Section 5: Statutes, rules common to life and health
When the. Commissioner finds, after a hearing, that a person has intentionally violated an insurance regulation, what is the maximum fine that may be levied:
$25,000
Texas resident agents must complete ___ hours of continuing education every two years,
24
How long does an agent whose license has been revoked have to wait before they can reapply for a new license?
5 years
A Texas resident agent seeking to sell insurance to customers in another state needs:
A nonresident license in that state
A person appointed by an insurer to solicit or sell insurance on their behalf in this state is known as a(n):
Agent
All are true about insurance licensing EXCEPT:
All accounts of a terminated agent must be non-renewed by the insurer
Conditions for a corporate agency seeking a Texas insurance agent's license include:
All active corporate officers must have individual agent's licenses
To obtain a Texas license, you must do all EXCEPT:
Complete pre-license training
When the applicant passes the exam and qualifies in all other respects except for the fingerprint check by the FBI, the Department of Insurance will issue a license called:
Conditional
An agent who procures a license for the principal purpose of obtaining insurance for themselves, for family members or employees, violates the regulations prohibiting:
Controlled business
Making false or malicious statement about the financial condition of an insurer or agent is what type of Unfair Trade Practice:
Defamation
All could be considered rebates EXCEPT:
Dividends
Temporary licenses issued in Texas generally:
Expire in 90 days
If a license is revoked, the licensee shall NOT be eligible for a new license:
For at least 5 years
Insurers applying for authority to do business in Texas are required to do all of the following, EXCEPT:
Maintain their home office in Texas
Circulating deceptive sale material to the public is what type of Unfair Trade Practice:
Misleading advertising
The Insurance Commissioner shall re-examine each established, authorized insurer in Texas no less than:
Once every five years
To become a Texas insurance agent, you must:
Pass an exam
Which of the following is NOT considered an unfair practice:
Paying dividends to policyholders out of a surplus accumulated from participating policies
Which of the following is NOT prohibited under the Unfair Practices sections of insurance law:
Readjusting group premium rates based on loss or expense experience
If an agent is convicted of a felony in this or another state, who do they have to notify:
The State Department of Insurance
Under the Unfair Claims Settlement Practices Act, which of the following is NOT unfair:
The denial of an unsubstantiated claim
Sharing commission is legal if:
The other party is licensed for the same lines if insurance you are
What is the maximum period of time the Commissioner May revoke your agent's license:
There is no maximum time period
If an agent's license is suspended or revoked, what happens to their accounts:
They continue in force
Which of the following statements regarding temporary licenses is FALSE:
They may be renewed
Unfair claims practices will be assumed to be intentional if:
They occur with such frequency as to indicate a general business practice
What is the maximum time a Texas insurance agent's license may be issued for:
Two years
Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as:
coercion
The type of government primarily concerned with the regulation of insurance and insurance companies is:
state government