ILLINOIS LIFE PRODUCER STATE-
DESIGNATED EXAM | COMPREHENSIVE
EXAM PREP, PRACTICE QUESTIONS,
CORRECT ANSWERS AND STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
, List actions that constitute life insurance policy replacement 1. Cash surrender an existing policy and purchase a new policy
2. Discontinue premiums on an existing policy and apply the payments to a new policy
3. Take reduced paid-up insurance and purchase a new policy with another insurer
An example of unfair claims practice would be failing to effectuate prompt, fair, and equitable settlements of a claim
An example of unfair discrimination would be offering different terms of coverage for different policyowners having the same risk
classification
A producer is circulating incorrect information about the Misrepresentation
benefits of a policy. This producer may be found guilty of
A producer must complete _ hours of ethics per continuing 3 hours
education reporting period
To renew a producer license, a producer must complete 24 hours of continuing
education courses every 2 years, with 3 of those hours being on the subject of ethics.
All of these must be included on an insurance producers Appointing insurance company
license except
All of these must be included on an insurance producers 1. Name of producer
license 2. Producer ID number
3. Date of issue
A hearing must be held before a producer's license can be give written notice to the producer
suspended or revoked. Prior to the hearing, the Director of
Insurance is required to
Which of the following types of insurance may a limited lines Industrial life insurance
producer sell
Industrial (home service) insurance is a policy priced well below it's counterparts and is
sold by producers who sell it door to door. It is popular among low- to middle income
buyers
Which of these accounts are producer license fees deposited Insurance producer administrative Fund
into
All licensing fees collected by the director are paid into a special fund in the state
treasury known as the Insurance producer administration Fund
DESIGNATED EXAM | COMPREHENSIVE
EXAM PREP, PRACTICE QUESTIONS,
CORRECT ANSWERS AND STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
, List actions that constitute life insurance policy replacement 1. Cash surrender an existing policy and purchase a new policy
2. Discontinue premiums on an existing policy and apply the payments to a new policy
3. Take reduced paid-up insurance and purchase a new policy with another insurer
An example of unfair claims practice would be failing to effectuate prompt, fair, and equitable settlements of a claim
An example of unfair discrimination would be offering different terms of coverage for different policyowners having the same risk
classification
A producer is circulating incorrect information about the Misrepresentation
benefits of a policy. This producer may be found guilty of
A producer must complete _ hours of ethics per continuing 3 hours
education reporting period
To renew a producer license, a producer must complete 24 hours of continuing
education courses every 2 years, with 3 of those hours being on the subject of ethics.
All of these must be included on an insurance producers Appointing insurance company
license except
All of these must be included on an insurance producers 1. Name of producer
license 2. Producer ID number
3. Date of issue
A hearing must be held before a producer's license can be give written notice to the producer
suspended or revoked. Prior to the hearing, the Director of
Insurance is required to
Which of the following types of insurance may a limited lines Industrial life insurance
producer sell
Industrial (home service) insurance is a policy priced well below it's counterparts and is
sold by producers who sell it door to door. It is popular among low- to middle income
buyers
Which of these accounts are producer license fees deposited Insurance producer administrative Fund
into
All licensing fees collected by the director are paid into a special fund in the state
treasury known as the Insurance producer administration Fund
