Exam (elaborations)

AD Banker Illinois State Laws Questions & Answers

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Course
AD Banker

Institution
AD Banker

insurance director - ANSWERSappointed by the governor and has the power and duty to enforce and execute the insurance laws of illinois actions the insurance director cannot take - ANSWERSnot empowered to adjust claims, act as a judge in a lawsuit involving claims, advise any insured of any legal...

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ad banker illinois state laws questions answers
ad banker illinois state laws stuvia
insurance director answersappointed by the gover
actions the insurance director cannot take answe

Institution AD Banker
Course AD Banker

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AD Banker Illinois State Laws Questions &
Answers
insurance director - ANSWERSappointed by the governor and has the power and duty
to enforce and execute the insurance laws of illinois

actions the insurance director cannot take - ANSWERSnot empowered to adjust claims,
act as a judge in a lawsuit involving claims, advise any insured of any legal action to be
taken against an insurer, or make any state law

cease and desist order - ANSWERS-hearing is to be held within 20-30 days from
notification date
-violator must pay a fine of $100/day up to $5,000
-license may also be revoked

director examinations - ANSWERSdetermine the non-financial business practices,
performance, and operations of any company
-examinee must pay all expenses incurred to help with an examination

hearings and subpoenas - ANSWERS-examinee must be given 10 days to request a
hearing from the director in writing
-director must give examinee at least 10 days' notice before date of hearing
-director must issue a written order based on examination within 90 days
-violators of written order may be fined up to $5,000
-persons failing to obey a subpoena/refuses to testify has a penalty up to $2,000

Regulatory Examination - ANSWERSdirector may examine any applicant or holder of a
producer license, limited line producer license, temporary producer license, or business
entity license
-director must issue a written order based on examination within 90 days
-violators of written order are guilty of a business offense and license may be revoked or
a civil penalty up to $20,000

insurance producer - ANSWERSa person may not sell, solicit, or negotiate insurance in
this state for any class of insurance unless licensed for that line of authority
-cannot charge a fee unless licensed, an attorney, bank trust officer/CPA
-person acting as a producer without a license is guilty of a Class A misdemeanor
-misappropriating collected funds is guilty of a Class 4 felony

Nonresident License - ANSWERS-allows reciprocal licensing of Illinois residents on the
same basis
-certifies that the producer hold a current, valid license in good standing in that state

, business entities - ANSWERSa business entity acting as an insurance producer must
obtain a producer license in order to transact any insurance business in Illinois

temporary insurance licensing - ANSWERS-director may issue a temp for up to 180
days for surviving spouse, employee when the designated producer dies or becomes
disabled, designee of producer entering the military
-director may grant temp license for 90 days without requiring exam (must be enrolled in
a training course)

qualifications for licensing - ANSWERS-be at least 18 years old
-be sufficiently rehabilitated if the applicant has committed any act that is a ground for
denial, suspension, or revocation
-complete a prelicensing course for the lines of authority for which the person has
applied
-pay required fees
-pass examinations

license fees - ANSWERS-insurance producer license: $180 ($250 for nonresidents),
payable every 2 years
-temporary producer license: $50
-business entity license: $150, payable every 2 years
-limited line producer license: $50 annually
-processing fee for producer exam application: $50

bond requirement - ANSWERSa producer must maintain a bond to place insurance with
an insurer with which the producer does not have an agent contract (i.e. field officer)

continuing education - ANSWERSbefore each 2-year license renewal, a producer must
complete at least 24 hours course study for CE, 3 of the 24 hours must include
classroom ethics instruction

controlled business - ANSWERS-insurance written to cover the risks on the producer's
own life/spouse/property or the life/property/risks of the producer's employer or own
business
-producer's license will be denied if director has reason to believe the producer has
written more controlled than regular business before or within the 12-month period
immediately following the issuance or license renewal

reinstatement - ANSWERSan individual producer who allows their license to lapse may
reinstate the license within 12 months after the due date of the renewal fee

change of address - ANSWERSlicensees must inform the director of a change of
address within 30 days after the change

license suspension, revocation or denial - ANSWERScommon sense reasons plus (see
list on book pg. 10)

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