state laws, rules, and regulations

Which of the following would be required to be licensed as an insurance producer?

A salaried employee who solicits insurance

When transacting business in this state an insurer formed under the laws of another country is known as a/an

Alien Insurer

what is a foreign insurer

An insurer with a home office in another state

to whom may a certificate of authority be issued?

To an insurer authorized to transact business in this state

Which of the following best describes an insurance company that has been formed under the laws of this state?

domestic

Insurers are classified according to their domicile. What are the three types of insurers?

domestic, foreign, and alien

How is the commissioner selected to be the chief officer of the department of insurance?

elected to office

in the agent / insurer relationship, who is considered the principal?

insurer

Which of the following persons is required to hold a producer license?

A person who negotiates insurance contracts

Existing insurers must provide policy owners with a policy summary for the existing life insurance within how many days of receiving the written communication and replacement?

10 days

when a policy is replaced, replacing insurers must maintain a replacement register regarding that policy for

3 years

An insurance agent has received a request for a hearing from the Commissioner. Within how many days must the hearing be held?

30 days

Agents, subagents, and counselors are required to maintain records of all insurance transactions for what time period?

5 years

Who is responsible for the contents of life insurance advertising?

The insurer All advertisements are the responsibility of the insurer.

All of the following actions are considered rebating except

an agent misrepresents policy benefits to convince a policy-owner to replace policies

what is the title of the chief officer of the department of insurance

commissioner

the duties of an agent where replacement is involved include all of the following except

splitting the commission with the agent who originally sold the policy being replaced (what it does involve) -Leaving a copy or original of all solicitation material used for presentation to the applicant.-Submitting to the replacing insurer a copy of all soliciting material.-Submitting to the replacing insurer a statement signed by the applicant as to whether or not he has existing life insurance.

What type of licensee represents the insurance company?

the agent

if the commissioner is not able to serve due to disability, resignation, or death, which of the following will happen?

the chief deputy Commissioner will serve as the commissioner until the next election

who is responsible for the contents of insurance advertisements?

the insurance company

when can the commissioner or director examine insurers?

whenever deemed necessary, but at least once every few years (please check your state regulations for specific time requirement)