Producers section II
If a life agent sells a whole life policy to a prospect on behalf of an insurer w/o an appointment the
Insurer must submit a notice of appointment to the commissioner
The professional liability insurance that an agent should purchase is known as Errors & omissions coverage.Which of the following statement considering this type of insurance is correct
It would cover an agent who creates a financial loss by forgetting a renew a policy- a negligent act
All of the following qualify as background info as defined in the section 1729.2 of the CA insurance code except
Misdemeanor charges filed, not resulting in a conviction
An individual license is considered terminated
On the death of the license
If an agent has several different licenses, which be required on all printed material
Only one license number
A life agent's records must include all of the following except
Printed material in general use which has been distributed by the insurer
Fiduciary Responsibility as it pertains to an insurance agent, is BEST defined as
Prompt and timely forwarding of the insured's premium payment to the home office
In state of CA
Providing free insurance coverage in connection w/ an inducement to completing the transaction is prohibited
On which of the following dates does the authority given to a licensee from an insurer to transact insurance become effective
The date the insurer signs the notice of appointment
Regarding the handling of personal funds w/ fiduciary funds, which of the following is true
The two funds can never conmingle
According to the Ca Insurance code governing advertising standards what must appear on all printed insurance proposals
The word insurance
Any person who diverts or misappropriates fiduciary funds is guilty of
Theft
According to state law what size print must be used for the licensee's license number on all price quotes, business cards & printed material
Type size that is at least as large as any indicated telephone number,address, or fax number or in 12 point type, or in 8 point type for business cards, whichever is LARGER
Ben is a life-only agent who would like to do business w/ the rock solid insurance company but he doesn't have an appointment to sell their policies. Assuming rock solid not require exclusive representation, can Ben submit an application to them from a prospect?
Yes, and if rhe inaurer approves the application they must appoint Ben within 14 days
When any change in residence address occurs, every licensee and every applicant for a license must notify the commissioner?
immediately
What would the commissioner likely do if an agent induces a client to co sign a loan
suspend the agent's license
If a licensee needs to renew his license on the last day for renewal
He can apply& pay the renewal free online & get a receipts so that he can continue operating as an agent
Life insurers are required to maintain records on policies they have sold. How long from the date of delivery must three records be kept
5 years
Violating the federal law that prohibits certain acts in the business of insurance is punishable by a fine up to
$50,000
Every license must indicate his/her license number on which of the following documents
(All the above) Business cards Written prove quotations Print advertisements
Failure to report background changes within 30 days as required under section 1729.2 of CA insurance code could subject a licensee/applicant to
(All the above) Renovation of the license Denial Suspension
Violating the federal law that prohibits certain acts in the business of insurance is punishable by imprisonment for up to
10 or 15 years
How much continuing education is an agent who holds the life-only &/ accident & health license & property &/ causality broker-agent license required to complete
24 hrs per license te for either license
According to section 1729.2 of the CA insurance code, within how many days is an insurance commissioner,in writing, of changes in background info after an application has been submitted/ a license has been issued
30
An agent's appointment with an insurer will be discontinued if all of the following circumstances exist, except:
Another insurer submits another appointment.
What is the penalty for unlawfully acting as an agent/broker for, or aiding an insurer w/o a certificate of authority
Any penalty for applicable misdemeanor, plus $500 plus $100 per month that the agent continues the violation
When must insurance records for insurance brokers be made available to the insurance commissioner
At all times
When is property & casualty agent requires to inform an insured of any conditions which may be precedent to coverage regarding a personal auto policy
At application
What would be the insurance commissioner'd most likely course of action if an applicant for an insurance license denied for cause by any licensing authority within 5 years of the days of the filing
Deny the application w/o a hearing
If an applicant has been convicted of a misdemeanor and the misdemeanor conviction is later expunged pursuant to CA penal code section 1203.4
Even though the misdemeanor conviction was expunged the applicant must still disclose the conviction on the application for an insurance license
In order for an entity to be eligible to hold a license, a co-partnership whose membership has changed must do all the following except
Return the old license w/ signatures of the original partners to the commissioner w/ an explanation
Who will lobe held responsible for the info on an agent's website
The agent
What does it mean if a. Agent's license is inactive
The agent can't transact any insurance business for which a valid, active live license is required
When a licensed agent submits a renewal application w/ applicable fees on/ before the expiration date
The agent will be able to operate for up to 60 days after the specified
When an insurance agent advertises on the internet for insurance transacted in the state of CA all of the following info must be provided except
The agents business phone number
