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TX General Lines - Property and Casualty (Law and Regulations) Questions with Accurate Answers
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TX General Lines - Property and Casualty (Law and Regulations)
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TX General Lines - Property andCasualty (Law and Regulations)
Licensing Purpose - answer For the protection of the public of this state.
Individuals must satisfy the following to be eligible to get a license: - answer-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: - answer-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: - answer-Agent
-Adjuster
-Surplus Lines Broker
-Managing General Agent
-Non-resident Agent
-Temporary
-Conditional
Agent - answerAn individual or business entity authorized by and insurer to solicit
applications or to negotiate insurance on its behalf.
Agents represent - answerthe insurer, not the insured
Adjuster - answerAny 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: - answer-Must be at least 18 years old
-Pass Texas Adjuster's examination
Surplus Lines Broker - answerAny 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: - answer-First hold a Property and Casualty
Agent license
Managing General Agent - answerA 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 - answerWho do not have either a principal residence or place of
business here. Can only have one.
Temporary License - answerCommissioner may issue a temporary resident agents
license without examination.
Temporary License may be obtained: - answerBefore 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 - answerUp to 90 days
Conditional Licenses may be issued: - answerWithout 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 - answer2 years
What must an individual do to renew the license? - answer-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? - answer-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 - answerShall
notify Commissioner in writing within 30 days
The Commissioner may suspend, revoke permanently or refuse to renew any license
after - answera hearing, if requested
The Commissioner shall not reissue any revoked license for - answerat least five years
Maximum penalty for violating a cease and desist order is - answer$1000
The total for all cease and desist violations are - answer$5000
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