Which of the following is an example of a producer's fiduciary responsibilities?
forwarding premiums to the insurer
Which of the following would NOT be considered rebating?
gifting an applicant a $5 pen with the insurer's logo during insurance solicitation
Which of the following types of discrimination would be considered legal?
in benefits on the basis of difference life expectancies
If the Department issues a cease and desist order, that means the insurer must
stop committing a particular violation
What is the purpose of requiring licenses for persons who transact insurance?
protect the general public
Which practice persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one insurer to another?
twisting
A producer's license may be suspended or revoked for all of the following reasons EXCEPT
sharing commissions with another agent