life insurance law
what consequences will occur if a producer acts without a bond that is required
producers license may be revoked
in the event of a terminal illness or injury accelerated benefits pay earlier than scheduled a portion of the policy's
face amount
in what capacity does an insurance producer act in the conduct of business when handling premium funds
fiduciary
ronald is buying life insurance policies. He is unclear which one to buy, and his insurer explains the costs of similar plans, in addition to their basic features. Which rule requires the insurer to disclose such information?
life solicitation rule
a nonresident producer in illinois just relocated to indiana and became a resident producer in that state. whwat must the producer do to satisfy one of illinois requirements for nonresident producers
resubmit a nonresident license application
all of the following would be considered rebating except
sharing commissions w other licensed and appointed agents
in order for a firm to maintain its registration as a legal insurance company what must it do
submit a biennial fee to the director
if a person is working toward becoming permanently licensed as a producer and is issued a temporary license what else must the person also do
take training classes
the director notifies a producer of license termination on march 1 on april 15 the director receives a requrest to review the charges in a court of law what is the latest possible court date that can be set for the hearing
the court date will not be established
what is the max fine for a violation of a cease and desist order
$1000
an agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy the agent is guilty of
rebating
any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as
rebating
a new life insurance policy is derived from a policy that was recently terminated which of the following terms best describes this policy
replacement
a group insurance policy was solicited by a limited insurance representative. which of the following is true according to the disclosure regulation
the representatives name and signature must appear on the master policy
within how many days may a person who is being examined by the director for nonfinancial business practices request a hearing after receiving the examination report
within 10 days
how many accounts must be the illinois life and health insurance guaranty association maintain
2 accounts life insurance and annuity
the director informs a producer that it's license has been terminated and immediately receives a request for the charges to be reviewed in court. within what maximum number of days must the hearing be held
2 calendar years immediately preceding the extension date of the license
illinois law requires licensed insurance producer notify director in writing in address within
30 days
in the state of illinois a viatical settlement contract must contain an unconditional right to cancel. how long does this right remain in effect
30 days from the date the contract is executed
the replacement regulation minimizes
Misrepresentation
what must an insurer present to a prospective policy purchaser before the initial premium is paid
buyers guide
which of the following outlines the features of various policies and outlines the advantages and disadvantages to both
buyers guide
which of the following is an example of a producers fiduciary responsibilities
delivering premiums
temporary producer license can be issued to all of the folowing except
designee of a licensed producer entering active military service
which of the following situaions would describe a proper handling of premiums by a producer in this state
a producer who hold premiums for 15 days establishes a premium fund trust account
the necessary qualifications for obtaining a producers license in illinoisi incliude all of the folowoing except
be considered competent and trustworthy
if a licensee charges a fee seperate from a commission off of the insureds premium and if the fee exceeds 10% of the premiums value what must the licensee obtain
disclosure must include the signature of the consumer
an insurance company that routinely ignores all letters and phone calls from insured that heve filed claims is
guilty of an unfair claim settlement practice
what is the main purpose of the regulation on life insurance policy illustrations
help public make educated decisions about buying life insurance
if an agent changes address on january 1 by what day must she inform the director
january 31
a non resident licensed porducer moves to illinois and wnats to obtain alicents in this state hwich of the follwing is true regarding licensing exam
no examination will be required
the director suspends a producers license which of the following occupations could the producer serve during the suspension
none of the above
the director may request the issure a license if a licensee's aggregate amount of premiums on controlled business exceeded the aggregate amount of premiums on all other insurance business during
2 calendar years immediately preceding the extension date of the license or the 12
an applicant for a fire insurance producers license must successfully complete an approved prelicensing education course of at least
20