producers need to submit a license renewal application
every 2 years
. if the application is received after the stated deadline, then a $25 late fee will be charged.
How often must an insurance agent license in the state of New York renew the license?
In New York, insurance licenses expire
every two years
. Licenses can be renewed up to 180 days prior to the expiration of the license.
How often must an insurance agent licensed in the State of New York renew the license quizlet?
How often must an insurance agent licensed in the state of New York renew the license? Insurance agent's license expires
every 2 years
.
Which of the following is a requirement to attain a nonresident producer license in Indiana?
which of the following is a requirement to obtain a nonresident producer license on indiana?
the producer's state of residence must have reciprocity with indiana
.
When must Agents submit license renewal applications to the superintendent?
when must agents submit license renewal applications to the superintendent?
at least 60 days before the license expires
.
When a producers appointment with the insurer is terminated who must notify the commissioner?
The insurer pays a fee for every appointment and for every appointment renewal. When an insurer terminates a producer's appointment, the insurer must notify
the Commissioner within 15 days of the termination
. The notice must state the date of cancelation and the reason for the termination.
Which of the following would be considered an illegal inducement to purchase insurance?
what would be considered an illegal inducement to purchase life insurance?
confirming future dividends in a life insurance proposal
. It is illegal to make, permit, or offer to make any contract of insurance or life annuity or agreement concerning such a contract with terms other than those stated in the contract.
Which is an example of an unfair claims settlement practice?
The insurance company delays payment
, rendering the business owner unable to repair any of the damage. The insurance company continues using delay tactics to avoiding making a payment.
What states have reciprocity for insurance license?
- Alabama.
- Delaware.
- Puerto Rico.
- Wyoming.
Why would the insurance commissioner issue a temporary license quizlet?
The Commissioner may issue
a temporary work authority that allows an applicant for a license to begin work when the person has submitted a licensing application and fee
. A temporary work authority expires 60 days after it has been issued. … ⦁ pays a late renewal fee.
What is the maximum fine for a violation of a cease and desist order?
A person found to have violated a cease and desist order shall be liable for civil penalties in the amount of
not less than $1,000 or more than $25,000
for each violation of the order, together with reasonable attorneys' fees and cost of investigation and suit.
How long must insurers keep records of claims?
(a) All claim files shall be kept and maintained for a period of
five years from the date of injury
or from the date on which the last provision of compensation benefits occurred as defined in Labor Code Section 3207, whichever is later.
What is the average Medicare supplement Commission?
The average Medicare Supplement commission rate is
22% with a 12-month advance
. The average yearly premium for Medicare Supplement plans is $1,600, which has a renewal rate of $29.33/month. Agents can earn renewal commissions for at least six years.
Which of the following entities is responsible for paying the producers appointment renewal fee?
to appoint a producer as its agent, the appointing
insurer
must file a notice of appointment within 15 days from the date the agency contract is executed. the insurer is also responsible for paying producer appointment fees.
Which of the following actions is required by an agent who is replacing an existing life insurance policy?
When replacing a life insurance policy, an
agent must obtain a list of all life insurance to be replaced
, give the applicant and the replacing insurer a copy of the “Notice of Replacement” signed by the applicant and the agent, leave a copy of all sales proposals used with the applicant, and send to the replacing …
Which type of misrepresentation persuades an insured?
Twisting
is a misrepresentation that persuades an insured or a policyowner, to his or her detriment, to cancel, lapse, or switch policies.
