Chapter VII Insurance Regulations (22 Exam Questions)

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Any licensed person whose activities affect interstate commerce and who knowingly makes false material statements related to the business of insurance may be imprisoned for up to

10 years

CE hours required in the classroom setting

12 hours (half of the total CE hours)

License reinstatement period after lapse or voluntary surrender?

12 months

Insurer must notify the Commissioner of an agent's appointment

15 days

Producers licensing period?

2 years

Maximum time of the license probation

24

CE requirement every two years?

24 hours

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

3 hours

Producers must keep records of all insurance transactions

3 years

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

30 days

Insurers must notify the commissioner of a termination of an agent appointment

30 days

Report to the commissioner of criminal prosecutions against producer?

30 days

Waiting period to apply for a new license after a license has been revoked?

5 years

According to the telemarketing sales rules, what are the permissible calling hours for telemarketing calls?

8AM to 9PM

Who is considered a nonresident agent?

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

A producer CANNOT receive a commission from an insurance company without which of the following?

An appointment with the company

An applicant is denied insurance because of the information found on a consumer report. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting agency?

Fair credit reporting act

Which of the following is an example of a producers fiduciary responsibilities?

Forwarding premium to the insurer

The commissioner is also subject to removal by th

Governor

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

In benefits on the basis of difference life expectancies

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

The commissioner of Insurance is responsible for all fo the following except?

Setting premium rates

A producer's license may be suspended or revoked for all the following EXCEPT

Sharing commissions with another agent

All the following are unfair claims settlement practices EXCEPT?

Suggesting negotiations in settling a claim

Who pays the agents appointment fees

The insurer


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