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State of Illinois Property and Casualty Laws Exam Newest 2024 Questions and Answers Latest (2024 / 2025) (Verified Answers) $12.99
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Exam (elaborations)

State of Illinois Property and Casualty Laws Exam Newest 2024 Questions and Answers Latest (2024 / 2025) (Verified Answers)
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State of Illinois Property and Casualty Laws Exam Newest 2024 Questions and Answers Latest (2024 / 2025) (Verified Answers)

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Document information

  • October 31, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • state of illinois
  • property and casualty laws
  • state of illinois property and casualty laws

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  • Property and casualty
  • Property and casualty

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NurseFerian

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State of Illinois Property and Casualty Laws.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/State%20of%20I




State of Illinois Property and Casualty Laws



1. Powers and Duties of the Director

Answer 1. Approve all policy forms, but cannotapprove or disapprove premium

rates on most types of insurance.

2. Create rules and regulations that support the law.

3. Conduct investigations, examinations and audits to determine if the law has been

violated.

4. Take action to enforce the law, such as, issuing fines, revoke or suspend a licenseor

deny an application for a license.

5. Refer a case to the State Attorney General for criminal prosecution in a court law.



2. The Director of Insurance or a designee can examine (investigate)any of the

following

Answer 1. Any insurance company doing business in Illinois

2. Any person involved in forming an insurance company in Illinois.

3. Any licensed producer, firm, administrator or applicant for an insurance license.

4. Any person adjusting clanims or financing premium.
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3. Examinees may be subpoena

Answer 1. If anyone refuses to be examined or ignoresa subpoena, he or she can be

fined $2,000.

2. Persons being examined have 14 days from the day they receive the report to

request a hearing.

3. The Director must provide a 10 days notice of the time and place of the hearing.

4. The Director will issue a final report of the examination within 90 days of the examor

hearing.

5. Violating a written order can be fined up to $20,000.



4. Cease and Desist Orders

Answer 1.The hearing must be held between 20 and 30 daysfrom the date of the

order.

2. The fine for ignoring a cease and desist order is $100 per day, not to exceed

$5,000.

3. After the cease and desist order has become final and is in effect, any person who

violates it will be fined $1,000 for each violation.


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