An agent offers his client free tickets to a sporting event in exchange
for the purchase of an insurance policy. The agent is guilty of
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the head of the state department of insurance
, A)Coercion.
B)Twisting.
C)Controlled business.
D)Rebating.
D- because When producers give or promise anything of value that is not
specified in the policy, they are guilty of rebating.
a state in which an insurer is organized and has its main place of business
an order for someone to appear as a witness or submit testimony or evidence
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Term
How often does an insurance producer have to complete continuing
education prior to license renewal?
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$1,000,000. Annually (every year)
Biennially (Every 2 years) 3 hours
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, 3 of 59
Term
Commission
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the practice of persuading someone to do something by using force or threats
payment to the agent by the insurance company for placing insurance,
usually a percentage of the policy premium
An unfair trade practice in which one agent or insurer makes an injurious
statement about another with the intent of harming the person's or company's
reputation.
a fine imposed on agents for non-compliance with regulations
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The minimum surplus to form such a company is .......
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, $1,000,000. $500,000.
$200,000. $250,000.
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Term
Exemptions to CE are as follows:
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24 hours Continuing education requirement
2 years To complete continuing education (license period)
3 hours CE required in ethics or business practices
24 hours CE can be carried over to the next licensing period
3 months Extension to complete CE hours
30 days For producer to notify the Department of a change of address
30 days For producer to notify the Department of a legal action against the
producer
3 years For producer to keep records of insurance transactions
Important Dollar Amounts:
$1,000 Fine for willful violation of the state Insurance Code
$10,000 Civil penalty for violation of producer licensing laws
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