Personal lines Property & Casualty Questions and Answers Already Passed

Personal lines Property & Casualty Questions and Answers Already Passed Chance or Uncertainty of a Loss Risk Possible cause of a loss Peril The Commissioner of insurance is appointed by the governor for a term of ______ ending on February 1 of each odd-numbered year? 2 Years The Commissioner of insurance MUST have ________ of experience in business or government. 5 Years The Commissioner of insurance must provide a __________ surety bond. (A surety bond guarantees performance) $50,000 The Commissioner of insurance requires state fees in excess of _____________ to be submitted by electronic transfer. $500,000 The Commissioner of insurance requires that persons must respond to commissioner inquires within_______ ? 15 Days Response from alleged violator must be within ______ of receipt? 20 Days Department must send notice of violation within _____ of finding? 14 Days Maximum penalty for insurance code violations? $25,000 Minimum age for a license? 18 Years Old The waiting period to reapply if license is denied or revoked? 5 years An Emergency License is valid for up to ___? 90 Days An Emergency license may be renewed an additional ____? 90 Days A temporary license is valid for up to ___? 90 Days Business entity agent licenses are renewed every ______ after the license is issued? 2 years If the license is expired for more than _______ all requirements for a new license (including the exam) must be met? 1 Year If a license has been expires for _________ or less, it may be renewed by paying the renewal fee plus a 50% penalty. 90 Days A license expired more than ______ but less than one year cannot be renewed; a new license maybe issued with no exam upon payment of license fee & penalty fee? 90 Days Change in address, felony convictions, or administrative actions must be reported to the commissioner on a __________? Monthly Basis Total continuing education requirements? 24 Hours Ethics & consumer protection continuing education requirement? 2 Hours