TEXAS Life & Health Insurance. Section 1 Texas Common Law Exam with Questions and Answers

TEXAS Life & Health Insurance. Section 1 Texas Common Law Exam with Questions and Answers 1) Sharing commissions is legal if: A- The other party also has an insurance license B- The other party is licensed for the same lines of insurance you are C- The other party has permission of your client D- The other party represents a life company and you represent a P&C company ANSWER B- The other party is licensed for the same lines of insurance you are 1) What is the maximum period of time the Commissioner may revoke your agent's license: A- Two years B- There is no maximum time period C- 12 months D- Six months ANSWER B- There is no maximum time period 1) Your license will expire every ____ years. A- 3 B- 4 C- 2 D- 5 ANSWER C- 2 1) The maximum monetary penalty for an agent who violates an insurance law, rule or order is: A- $5,000 B- $15,000 C- $25,000 D- $10,000 ANSWER C- $25,000