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 Alabama Insurance License-...
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
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
All insurance producers must successfully complete a "minimum" of _________ credit hours of
continuing education - ANSWER - 24
How often does an insurance producer have to complete continuing education prior to license
renewal? - ANSWER - Biennially (Every 2 years)
, How many hours of the continuing education must be completed in ethics or business
practices? - ANSWER - 3 hours
Any Licensee holding more than one license is required to complete how many hours of
continuing education? - ANSWER - the minimum ,which is 24 hours l
How many continuing education hours can be carried to the next licensing period ? - ANSWER -
24 hours
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
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
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