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Kansas Insurance Rules And Regulations Questions And Correct Answers Latest Version 2024
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Kansas Insurance Rules And Regulations Questions And Correct Answers Latest Version 2024
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Kansas Insurance Rules And RegulationsQuestions And Correct Answers Latest
Version 2024
Within how many days must you notify the Commissioner's office of any changes of name, home or
business address, or convictions? Answer: 30 days
When can a temporary license be issues? Answer: -Emergency situations of death or disability
Who can temporary licenses be issued to? Answer: A relative, administrator, or an executor of the
producer
For how many days can a temporary license be issued? Answer: 180 days
Can a temporary license be issued for an additional term? If so, how many days? Answer: Yes. For
another 180 days
What is a synonym for an agent? Answer: Producer
If an insurance company does not certify a producer within 30 days, how much will they be fined each
day? Answer: $25
Who does the insurance company notify when a new producer is being appointed to represent the
company? Answer: The Kansas Insurance Department
What does it mean to be a Resident Producer? Answer: A person that resides in a particular state
and is licensed to sell insurance for at least one insurer in that same state
, What does it mean to be a Non-Resident Producer Answer: A producer that lives in a different state
than the one they are licensed. They are licensed in their home state and have written permission to sell
in a state in which they do not reside through the Commissioner of that state
How long is a Kansas Insurance Commissioners term? Answer: 4 years
What is the Insurance Commissioners purpose? Answer: -Enforce insurance code
-Administer or regulate existing laws that have already been passed by the Kansas legislature
-License and certify individuals and corporations
-Determine solvency
-Approves rates (Does not set rates)
-Regulate and collect premium taxes (2.5%) from insurers --- Sent to Kansas State Treasurer
Every insurance company submits an audited financial statement by what date of each year? Answer:
June 1st
How often does the Commissioner need to audit each companies' books, records, and reserves?
Answer: At least once every 5 years or anytime they need
If a hearing is scheduled by the Commissioner, who will pay for the cost of the hearing? Answer: The
agent, but only if found guilty
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