Study Guide Questions

Question 1

Regulating the affairs of the insurance Department, prescribe forms and procedures, aid in interpretation of laws are the broad powers of?

Answer 1

The Director

Question 2

License suspension, revocation or denial, monetary fines and/ or imprisonment are applicable penalties for violating what?

Answer 2

the Insurance Code

Question 3

Anyone licensed as a property and casualty producer with 2 years experience may be licensed as a________________?

Answer 3

Surplus lines broker

Question 4

How much notification to the insured is required when nonrenewing a COMMERCIAL policy?

Answer 4

45 days for nonrenewal

Question 5

Vessels, craft, aircraft, cars, automobiles and vehicles of every kind, all goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, bullion, precious stones and securities are some of the items included in the definition of what type of insurance?

Answer 5

Marine insurance