Illinois Common-Laws Practice Exam

A producer's liscensing fee is how much ?

$180 every two years

Temporary licenses may be issued to surviving spouses under certain circumstances. These licenses are good for how many day?

180 days

Pre-licensing training requirements for a major line of insurance, such as Life insurance,requires how many hours of pre-licensing training?

20 Hours

The continuing education requirement for Illinois is which of the following ?

24 hours per person,every two years

Producer's are required to notify the DIVISION OF INSURANCE of an address changed within how many days ?

30 Days

Insurers that approve claims must offer payments withing how many days?

30 days

Producers convicted of a felony must notify the Director within how many days

30days

Records related to the Premium Fund Trust Account must be kept for how long?

7 years

Producers are allowed, by law , to hold clients premium for no more than how many days?

90 days

All the following person would be required to be licensed EXCEPT?

A clerical person that receives premiums but is not paid any incentive for such receipt

All of the following would be exempt from the producer licensing requirements EXCEPT?

A customer service representative who discusses policies

Of the following persons which one would be required to hold a producer's license?

A person soliciting policies of Insurance

All of the following are true regarding reinstatement of a lapsed license EXCEPT?

A producer's license ma be reinstated within 24 months without having to pass a written exam

Which of the following correctly describes controlled business?

Anytime more than 50% of the total premiums collected by a producer comes from themselves ,their spouse,employer ,or own a bussiness.

Which of the following is TRUE about HOW THE INSURANCE DIRECTOR gets into the office?

Appointed by the Governor

The requirements to hold a nonresident producer license include all of the following EXCEPT?

Be a part-time resident of Illinois

All the following are required to hold an Illinois producers license EXCEPT?

Be licensed in another state

Lawful withdrawals from a Premium Fund Trust Account include all of the following EXCEPT:

Claim payments

All of the following are true about the coverage provided by the Illinois Insurance Guaranty Fund EXCEPT?

Coverage is unlimited

All of the following are prohibited practice EXCEPT?

Denial of a claim after reasonable investigation

The MAIN duty of the Insurance Director is WHAT?

Enforce the Insurance Laws

Which of the following correctly defines defamation?

False or malicious statements made about an insurance company or producer,circulated to injure their reputation

The Illinois Insurance Guaranty Fund covers insurance policies of insolvent insurers so long as the policies involved are which of the following kind?

Fire and Casualty

If a producers license is denied,suspended or revoked he/she may not reapply for licensure for period of how long?

Four years

Fiduciary responsibilities apply in which of the following situations?

Handing clients premiums

All of the following are true regarding the Insurance Director's Market Conduct Examination Authority EXCEPT?

He may only examine admitted companies once every five years

In which of the following situations would you be allowed to split your commission with someone else?

If they are properly license at the time of the sale

A limited lines producer license may be procured if you will be selling which of the following types of insurance?

Industrial Life Insurance

All of the following are true about the bond requirements in the state of Illinois EXCEPT?

Insurance producers with insurance companies that take responsibility for their actions are still required to post a bond

Persons found to have violated the marketing practice regulations may be subject to all of the following EXCEPT

Loss of Driver's license

Which of the following would not be considered a rebate under Illinois law?

Offering a child passenger restraint system or discount on the purchase of such system

A limited line producer's license is good for how long before renewal?

One year (renewal annually by January 1st)

All of the following are requirements for obtaining a resident producers license EXCEPT?

Pay a licensing fee of $50

All of the following are true regarding rebated EXCEPT:

Rebates are always allowed

All of the following would be considered unfair marketing practice EXCEPT:

Requiring proof of loss be filed

Which of the following properly describe a rebate?

Returning part of your commission to your client,s an inducement to buy

All of the following are valid reasons for denial,suspension or revocation of a producer's license EXCEPT:

Selling 25% controlled business

All of the following are duties of the Insurance Director EXCEPT?

Sentence criminals to jail

All of the following are prohibited under Illinois Law EXCEPT:

Stating which section the payment or denial of a claim is based upon

All of the following are correct regarding misrepresentation EXCEPT?

The fines for misrepresenting range from $50 to $1000

All of the following are legal regarding a claim submission EXCEPT:

The insurer may require the insured to submit to a polygraph test as condition to payment

Proper disclosures must be made when selling insurance. All of the following would be required EXCEPT?

The policy must contain the cell phone number of the producer

Which of the following is correct regarding the Director's ability to revoke or suspend a producer's license?

The producer must be given the reason,in writing for nonrenewal,suspension or denial of a license, and has the right to request a hearing within 30 days

Producers are required to keep record related to completion of continuing of continuing education for how many years?

Three years

Producer licenses are good for what period of time before renewal is required?

Two (2) years

Upon passing one section of the licensing examination, the second part must be passed immediately, or no longer than within how many days?

Within 90 Days of the first

All of the following are true about the completion of pre-licensing training EXCEPT:

You may complete your training through lecture course,home study or online

All of the following are true about license denial,suspension or revocation EXCEPT?

You may still sell insurance on a suspended license for 180 days

A producer is required to maintain a Premium Fund Trust Account anytime they will be holding a clients premiums how many days?

15 days

To be licensed as an insurance producer in this state you must be what age?

18 years old