General Laws & Regulations Flashcards
The insurance producer license will have what kind of number on it
NPN.
An insurance producer license is required of an individual to do. 5 things
Solicit
Negotiate
Sell
Give advice for
Receive commissions
A insurance producer has a duty to provide service to insured customers by what 6 things
Keep coverages current and keep insured informed
Analyze customers risk and needs
Sell a policy which suits their needs
Help with claims
Help with premium collection and policy renewal
Keep records
Acting as a producer without a license and misappropriating premiums punishment
Class 4 Felony 5 and 5
5000 5 years
The state attorney general may file in court a request for what against an individual acting as an insurance producer without a license
An injunction
For continued education records of proof need to be kept for
3 years.
An insurance producer must report to the insurance Director a change of resident address within how many days?
30 days
Define business entity
The business entity is a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity who employees individuals to act as insurance producers. It is the same as an insurance agency.
The business entities licensed authorized individual must complete a what and pay what?
They must complete a uniform business entity application and pay $150 as a two-year fee
The insurance company makes the application for a limited line producer and pays what?
A $50 per year fee
If the insurance company terminates a producers contract or removes the limited line producers license, how long is it until they have to alert the insurance Director? When do they have alert the producer?
30 days
15 days after they alerted the Director
What is a fine?
A fine is a monetary penalty, which must be prosecuted through the courts by state attorney or state Attorney General
An insurance company must apply for a temporary license and it costs
50 dollars
An Illinois non-resident producer or limited lines producer license is needed so they can sell in Illinois. And Illinois says no exam needed this arrangement is called
Reciprocity
Applicants who moved to Illinois and become residence of Illinois or exempt from the producer exam if they meet three requirements
They must submit to the Illinois insurance Director, a certificate from the state they were living in showing they did have a license there to show a letter of clearance and must apply for their residence producer insurance license within 90 days of becoming a resident of Illinois
If an individual had to surrender their insurance license because of some public office conflict of interest, they are exempt from examination requirements for up to how many years
Four years
What is the surplus lines producer license?
This is a special additional license required to sell policies issued by insurance companies, which are non-admitted in the state in which is sale is made
What is required to finance premiums ? Financing premiums is loaning customers the premium money
He premium finance company license is required
The penalty for financing customers premiums without a premium finance company license is
Civil penalty charges by the director of up to 1000.00 per violation
If person fails to give director all files in an audit or is caught lying fine is
Fine up to $2000.00
An agency contract is the same
As an agency agreement
The person or Business Entity examined has how many days to request a hearing regarding issue examination reports
14 days
Insurance director has how many days prior to hearing to mail the notice of hearing. Within how many of the issue examination report being filed or the hearing is completed must the director issue an order
The order can be appealed to the courts under the
Not less an 20 but not more than 30 days
Within 90 days
Administrative Review Law
Penalties of unfair methods of competition, deception, and misrepresentations what is the fine
Not less than 100 not more than 5000
