Exam (elaborations)
TX General Lines - Property and Casualty (Law and Regulations) Questions with Accurate Answers
- Course
- Institution
TX General Lines - Property and Casualty (Law and Regulations)
[Show more]
Content preview
TX General Lines - Property andCasualty (Law and Regulations)
Licensing Purpose - answer For the protection of the public of this state.
Individuals must satisfy the following to be eligible to get a license: - answer-18 years of
age or older
-Resident of state
-Passed exam and pay fees
-Filed application and submitted a fingerprint card
-Not license for the purpose of selling to themselves, family, or employees
Refuse to issue any license if: - answer-Material misrepresentation or fraud in
application
-Record of dishonesty or misappropriation of customer funds
-Is incompetent or lacks moral turpitude
-Record of suspension or revocation in other jurisdiction
-Convicted of felony
Types of licenses: - answer-Agent
-Adjuster
-Surplus Lines Broker
-Managing General Agent
-Non-resident Agent
-Temporary
-Conditional
Agent - answerAn individual or business entity authorized by and insurer to solicit
applications or to negotiate insurance on its behalf.
Agents represent - answerthe insurer, not the insured
Adjuster - answerAny person who adjusts, investigates or negotiates settlement of
claims arising under insurance contracts on behalf of the insurer or the insured.
To be licensed as an adjuster: - answer-Must be at least 18 years old
-Pass Texas Adjuster's examination
Surplus Lines Broker - answerAny person who, as independent contractor, procures
insurance on behalf of clients wth Surplus Lines insurers such as Lloyds of London.
, To obtain Surplus Lines Broker license: - answer-First hold a Property and Casualty
Agent license
Managing General Agent - answerA full time person who is responsible for recruiting
and training a local insurance sales staff for either a L&H or P&C
Non-resident Agent - answerWho do not have either a principal residence or place of
business here. Can only have one.
Temporary License - answerCommissioner may issue a temporary resident agents
license without examination.
Temporary License may be obtained: - answerBefore a person passes the state exam
for a permanent license if a person completes a 40-hout course before applying for the
license or withing 14 days after applying.
Temporary License can only go for - answerUp to 90 days
Conditional Licenses may be issued: - answerWithout having to wait for results of a
criminal history search (fingerprint check). Can be revoked if something is found in
applicants criminal background. If nothing found, temporary License will become
permanent.
All newly issued licenses have a term of - answer2 years
What must an individual do to renew the license? - answer-Complete 30 hours
(including 2 hours of ethics) of continuing education
-If held license for at least 20 years, exempt from continuing education requirements
How long do you have to renew? What are the consequences of lateness? - answer-90
days late: renewal fee must be paid
-More than 90 days: cannot be renewed but do not need to do exam with new license,
subject to a late fee
-More than 12 months: considered new and must take the exam
Reporting Change of Address, Administrative Action or Felony Conviction - answerShall
notify Commissioner in writing within 30 days
The Commissioner may suspend, revoke permanently or refuse to renew any license
after - answera hearing, if requested
The Commissioner shall not reissue any revoked license for - answerat least five years
Maximum penalty for violating a cease and desist order is - answer$1000
The total for all cease and desist violations are - answer$5000
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now