Chap 10 Texas Statutes and rules common to life and health insurance
What is the maximum allowed value of a gift that an agent can give to an insured without violating the regulation on rebating?
$25
Anyone who violates the Insurance Code of Texas may be fined up to
$25,000
The Commissioner of Insurance issues a Cease and Desist Order and immediately receives a request for the charges to be reviewed in a hearing. Within what number of days must the hearing be held?
10
Within how many years must an agent renew an insurance license?
2 years
An agent completed a CE course in 2019. Until what year must the agent keep the records of completion?
2023
Which of the following individuals could legally receive commissions from the sale of a life insurance policy?
A licensed life insurance agent
Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as
Coercion
All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT
Dividends from a mutual insurer
Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices?
Making comparisons between different policies
An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy?
Mutual
Which of the following is NOT a possible penalty for a violation of the Insurance Code?
a fine up to $100,000
In Texas, the state's continuing education requirement
consists of completing 244 hours of CE each biennium
A license may NOT be denied, suspended, or revoked if the licensee
submits an unsigned insurance policy application
On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are
Not taxable since the IRS treats them as a return of a portion of the premium paid