Illinois Statutes and Regulations Common to all Lines

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what is the maximum fine for a violation of a cease and desist order?

$1000

if a licensed producer dies, the Director may issue a temporary license to that producer's representative for an initial period of

180 days

an applicant for a fire insurance producer's license must successfully complete an approved prelicensing education course of at least

20 hours

ron's application to become an insurance producer has been denied. what is the soonest possible time that he can apply again?

3 years

how long must an insurer keep books and records of insurance transactions in the Premium Fund Trust Account?

7 years

a person is in the process of becoming permanently licensed as a producer. a temporary producer's license may be issued for a maximum period of

90 days

which of the following situations would describe a proper handling of premiums by a producer in this state?

a producer who holds premiums for 15 days establishes a premium fund trust account

which of the following correctly describes controlled business?

anytime more than 50% of the total premiums collected by a producer comes from themselves, his or her spouse, employer, or own business

the act of rebating is considered a

class B misdemeanor

how often is a resident insurance producer required to pay license fees?

every 2 years

An insurance company that routinely ignores all letters and phone calls from insureds that have filed claims is

guilty of an unfair claim settlement practice

an applicant receives a temporary insurance producer license. after 80 days the owner of the insurance company decides to sell the business. which of the following is TRUE?

the license will automatically terminate


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