Alabama Insurance License- Alabama Insurance Law Common to All Lines Questions and Answers
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Course
Alabama Insurance License- Alabama Insurance Law
Institution
Alabama Insurance License- Alabama Insurance Law
Alabama Insurance License- Alabama Insurance Law Common to All Lines Questions and Answers Alabama Insurance License- Alabama Insurance Law Common to All Lines Questions and Answers Alabama Insurance License- Alabama Insurance Law Common to All Lines Questions and Answers
Cease and desist - ANSWE...
Alabama Insurance License- Alabama
Insurance Law Common to All Lines
Questions and Answers
Cease and desist - ANSWER - to stop or discontinue
Coercion - ANSWER - the practice of persuading someone to do something by using force or
threats
Commission - ANSWER - payment to the agent by the insurance company for placing
insurance, usually a percentage of the policy premium
Commisioner - ANSWER - the head of the state department of insurance
Disclosure - ANSWER - revealed information to help someone make an intelligent and educated
decision
Exempt - ANSWER - not subject to a duty or obligation
Home state - ANSWER - a state in which an insurer is organized and has its main place of
business
Inducement - ANSWER - an offer that attempt to influence the other party
Reciprocity - ANSWER - a mutual interchange of rights and privileges
Subpoena - ANSWER - an order for someone to appear as a witness or submit testimony or
evidence
Surplus Lines Insurance - ANSWER - insurance that is not available from admitted insurers
, Lines of Authority - ANSWER - 1)Life Line
2)Property Lines
3)Other Lines
Producers - ANSWER - are individuals or business entities that are required to be licensed to
sell, solicit, and negotiate insurance in this state. The license must be for the class of insurance
that a producer intends to sell or solicit.
The Commissioner may hold a hearing upon written demand if a person feels that he or she has
been wronged. The hearing must be held within - ANSWER - 30 days after receipt of demand
unless postponed by mutual consent.
Insurers that accept business directly from anyone who is not properly licensed and does not
have an appointment with that insurer may be fined up to ........ - ANSWER - 3 times the amount
of the premium received from that person
Insurers must file a notice of appointment with the Commissioner within _____________ of the
date the agency contract is executed or the first insurance application is submitted, whichever
occurs first. - ANSWER - 15 days
The Commissioner will verify within 30 days of receiving the notice of appointment that the
producer is ........ - ANSWER - eligible for appointment.
Insurers may terminate a producers appointment .Insurers must notify the Commissioner within
- ANSWER - 30 dats following the effective date of termindation
To be eligible for a producer license you must meet these requirement - ANSWER - -Be at least
18 years old
-Complete the required prelicensing education (20 hours per line of authority or 40 hours for a
combined license)
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