Property and Casualty Law Supplement exam |\ |\ |\ |\ |\ |\
questions with answers |\ |\
Director of Insurance - CORRECT ANSWERS ✔✔Appointed by the
|\ |\ |\ |\ |\ |\ |\ |\ |\
governor. Duties include: |\ |\
-Conduct investigations and exams
|\ |\ |\
-Write reasonable rules and regulations
|\ |\ |\ |\
-Impose penalties |\
-Approve insurance policy forms, rates, and rate increases
|\ |\ |\ |\ |\ |\ |\
-Issue insurance licenses and certificates of authority
|\ |\ |\ |\ |\ |\
Cease and Desist Orders - CORRECT ANSWERS ✔✔For violation of
|\ |\ |\ |\ |\ |\ |\ |\ |\
insurance statutes.
|\ |\
Hearings: Held 20-30 days from the date of the hearing notice
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Penalties: Max $100 each day of violation. Max $5,000 in total.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Revocation or suspension of certificate of authority or license. Or
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
any combo of the above
|\ |\ |\ |\
Examination of Records- Insurers - CORRECT ANSWERS ✔✔The |\ |\ |\ |\ |\ |\ |\ |\
Director may examine the records of any domestic insurance
|\ |\ |\ |\ |\ |\ |\ |\ |\
company. |\
- Must be examined at least once every five years.
|\ |\ |\ |\ |\ |\ |\ |\ |\
-Companies may request a hearing within 10 days of receiving
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
exam report. |\
-Director must issue written order within 90 days of hearing
|\ |\ |\ |\ |\ |\ |\ |\ |\
, - Max penalty of violating any order is $2,000
|\ |\ |\ |\ |\ |\ |\ |\
Examination of Records- Producers - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\
✔✔Director may examine records of any licenses insurance |\ |\ |\ |\ |\ |\ |\ |\
producer to ensure compliance with insurance laws.
|\ |\ |\ |\ |\ |\
- Violators may request hearing within 14 days of receiving an
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
exam report |\
-Director must issue a written order within 90 days
|\ |\ |\ |\ |\ |\ |\ |\
-Max penalty for violating an order is $20,000
|\ |\ |\ |\ |\ |\ |\
Resident License - CORRECT ANSWERS ✔✔-General knowledge,
|\ |\ |\ |\ |\ |\ |\
and state-specific knowledge exams must be passed within 90
|\ |\ |\ |\ |\ |\ |\ |\ |\
days of each other. |\ |\ |\ |\
-Licenses are issued for a two year period |\ |\ |\ |\ |\ |\ |\
-Must contain the licensee's name, address, license number and
|\ |\ |\ |\ |\ |\ |\ |\ |\
national producer number, date of issue, lines of authority, and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
expiration date of license |\ |\ |\
Nonresident License - CORRECT ANSWERS ✔✔-Director may issue |\ |\ |\ |\ |\ |\ |\
an insurance producer's license to qualified nonresident
|\ |\ |\ |\ |\ |\ |\ |\
producers
- The person must be currently licensed an in good standing in
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
their resident state|\ |\
- The person must submit the proper application and fees
|\ |\ |\ |\ |\ |\ |\ |\ |\
-Their home state must award insurance producer licenses to IL
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
producers on the same basis |\ |\ |\ |\
questions with answers |\ |\
Director of Insurance - CORRECT ANSWERS ✔✔Appointed by the
|\ |\ |\ |\ |\ |\ |\ |\ |\
governor. Duties include: |\ |\
-Conduct investigations and exams
|\ |\ |\
-Write reasonable rules and regulations
|\ |\ |\ |\
-Impose penalties |\
-Approve insurance policy forms, rates, and rate increases
|\ |\ |\ |\ |\ |\ |\
-Issue insurance licenses and certificates of authority
|\ |\ |\ |\ |\ |\
Cease and Desist Orders - CORRECT ANSWERS ✔✔For violation of
|\ |\ |\ |\ |\ |\ |\ |\ |\
insurance statutes.
|\ |\
Hearings: Held 20-30 days from the date of the hearing notice
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Penalties: Max $100 each day of violation. Max $5,000 in total.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Revocation or suspension of certificate of authority or license. Or
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
any combo of the above
|\ |\ |\ |\
Examination of Records- Insurers - CORRECT ANSWERS ✔✔The |\ |\ |\ |\ |\ |\ |\ |\
Director may examine the records of any domestic insurance
|\ |\ |\ |\ |\ |\ |\ |\ |\
company. |\
- Must be examined at least once every five years.
|\ |\ |\ |\ |\ |\ |\ |\ |\
-Companies may request a hearing within 10 days of receiving
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
exam report. |\
-Director must issue written order within 90 days of hearing
|\ |\ |\ |\ |\ |\ |\ |\ |\
, - Max penalty of violating any order is $2,000
|\ |\ |\ |\ |\ |\ |\ |\
Examination of Records- Producers - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\
✔✔Director may examine records of any licenses insurance |\ |\ |\ |\ |\ |\ |\ |\
producer to ensure compliance with insurance laws.
|\ |\ |\ |\ |\ |\
- Violators may request hearing within 14 days of receiving an
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
exam report |\
-Director must issue a written order within 90 days
|\ |\ |\ |\ |\ |\ |\ |\
-Max penalty for violating an order is $20,000
|\ |\ |\ |\ |\ |\ |\
Resident License - CORRECT ANSWERS ✔✔-General knowledge,
|\ |\ |\ |\ |\ |\ |\
and state-specific knowledge exams must be passed within 90
|\ |\ |\ |\ |\ |\ |\ |\ |\
days of each other. |\ |\ |\ |\
-Licenses are issued for a two year period |\ |\ |\ |\ |\ |\ |\
-Must contain the licensee's name, address, license number and
|\ |\ |\ |\ |\ |\ |\ |\ |\
national producer number, date of issue, lines of authority, and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
expiration date of license |\ |\ |\
Nonresident License - CORRECT ANSWERS ✔✔-Director may issue |\ |\ |\ |\ |\ |\ |\
an insurance producer's license to qualified nonresident
|\ |\ |\ |\ |\ |\ |\ |\
producers
- The person must be currently licensed an in good standing in
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
their resident state|\ |\
- The person must submit the proper application and fees
|\ |\ |\ |\ |\ |\ |\ |\ |\
-Their home state must award insurance producer licenses to IL
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
producers on the same basis |\ |\ |\ |\
