Insurance Regulation Questions with
Revised Answers () 100%
Guarantee Pass.
Licensing ---page 1 - CORRECT ANSWERS -Insurance professionals must be properly licensed
for a specific line of authority in order to transact ins.
-The purpose of licensing is to ensure that the producer meets educational and ethical standards
required to fulfill producer's responsibilities to the insurer and to the public.
Types of licensing and requirements---page 1 - CORRECT ANSWERS -Life-coverage on human
lives
-Accident/health coverage for sickness, bodily injury or accidental death and disability
-Variable life and variable annuities coverage under variable life and or variable annuities
-Property coverage for the direct and consequential loss or damage to property of every kind.
-Casualty coverage against legal liability
-Personal lines non-commercial property/casualty coverage
-Credit debt insurance limited line
-Title coverage against loss or damage due to liens against, encumbrances upon, defects in, or
unmarketability of real property
-Surety bail bone
-Portable electronics insurance limited line
-Any other type of insurance as determined by the Superintendent.
Insurance Agent---page 1 - CORRECT ANSWERS Any person who, in order to sell, solicit, or
negotiate ins. is required to be licensed under the laws of this state, including limited lines ins. agents
and surplus line brokers.
,Non-resident Agent---page 2 - CORRECT ANSWERS -An individual or business entity currently
licensed as a result producer in another state, may apply to the Dept. for a non-resident producer
license, for line of authority equivalent to their existing license.
Non-resident Agent requirements---page 2 - CORRECT ANSWERS 1. Currently licensed as a
resident in good standing in applicant's home state
2. Licensed in the home state for the same limes of authority as requested in this state
3. Has submitted the request for licensure prescribed by the Superintendent
4. Has not committed any act that is ground for denial, suspension or revocation of a license
5. Is of good reputation and character, honest and trustworthy and suitable of a license
6. Is licensed in a state that issues non-resident ins. agent license to residents of this state on the same
basis (reciprocity)
7. If a business entity, has designated a resent agent to be responsible for the applicant's compliance
with the state's ins. laws
8. Has submitted any other documents requested by the Superintendent.
9. A non-resident license must be renewed BIENNIALLY by the last day of the licensee's birth month.
10. A nonresident business entity must apply for renewal biennially on the date established by the
Superintendent.
NAIC or affiliates/subsidiaries---page 2 - CORRECT ANSWERS To determine an applicant's
licensure and standing status in another state, the Superintendent may utilize the PRODUCER DATABASE
which is maintained by ________________.
Temporary License---page 2 - CORRECT ANSWERS The Superintendent may issue a
_______________________ agent license for a maximum period of 180 days, w/o requiring an
examination.
The purpose of a temporary license is to allow adequate time to sell the business, for the licensee to
recover, or to provide for treating of new personnel to carry on the business.
, Temporary License to individuals under special circumstances---page 2 - CORRECT ANSWERS 1.
In case of death/disability of a licensed agent, to the surviving spouse, a court-appointed personal
representative or a member of a business entity
2. In case of a licensed agent's entering active US Military service, to a designee
3. To any other person when the public interest would be best served by issuing such a license.
Qualifications---page 3 - CORRECT ANSWERS -Applicants for an agent license must complete
20 hours of prelicensing education in the line of authority for which the applicant is applying.
-The certificate of prelicensing course completion is valid for 180 calendar days from the completion of
the course.
To qualify for an Individual resident license in this state, an applicant must meet these requirements---
page 3 - CORRECT ANSWERS -Be at least 18 yrs. old
-Complete required prelicensing education for each line of authority applied for
-Pass a licensing exam
-Submit an application form
-Pay any required fees
-Pass a criminal records check and submit a full set of fingerprints
-Be found trustworthy
-Have NOT committed any act that is a ground for the denial, suspension, or revocation of a license.
A resident ins. agent license may be issued to a business entity if the Superintendent of Ins. finds that
the applicant has met these requirements---page 3 - CORRECT ANSWERS -Either is domiciled in
Ohio or maintains its principal place of business in this state
-Has designated a licensed insurance agent who will be responsible for the entity's compliance with the
ins. laws of this state
-Has NOT committed any act that is ground for denial, suspension or revocation of a license.
