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LA Personal lines (producer) exam questions with correct answers 2023
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LA Personal lines (producer) exam questions with correct answers 2023
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LA Personal lines (producer) examquestions with correct answers 2023
licensing - Answer-pre-licensing requirements:
-be at least 18 years of age
-reside in or work mainly from an office located in Louisiana
-complete pre-licensing education required to prepare for state required exam
-paid their fees and submitted application
-successfully pass exam with a 70% or higher
The department can conduct background checks on all applying to sell insurance in the
state and may deny licenses or certificates of authority for felony convictions.
types of licenses - Answer-individual producer-an individual producer is a person
licensed to quote insurance policies, market and sell insurance products, and consult
with regard to insurance
business entity producer- a legal business entity, such as a corporation, a partnership,
limited liability company, or the like may also be a producer and conduct insurance
business in this state.
resident vs non resident- individuals not living in Louisiana and those without an office in
Louisiana may get a non-resident license to sell insurance in this state.
to apply for a nonresident license-
an individual completes a Uniform Application approved by the National Association of
Insurance Commissioners (NAIC) states with reciprocal laws and privileges , will grant a
non-resident license to an applicant as long as that individual 's resident license is in
good standing in their own home state.
National Association of Insurance Commissioners (NAIC)- the organization in charge of
insurance laws for all states and pay for their fees.
temporary- temporary licenses are only valid for 180 days and are only granted the
following three circumstances:
-death
-disability
-active military service
Maintenance and Duration - Answer-term and renewal- to maintain your license, you
must complete a certain number of hours in continuing education, maintain satisfactory
conduct, and send in renewal application and fee every renewal term.
,the final approval to renew your license is the commissioner's decision as he decides to
renew or not to renew.
expiration- licenses expire every two years; the last day of birth month
change of address- if a producer changes their mailing, work, or home address, the
department must be notified within 30 days or you will face a $50 fine.
revoke, non-renew, suspend or refuse- failure to comply with state or federal laws to get
license
-giving false information on any license or renewal application
-not accounting for or sending in premium money or commingling funds
-committing fraud or practicing dishonesty with regard to insurance
-being careless or lacking ability to perform insurance related business operations
-falsifying a contract, binders, rider, plan benefits, or insurance applications
-unfair trade practices with regard to insurance
-being convicted of a felony
-cheating on a insurance exam or getting license fraudulently
-going bankrupt with insurance company funds
-forgery on any insurance document
-accepting business from an unlicensed person knowingly
-getting license solely to do controlled business
-having licensed revoked from LA or any other state
-violating any insurance laws
-not submitting evidence of identity or commission of a felony
-failing to pay court imposed child support
-failure to pay state income taxes
-hiring or contracting people in your business convicted of felony
-felony convictions for breaches of trust or being dishonest
continuing education requirements- 24 hours every renewal;3 hours must be on ethics;
up to 10 hours of excess P&C topics
CE credit does not apply to specialt
transferring between states - Answer-a. person moving from louisiana who does not
hold a license in another state- must take pre-licensing/exam
b. a producer who is licensed as a nonresident in LA moving from one state to another
must: submit a state to state transfer form, letter of certification, $15, return old license
card
c. producer who is licensed resident in LA and moves to another state must provide LDI
with state to state transfer form, letter of certification, $15, and return old license card.
(this will make them a non resident in LA)
, d. a producer not licensed in LA that moves to LA from a state where they held a license
shall provide a first time application, letter of clearance from the date they established
residency, $75 per line of authority
e. a producer that is licensed as a non resident of LA, who changes to resident producer
of LA must submit a first time application, letter of clearance dated from the date they
established legal residency, $75 per line of authority applying for
f. a producer who previously held a license in LA but never became a licensed non
resident of LA and is within the 5 year reinstatement period must submit reinstatement
form and $100
g. a producer that was licensed as a resident of LA and changes to a non resident of LA
and moves back to become a resident of LA and the license is current will need a state
to state transfer form, letter of clearance, return old license card, $15.
Disciplinary actions - Answer-hearings- When someone accuses the producer of
violating the Insurance Code a hearing must be held within 30 days of the demand. It
can be postponed if both parties agree, but once the demand is on record, the hearing
must happen in more than 60 days of the original demand.
cease and desist order- legal term for the order to STOP. it is an official legal document
that will require an individual to stop doing something
penalties/fines:
the department may fine $500 for each violations or $10,000 for all violations committed
within one calendar year.
with a cease and desist order, suspension or revocation, the fine may be $1,000 for
each or a maximum of $100,000 for multiple violations within a year
if a individual knew the act was illegal, $25,000 for each or a maximum of $250,000 for
all within 6 months.
the violent crime control and law enforcement act of 1994- states that anyone that has
been committed a felony must receive written authority from a regulatory official,
commissioner, deputy of commissioner, etc before working in insurance that affects
interstate commerce
state regulation - Answer-commissioner general duties and powers:
- his primary goal is to protect the public
his duties includes:
-Issuing or revoking licenses and certificates of authority
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