Texas General Lines - Property and Casualty (Law and Regulations) Questions with 100% Correct Answers
3 views 0 purchase
Course
Texas Property and Casualty Insurance
Institution
Texas Property And Casualty Insurance
Texas General Lines - Property and Casualty (Law and Regulations) Questions with 100% Correct Answers
Licensing Purpose
For the protection of the public of this state.
Individuals must satisfy the following to be eligible to get a license:
-18 years of age or older
-Resident of state
-Pa...
Texas General Lines - Property and Casualty (Law
and Regulations) Questions with 100% Correct
Answers
Licensing Purpose
For the protection of the public of this state.
Individuals must satisfy the following to be eligible to get a license:
-18 years of age or older
-Resident of state
-Passed exam and pay fees
-Filed application and submitted a fingerprint card
-Not license for the purpose of selling to themselves, family, or employees
Refuse to issue any license if:
-Material misrepresentation or fraud in application
-Record of dishonesty or misappropriation of customer funds
-Is incompetent or lacks moral turpitude
-Record of suspension or revocation in other jurisdiction
-Convicted of felony
Types of licenses:
-Agent
-Adjuster
-Surplus Lines Broker
-Managing General Agent
-Non-resident Agent
-Temporary
-Conditional
Agent
An individual or business entity authorized by and insurer to solicit applications or to negotiate
insurance on its behalf.
Agents represent
the insurer, not the insured
Adjuster
Any person who adjusts, investigates or negotiates settlement of claims arising under insurance
contracts on behalf of the insurer or the insured.
To be licensed as an adjuster:
-Must be at least 18 years old
-Pass Texas Adjuster's examination
Surplus Lines Broker
Any person who, as independent contractor, procures insurance on behalf of clients wth Surplus Lines
insurers such as Lloyds of London.
, To obtain Surplus Lines Broker license:
-First hold a Property and Casualty Agent license
Managing General Agent
A full time person who is responsible for recruiting and training a local insurance sales staff for either
a L&H or P&C
Non-resident Agent
Who do not have either a principal residence or place of business here. Can only have one.
Temporary License
Commissioner may issue a temporary resident agents license without examination.
Temporary License may be obtained:
Before a person passes the state exam for a permanent license if a person completes a 40-hout
course before applying for the license or withing 14 days after applying.
Temporary License can only go for
Up to 90 days
Conditional Licenses may be issued:
Without having to wait for results of a criminal history search (fingerprint check). Can be revoked if
something is found in applicants criminal background. If nothing found, temporary License will
become permanent.
All newly issued licenses have a term of
2 years
What must an individual do to renew the license?
-Complete 30 hours (including 2 hours of ethics) of continuing education
-If held license for at least 20 years, exempt from continuing education requirements
How long do you have to renew? What are the consequences of lateness?
-90 days late: renewal fee must be paid
-More than 90 days: cannot be renewed but do not need to do exam with new license, subject to a
late fee
-More than 12 months: considered new and must take the exam
Reporting Change of Address, Administrative Action or Felony Conviction
Shall notify Commissioner in writing within 30 days
The Commissioner may suspend, revoke permanently or refuse to renew any license after
a hearing, if requested
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICAIDSTORE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
