Insurance Law Test with all Correct & 100%
Verified Answers |Latest Update| Already Graded
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A producer receives notice that his license has been terminated. If the producer wants to have the
changes reviewed in court, within what time period must the request be made? ✔Correct
Answer--30 days
How often is a resident producer required to pay license fees? ✔Correct Answer--Biennially
If an actuary would like to sell life insurance policies, what licensure is needed? ✔Correct Answer--
Producer's License for Life Insurance
A person is in the process of becoming permanently licensed as a producer. A temporary producer's
license may be issued for a maximum period of? ✔Correct Answer--90 days
If a licensed producer dies, the director may issue a temporary license to that producer's
representative for an initial period of? ✔Correct Answer--180 days
A company owned by qualified policyholders, people who have purchased certain insurance products
from the business ✔Correct Answer--Mutual Insurer
Within how many days may a person who is being examined by the director for non financial
business practices request a hearing after receiving the examination report? ✔Correct Answer--10
days
If a non-resident is applying for a license in the state of Illinois, and his home state does not require
continuing education for Illinois residents ✔Correct Answer--The continuing education
requirement will be waived
A temporary producer license cannot be issued to ✔Correct Answer--A spouse of a disabled
licensed producer before and after the sale of the business.
Not a bond requirement in the state of Illinois ✔Correct Answer--Insurance producers with
insurance companies that take responsibility for their actions are still required to post a bond
How many days does a producer have to request a hearing after the director revokes or suspends the
producers license? ✔Correct Answer--30 days
If an insured requests forms that are necessary to present a claim, within how many working days
must the insurer provide the forms? ✔Correct Answer--15 days
How many days must a producer hold a premium to establish a premium trust fund account?
✔Correct Answer--15 days
Before each license renewal, an insurance producer must complete at least how many hours of
course study? ✔Correct Answer--24
Verified Answers |Latest Update| Already Graded
A+ (Just Released)
A producer receives notice that his license has been terminated. If the producer wants to have the
changes reviewed in court, within what time period must the request be made? ✔Correct
Answer--30 days
How often is a resident producer required to pay license fees? ✔Correct Answer--Biennially
If an actuary would like to sell life insurance policies, what licensure is needed? ✔Correct Answer--
Producer's License for Life Insurance
A person is in the process of becoming permanently licensed as a producer. A temporary producer's
license may be issued for a maximum period of? ✔Correct Answer--90 days
If a licensed producer dies, the director may issue a temporary license to that producer's
representative for an initial period of? ✔Correct Answer--180 days
A company owned by qualified policyholders, people who have purchased certain insurance products
from the business ✔Correct Answer--Mutual Insurer
Within how many days may a person who is being examined by the director for non financial
business practices request a hearing after receiving the examination report? ✔Correct Answer--10
days
If a non-resident is applying for a license in the state of Illinois, and his home state does not require
continuing education for Illinois residents ✔Correct Answer--The continuing education
requirement will be waived
A temporary producer license cannot be issued to ✔Correct Answer--A spouse of a disabled
licensed producer before and after the sale of the business.
Not a bond requirement in the state of Illinois ✔Correct Answer--Insurance producers with
insurance companies that take responsibility for their actions are still required to post a bond
How many days does a producer have to request a hearing after the director revokes or suspends the
producers license? ✔Correct Answer--30 days
If an insured requests forms that are necessary to present a claim, within how many working days
must the insurer provide the forms? ✔Correct Answer--15 days
How many days must a producer hold a premium to establish a premium trust fund account?
✔Correct Answer--15 days
Before each license renewal, an insurance producer must complete at least how many hours of
course study? ✔Correct Answer--24
