Alabama Insurance License- Alabama Insurance Law Common to All Lines Questions and Answers
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Module
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 AnswersAlabama Insurance License- Alabama Insurance Law Common to All Lines Questions and AnswersAlabama Insurance License- Alabama Insurance Law Common to All Lines Questions and AnswersAlabama Insurance License- Al...
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
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.
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)
, Pass each examination which is required for the license being sought (examination certificates
are valid for 1 year from the date of completion);
Pay the required fee;
Have not committed any act which is a ground for denial, suspension, or revocation of a license.
Types of Licensees - ANSWER - 1) Producers -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 following are exempt from prelicensing education and from the exam - ANSWER - -
Applicants for limited lines insurance
-Applicants for a life license who hold a Chartered Life Underwriter (CLU) designation
-Applicants for a property license who hold a CPCU or CIC designation.
If a person who was previously licensed in another state for the same line of authority wishes to
become a resident producer in Alabama, an exemption to the exam is available if the person is
currently licensed and the application is received within - ANSWER - 90 Days
Any license that has lapsed must be reinstated within - ANSWER - within 12 months from the
due date of the renewal fee
All insurance producers must successfully complete a "minimum" of _________ credit hours of
continuing education - ANSWER - 24
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
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