Arizona Licensing Requirements

An authorized insurer must not issue a policy of insurance in Arizona unless the policy or countersignature endorsement attached to the policy is signed by its: - An authorized insurer shall not issue a policy of insurance in Arizona unless the policy or countersignature endorsement attached to the policy is signed by its licensed insurance producer, bail bond agent or managing general agent. The correct answer is: Licensed insurance producer, bail bond agent or managing general agent The minimum age to become a licensed insurance agent in Arizona is: - Your answer is correct A person must be at least 18 years of age to be eligible for an insurance agent license in Arizona. Managing General Agents (MGAs) must are required to maintain a deposit of what percentage of monies held on behalf of insurers in a trust for the benefit and protection of the insureds and insurers? - MGAs must maintain a deposit of 10% of monies held on behalf of insurers in a trust for the benefit and protection of the insureds and insurers. The correct answer is: 10% Making a statement, written or verbal, that misrepresents any part of the policy or contract is an unfair trade practice known as: - Making a statement, written or verbal, that misrepresents any part of the policy or contract is an unfair trade practice known as misrepresentation. The correct answer is: Misrepresentation Non-resident insurance producer licenses grant the same lines of authority granted under the license issued by the person's home state, and licensees are subject to Arizona's laws as though the licensees were: - Non-resident insurance producer licenses grant the same lines of authority granted under the license issued by the person's home state, and licensees are subject to Arizona's laws as though the licensees were licensed as a resident. The correct answer is: Licensed as a resident Which of the following terms means to exchange a contract of insurance for money or an equivalent on behalf of an insurer? - Selling is to exchange a contract of insurance for money or an equivalent on behalf of an insurer.