Illinois Statutes And Regulations Common To All Lines

Question 1

If an insurer meets the state’s financial requirements and is approved to transact business in the state, it is considered what type of insurer?

Answer 1

Authorized or admitted

Question 2

What document is required for an insurance company to transact insurance?

Answer 2

Certificate of authority

Question 3

What type of misrepresentation persuades an insured, to their detriment, to cancel, lapse or switch policies from one to another?

Answer 3

Twisting

Question 4

What illegal act does a producer commit when the producer represents a policy in more favorable light than the policy really is?

Answer 4

Misrepresentation

Question 5

What type of licensee represents the insured?

Answer 5

Broker
(A broker represents multiple insurance agencies, therefore can provide multiple options to the insured)

Question 6

Insurers are classified according to their domicile, what are 3 types of insurers?

Answer 6

Domestic
Foreign
Alien