Revised Answers () 100%
Guarantee Pass.
Licensing ---page 1 - CORRECT ANSWERS -Insurance professionals must be properly licensed
for a specific line of authority in order to transact ins.
-The purpose of licensing is to ensure that the producer meets educational and ethical standards
required to fulfill producer's responsibilities to the insurer and to the public.
Types of licensing and requirements---page 1 - CORRECT ANSWERS -Life-coverage on human
lives
-Accident/health coverage for sickness, bodily injury or accidental death and disability
-Variable life and variable annuities coverage under variable life and or variable annuities
-Property coverage for the direct and consequential loss or damage to property of every kind.
-Casualty coverage against legal liability
-Personal lines non-commercial property/casualty coverage
-Credit debt insurance limited line
-Title coverage against loss or damage due to liens against, encumbrances upon, defects in, or
unmarketability of real property
-Surety bail bone
-Portable electronics insurance limited line
-Any other type of insurance as determined by the Superintendent.
Insurance Agent---page 1 - CORRECT ANSWERS Any person who, in order to sell, solicit, or
negotiate ins. is required to be licensed under the laws of this state, including limited lines ins. agents
and surplus line brokers.
,Non-resident Agent---page 2 - CORRECT ANSWERS -An individual or business entity currently
licensed as a result producer in another state, may apply to the Dept. for a non-resident producer
license, for line of authority equivalent to their existing license.
Non-resident Agent requirements---page 2 - CORRECT ANSWERS 1. Currently licensed as a
resident in good standing in applicant's home state
2. Licensed in the home state for the same limes of authority as requested in this state
3. Has submitted the request for licensure prescribed by the Superintendent
4. Has not committed any act that is ground for denial, suspension or revocation of a license
5. Is of good reputation and character, honest and trustworthy and suitable of a license
6. Is licensed in a state that issues non-resident ins. agent license to residents of this state on the same
basis (reciprocity)
7. If a business entity, has designated a resent agent to be responsible for the applicant's compliance
with the state's ins. laws
8. Has submitted any other documents requested by the Superintendent.
9. A non-resident license must be renewed BIENNIALLY by the last day of the licensee's birth month.
10. A nonresident business entity must apply for renewal biennially on the date established by the
Superintendent.
NAIC or affiliates/subsidiaries---page 2 - CORRECT ANSWERS To determine an applicant's
licensure and standing status in another state, the Superintendent may utilize the PRODUCER DATABASE
which is maintained by ________________.
Temporary License---page 2 - CORRECT ANSWERS The Superintendent may issue a
_______________________ agent license for a maximum period of 180 days, w/o requiring an
examination.
The purpose of a temporary license is to allow adequate time to sell the business, for the licensee to
recover, or to provide for treating of new personnel to carry on the business.
, Temporary License to individuals under special circumstances---page 2 - CORRECT ANSWERS 1.
In case of death/disability of a licensed agent, to the surviving spouse, a court-appointed personal
representative or a member of a business entity
2. In case of a licensed agent's entering active US Military service, to a designee
3. To any other person when the public interest would be best served by issuing such a license.
Qualifications---page 3 - CORRECT ANSWERS -Applicants for an agent license must complete
20 hours of prelicensing education in the line of authority for which the applicant is applying.
-The certificate of prelicensing course completion is valid for 180 calendar days from the completion of
the course.
To qualify for an Individual resident license in this state, an applicant must meet these requirements---
page 3 - CORRECT ANSWERS -Be at least 18 yrs. old
-Complete required prelicensing education for each line of authority applied for
-Pass a licensing exam
-Submit an application form
-Pay any required fees
-Pass a criminal records check and submit a full set of fingerprints
-Be found trustworthy
-Have NOT committed any act that is a ground for the denial, suspension, or revocation of a license.
A resident ins. agent license may be issued to a business entity if the Superintendent of Ins. finds that
the applicant has met these requirements---page 3 - CORRECT ANSWERS -Either is domiciled in
Ohio or maintains its principal place of business in this state
-Has designated a licensed insurance agent who will be responsible for the entity's compliance with the
ins. laws of this state
-Has NOT committed any act that is ground for denial, suspension or revocation of a license.
