Chapter 5 Life Insurance Questions

How many continuing education hours must a producer complete on the subject of ethics every licensing period?

3 hours

If a licensee changes his or her residence address, within how many days must the Director be notified?

30 days

If a producer's license was revoked for a violation of the Insurance Code, when can the producer apply for a new license?

After 3 years

Who is considered a non-resident agent?

An agent who resides in another state, but is licensed to write insurance in this state

When an agent obtains an insurance license for the primary purpose of writing insurance for himself, his spouse, or his business, this is called?

Controlled business

An agent who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called:

Defamation

Which of the following types of discrimination would be considered legal?

In benefits on the basis of different life expectancies

The Director of Insurance is responsible for all of the following actions EXCEPT:

Setting premium rates

An agent's license may be suspended or revoked for all of the following reasons EXCEPT:

Sharing commissions with another agent

If the Director issues a cease and desist order, that means the insurer must:

Stop committing a particular violation

Which of the following is an example of a producer's fiduciary responsibilities?

Forwarding premiums to the insurers

Which of the following persons is required to hold a producer's license in this state?

A salaried employee who advertises and solicits insurance

In this state, a temporary license may be issued for any of the following reasons EXCEPT:

Producer's early retirement

What is the purpose of requiring licenses for persons who transact insurance?

Protect the general public

An agent who offers a cash reward to a prospect for buying a policy is guilty of?

Rebating