Indiana General Insurance Regulations Quiz
If the Commissioner issues a cease-and-desist order and you continue the same activities, you can be fined up to which of the following amounts per violation of that order?
$25,000
A full lines Producer renewing a two year license must have
24 Hours of Continuing education
The Commissioner must be notified in all of the following circumstances EXCEPT:
A Producer changes their telephone number
A producer may collect both a consulting fee and a commission in the same transaction if
The producer makes full disclosure in writing about the compensation arrangements prior to the time that the transaction occurs
All of the following are qualifications of a resident Producer EXCEPT
They must be at least 21 years of age
You are employed by an Indiana Insurance Agency to talk to prospective clients about your company's insurance policies when a prospect wishes to purchase insurance a license producer in the office complete the application for you and signs the form you do not say anything because you are unlicensed you are acting as a (an)
Unlicensed producer
If the Commissioner has reason to believe that you have violated the Unfair Competition Law, several events may occur. These include all of the following EXCEPT
You are subject to a fine of not more than $1,000 for each violation, not to exceed $5,000 in any 6-month period
If the Commissioner finds you guilty of violating Producer Licensing Law, all of the following may occur EXCEPT
You may be jailed for up to 365 days
All of the following may obtain a limited Insurance Producers license except
a person selling limited health policies (such as cancer insurance) to church members
Bill Black and Dave Decker have formed a partnership known as the Black and Decker Insurance Agency. If Bill becomes permanently and totally disabled, the Commissioner could grant a temporary license to all of the following EXCEPT
the partnership itself
All of the following are required of an individual seeking an Indiana Non Resident Producers License EXCEPT
The individual pass the State Law portion of the Indiana Licensing Exam
All of the following are true regarding controlled business EXCEPT
The limit for controlled business business is 25% of the premium that you write in a year
Al and Betty Franken wish to obtain a mortgage from . Clamdigger's National Bank. The bank wants them to insure the property that is to be mortgaged. Which is true concerning the bank's request?
The bank can legally require that the property be insured, but it cannot require that the insurance be purchased from the bank
Jack is licensed as a Life Producer and Jill is licensed as Property & Casualty Producer. Jack sends one of his Life insurance clients to Jill to buy automobile insurance. Jill makes the sale and sends a portion of her commission to Jack who accepts it. Which is true concerning these events?
A commission or referral fee can be shared with a non qualified Producer does not participate in the sale, solicitation, or negotiation.
Under the Unfair Competition Statue
Financial institutions may require insurance on the lives of debtors
Through the Commissioner may issue a limited insurance Producers license without requiring an examination, he currently administers an exam to which of the following limited insurance Producers?
Funeral Directors selling pre-need burial plans
As set forth in Indiana law, all of the following are considered to be unfair insurance trade practices EXCEPT
Lowering the premiums paid by an employer for group insurance based upon loss experiences
All the following are requirements that you must meet in order to obtain an Indiana Insurance Producers license EXCEPT
Obtain the sponsorship of an admitted Insurance Company
All of the following are true EXCEPT
The Commissioner may waive the examination of an admitted domestic insurer if that insurer complies with the minimum capital requirement ratios as reported quarterly to the Indiana Department of Insurance