Illinois Property Producer State Exam Questions with Correct Answers

Who appoints the director of insurance? Correct Answer governor Cease and Desist Order Correct Answer -Hearings will be held between 20 and 30 days from the date of the hearing notice -The notice must state the nature of the violation FINES -Offenders who violate a cease and desist order -up to $100 per day -maximum $5,000 The director will conduct examinations of companies not less frequently than every Correct Answer 5 years Daily fine that may be assessed against a person who disobeys a cease and desist order Correct Answer $100 Change of Address Correct Answer 30 days Non-resident person Correct Answer Receive nonresident producer license if, in their home state, they are currently licensed as a resident and in good standing Temporary Insurance producers Correct Answer 180 days without requiring an examination Temporary licenses for insurance producer applicants Correct Answer -90 days -may not hold more than one temporary producer license during lifetime Producer License Fees Correct Answer $215- Resident $380- Non resident Temporary Insurance Producers License Fee Correct Answer $50 Business entity registration fee Correct Answer $150 every 2 years