Regulations Flashcards
What is the purpose for insurance professionals to be properly licensed?
to ensure that a producer meets educational and ethical standards required to fulfill producer’s responsibilities.
Who is required to obtain an insurance producer license?
A Business Entity
Insurance producers may qualify for a license in which lines of authority?
Life Insurance Accident and health or sickness Property and casualty insurance Variable life and variable annuity products Limited line credit insurance Personal lines property and casualty
What is a producer?
someone who represents one or more insurance companies.
Property and Casualty agents can usually bind coverage for their clients. True or False?
True
When do business entity licenses expire?
On April 30 of each year.
When do Producer licenses expire?
Expire on the last day of the month of the producer’s birthday in the first year after issuance in which his or her age is divisible by two.
When can Business entity and producer licenses be renewed?
May be renewed within the 90 day period before their expiration date or may be renewed within a 30 day period after their expiration dates upon payment of a late fee.
What do you call someone who counsels or advises people for a fee?
Consultant
To be able to be a consultant what license must one have?
Insurance Consultant
What requirements must one meet to become a consultant?
have attained the age of majority
be competent, trustworthy, financially responsible, and of good personal and business reputation
have been licensed as an agent, broker, or consultant
