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Indiana Laws and Regulations for Life and Health Insurance Sales Questions & 100% Verified Correct Answers with complete solutions (Latest update $7.99   Add to cart
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Indiana Laws and Regulations for Life and Health Insurance Sales Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Indiana Laws and Regulations for Life and Health Insurance Sales Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 14, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • indiana laws and regulations for life and health i

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  • Insurance
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Indiana Laws and Regulations for Life and Health
Insurance Sales
Promulgates rules and regulations that producing agents must follow, and can conduct hearings
and levy administrative penalties such as fines and/or license revocation - ANS-Indiana
Department of Insurance

Appointed by the governor and serves at his pleasure. Must take an oath of office and post a
bond in the sum of at least $50,000 to assure the faithful performance of duties - ANS-Insurance
Commissoner

National Association of Insurance Commissioners - ANS-NAIC

Operate the Department of Insurance

Enforce the insurance laws, rules, and regulations of Indiana

Utilize the powers and duties conferred to him

Examine or investigate persons or companies relative to their involvement in insurance
business

Utilize any legal, fair or special remedy to assure enforcement of his orders

Delegate any of his powers and duties to a subordinate within the department

Institute any action required to enforce the provisions of the insurance law of the state

Make any reasonable rules or regulations necessary to carry out the insurance laws of Indiana

Provide necessary information to the Attorney General or appropriate district attorney if he
believes that a violation rises to a level for which criminal prosecution is in order -
ANS-Responsibilities of the Insurance Commissioner

A license held by an insurance company giving them the right to market insurance in Indiana -
ANS-Certificate Authority

Conducted by the Insurance Commissioner or his examiners

May be conducted as often as the Commissioner considers appropriate but must be done at
least once every 5 years

, With foreign and alien companies, Commissioner can wave the examination

If an examination concludes that a company is in financial jeopardy, the Commissioner will give
the company notice and the right to demonstrate solvency at a hearing - ANS-Examination of
Admitted Insurance Companies

A company that holds a certificate of authority and is authorized to do business in the state of
Indiana - ANS-Admitted Company

Company chartered outside of Indiana but still within the United States - ANS-Foreign Company

Company chartered outside of the United States - ANS-Alien Company

An insurance company that can no longer pay claims - ANS-Insolvent

A nonprofit entity created to protect policyowners of an insolvent insurer by paying claims and
continuing coverage for policyholders. They will not pay more than $300,000 in total death
benefits for any one life. - ANS-Indiana Life and Health Guaranty Association

Be at least 18 years of age

Maintain principal residence or principal place of business in Indiana

Successfully complete a certified pre-licensing course of study not more than 6 months prior to
the license application

Not have committed any act that is grounds for denial, suspension or revocation of a license

Pay the nonrefundable $40 fee

Pass the test - ANS-Obtaining a Resident Producer License

Chartered Life Underwriter (CLU)

Certified Financial Planner (CFP)

Chartered Financial Consultant (CFC)

Chartered Property and Casualty Underwriter (CPCU)

Certified Insurance Counselor (CIC)

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