Ins TX - LAH05 - General Lines - Life, Accident, and Health Study Guide

Ins TX - LAH05 - General Lines - Life, Accident, and Health Study Guide A newly license General Lines agent must complete a MINIMUM of___ hours of continuing education within ___ months after initial license. 24 · Insurance agent licenses normally must be renewed every __ years. · An agent must include a statement that _________ are not guaranteed during a sales presentation for a participating life insurance policy. Dividends Dividend a partial return of premium to the insured based on the insurer's financial performance or on the insured's own loss experience. Insurers cannot legally guarantee the payment of dividends. An applicant for an agent's license must be... honest, trustworthy, and reliable. An agent who tells claimants that their rights may be impaired if they fail to complete a release form within a given period could be guilty of ____. Coercion Coercion Persuading someone to do something by using force or threats. An agent who tells a client that dividends are guaranteed may be guilty of _____. misrepresentation An agent may legally share commissions only with.... another agent who is licensed in the same line of insurance. An agent whose license has been revoked is required to wait at.... least five years before applying for a new license. An insurance company must send a notice of the termination to the.... Texas Department of Insurance The Commissioner of Insurance oversees the regulation of insurance in the state and administers the worker's compensation system. Protects the insurance industry fairly and diligently, promoting a stable and competitive market. The Insurance Commissioner may examine the records of an insurance company in order to determine the ___________ of the company Solvency Insurance solvency is a company's ability to be able to meet the obligations they face when it comes to making payments on claims for insurance policies. The Commissioner of Insurance does NOT have the power and duty to activate insurance company's _________ ________. financial reserves. Financial Reserves funds set aside such as profits for unexpected events/situations. Covers scheduled, routine and unscheduled expenses that would otherwise be drawn from general funds. The Commissioner of Insurance may issuer a temporary agents license for a maximum of ___ days. 90 The Commissioner of Insurance may suspend, revoke, or refuse to renew the license of an agent who is.. found guilty of misrepresentation or fraud in obtaining the license. Before holding a hearing regarding an agent's unfair or deceptive practice, the Insurance Commissioner MUST give ___ days' notice. 30