Ad banker IL practice question

When a Cease and Desist Order is served, the Director must issue notice that a hearing is to be held - ANSWERSwithin 20-30 days Any person violating a Cease and Desist Order or Circuit Court order must pay a fine ------------> The license or Certificate of Authority of a producer or insurer may also be revoked. - ANSWERS$100/day up to a total of $5,000 Any person violating a Cease and Desist Order pertaining to an Unfair Trade Practice may be fined up to - ANSWERS$1,000 per violation The Director must disclose an examination report of the contents and findings to the examinee before making the report public. The examinee must be given - ANSWERS10 days to request a hearing from the Director in writing, including a statement of its objections. If a hearing is granted, the Director must give the examinee - ANSWERSat least 10 days ' notice before the date of the hearing. The notice must include the subject of inquiry and the specific charges. Within _____ days after the report is filed or the hearing is held, the Director must issue a written order based upon the examination report - ANSWERS90 If the examination reveals the company is violating any law, regulation, or prior order, the Director may require the company or person to take any action considered necessary or appropriate based on the examination or hearing. Any person who violates a written order is guilty of a business offense and may be fined - ANSWERSnot more than $5000 When conducting an examination, investigation or hearing, the Director has the power to compel attendance by subpoena, administer oaths, examine under oath any person in connection with the conduct or affairs of a company being investigated, and require the production of any books, records, or papers relevant to the inquiry. Any person who fails to obey a subpoena or refuses to testify or cooperate will be required to pay a penalty of - ANSWERSnot more than $2000 If a report is made alleging substantive violations, it must be in writing and be based on facts. The Director must deliver a duplicate of the report in-person or send by certified or registered mail to the person ' s address of record. The person may request a hearing - ANSWERSWithin 14 calendar days after receiving the examination report. If the examination reveals the company is violating any law, regulation, or prior order, the Director may require the company or person to take any action considered necessary or appropriate based on the examination or hearing. Any person who violates a written order is guilty of a business offense, their license may be revoked or suspended, and may be subject to a civil penalty of - ANSWERSNot more than $20,000. Any person acting as a producer without a license is guilty of a - ANSWERSClass A misdemeanor Any individual acting without a license and misappropriating collected funds is guilty of a - ANSWERSClass 4 Felony Unless exempt, a resident individual applying for an insurance producer license must pass a written examination testing the individual' s knowledge concerning the lines of authority being applied for, the duties and responsibilities of an insurance producer, and the insurance laws and rules of this state. Both parts of the examination must be passed - ANSWERSwithin 90 days of each other An applicant must also submit a nonrefundable application processing fee of - ANSWERS$50.00 A nonresident producer who moves from one state to another or a resident producer who moves from this state to another must file a change of address and provide certification from the new resident state - ANSWERSWithin 30 days after the change of legal residence. There is NO fee or license application required. A business entity acting as an insurance producer must obtain a producer license in order to transact any insurance business in Illinois. The application must be made using the Uniform Business Entity Application. Before the application can be approved, the business entity must pay the required fees and designate - ANSWERSAt least 1 licensed producer responsible for its compliance with insurance law. The Director may issue a temporary license for up to ---- days? - ANSWERS180 The Director may grant the temporary insurance producer license for---- days without requiring an exam - ANSWERS90 The Director may refuse the application if more than ---- the insurer ' s temporary licensees in a ___-month period failed to obtain the permanent insurance producer license prior to expiration of the temporary license - ANSWERS50%/ 6 month period An insurance producer license: $--- ($--- for nonresidents), payable every ---years - ANSWERS180, 250, 2 how much is a temporary producers license? - ANSWERS$50 how much is a business entity license? - ANSWERS$150 payable every 2 years how much is a limited line producer license? - ANSWERS$50 annually application fee? - ANSWERS$50 An applicant must complete ____hours of prelicensing education before taking the licensing exam for life, accident/health, property, casualty, or personal lines insurance. ____ hours of each prelicensing course must be completed in a classroom setting. - ANSWERS20, 7.5 A producer must maintain a bond to place insurance with an insurer with which the producer does not have an agent contract. The bond must be maintained as long as the producer is licensed and be payable to any party injured under the terms of the bond. The bond must be continuous in form and be written for the greater amount of $_____ or ___% of the premiums brokered in the previous year, not to exceed $_______ - ANSWERS2500, 5, 50,000 Before each 2-year license renewal, a producer must complete at least ____ hours of course study for continuing education (CE). ___ of the ____ hours must include classroom ethics instruction. To be approved by the Director, a course of study must be provide for classroom, seminar, webinar, or self-study instruction methods. Education providers must pay a registration fee and course certification fee for each course being approved. - ANSWERS24, 3 out of the 24 A producer ' s license will be denied or non-renewed if the Director has reason to believe the producer has written more controlled than regular business in either of the last ____ years before the license issuance or renewal date; or will write more controlled than regular business (based on premium amount) in the ____-month period immediately following the issuance or renewal of the license. - ANSWERS2, 12 An individual producer who allows their license to lapse may reinstate the license within ____ months after the due date of the renewal fee. The license will be issued without the passing of an examination by paying a penalty of double the unpaid renewal fee. - ANSWERS12 Licensees must inform the Director of a change of address within ---- days after the change. - ANSWERS30 In addition to suspension, revocation, or denial of a license, these actions may also incur a civil penalty up to $______ per violation up to a maximum of $______instead of, or in addition to, the action against the license. - ANSWERS10,000/100,000 A licensee may demand a hearing within ----- days after being notified that the Director is sanctioning his/her license. The hearing must be held within __to___ days after the date that the notice of hearing is mailed. - ANSWERS30, 20 to 30 A person who has a license revoked or denied is ineligible to apply for any license for ___ years after the revocation or denial. - ANSWERS3 Any insurer issuing a policy authorizes the producer to collect or receive payment on behalf of the insurer not more than ____ days after the policy was delivered. - ANSWERS90 A producer may add a late payment charge of up to ____% per month to overdue balances on open accounts not paid within ___ days or less from policy delivery. - ANSWERS1.5, 90 A producer knowingly misappropriating funds held in a fiduciary capacity is guilty of: ______r for the 1st offense, and a felony for subsequent offenses, if $150 or less per offense A ______ if over $150 - ANSWERSA class A misdemeanor A class 3 felony A producer must maintain a premium fund trust account if any premiums are held for ---- or more days before being remitted, deposited into a financial institution account, or used. - ANSWERS15 Producers maintaining a premium fund trust account must pay or credit any return premiums to the insured within ---- days after receipt, and must post the account' s journal entries at least once every ---days. - ANSWERS15, 30 the premium fund trust account must be maintained for how many years? - ANSWERS7 If an insurance contract is canceled within ---- days of the inception date, the producer or business entity must refund a prorated portion of the fee or compensation within --- days after the contract has been canceled. - ANSWERS90, 30 A licensee must report being convicted of a felony, and give a copy of the judgment, probation or commitment order, and any other relevant documents, to the Director within --- days after the judgment' s entry date. - ANSW