Chapter 5 Quiz
How often must producers renew their licenses?
every 2 years
What is the main purpose of requiring licenses for person to transact insurance ?
To protect the general public
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 how many days must the hearing be held?
10 days
What is the minimum required number of continuing education credits in ethics every licensing period ?
2 hours
Agents whose license has been revoked, will not be able to receive another license in Texas for at least
5 years
A temporary license is normally valid for
90 days
Which of the following persons is required to hold a producer license ?
A nonresident agent who negotiates insurance contracts
Who is considered a non-resident agent
An agent who resides and is licensed in another state, but who is authorized to transact insurance in this state
Which of the following is NOT an example of company's location of incorporation?
Authorized
A life agent's license must be renewed
Every 2 years on the anniversary date of issuance
In an insurance transaction, which of the following is a licensed agent represent
Insurer
All of the following would be considered an an insurance transaction, EXCEPT
Obtaining an insurance license
An agent who offers a cash reward to a prospect for buying a policy is guilty of
Rebating
The Commissioner of Insurance is responsible for all of the following actions EXCEPT
Setting premium rates
An insurer who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called..
defamation