Insurers - Section 3 Flashcards
No free insurance as an inducement to complete transaction of a sale
T/F
True
An agency name cannot end with:
Insurance, underwriter, or company
Producer must display:
Their license so that clients can inspect it
Violation of Display of License rules are subject to a fine of $__
$200
Producers must make records available to the commissioner at all times
T/F
True
Producers must keep info records for how many months?
18
Producers must keep bank records __ years
5
Resident agent or broker must maintain an office in the state and that address must be on their license and renewal. This does not apply to non-resident agents or brokers
T/F
T
Must notify the DOI immediately in writing for any change of address:
Mailing, residence or business
Commissions received for arranging premium must be disclosed to the insured and records kept for __ years
3
Producers have until the last day on their license to renew. Can transact up to __ days after expiration
60
All agency names must be approved before usage. Commissioner can disapprove of any person’s name
T
Nolo contendere is considered
convicted
Inactive license means
no appointment on file however fees and education are current
expired license means
fees are not current
