Connecticut Life & Health Insurance
Life, Accident, and Health Insurance
exam solved correctly to score a+!!!
Commisioner of Insurance CORRECT ANSWERS Who is appointed by the Governor
and enforces CT insurance laws. Can conduct investigations, hearings, issue
subpoenas, revoke licenses, regulate insurers for solvency
Commissioner Hearings CORRECT ANSWERS Issues a notice of hearing for an unfair
act.
Hearing held 30 days AFTER notice.
Can subpoena a witness; if witness fails to show it is considered to be charged with
contempt of court.
Penalties for Unfair Acts CORRECT ANSWERS Penalty of $5,000 for each unfair act
(not passing $50,000)
If violator KNEW law was violated they will get $25,000 penalty not passing $250,000 in
a 6 month period.
Other Penalties CORRECT ANSWERS Violation with no other penalty = $15,000 fine
Penalty for false statements = $10,000 (1st offense) $20,000 (each sub offense)
Violating cease & desist order = $50,000 max fine or license suspension.
Producer Licensing CORRECT ANSWERS Insurance Producer licensed to solicit
insurance. Appointed by insurer to act on their behalf.
Licensing Lines of Authority CORRECT ANSWERS Receives the following lines of
authority:
Life Insurance, Variable Life, Variable Annuity Products, Accident & Health or Sickness,
Property, Casualty, Personal Lines, Credit, and any other line permitted under state law.
Licensing Requirements CORRECT ANSWERS At least 18 years or older, 40 hours of
pre-licensing course, passing the exam, paying appropriate fees, and not committed
any acts ground for denial.
Licensing Exam Exemptions CORRECT ANSWERS A temporary producers license, a
nonresident producers license, a licensee reinstating within 12 months of license
expiration, a licensed producer who moved to CT (must apply within 90 days of
becoming a resident).
Salaried officers exempt if duties are administration, clerical work, and doesn't involve
any insurance sales.
, Licensing Renewal CORRECT ANSWERS Renews "biennially" on the producer's
birthday.
$160 renewal fee ($320 if failure to renew)
30 days to notify an agent of appointment cancellation
A certified insurance consultant renews every 2 years on Sept 30th (in odd-numbered
years)
Changes in Licensee Status (Must notify Commissioner) CORRECT ANSWERS Notify
30 days after: Name change, employer change, change of residence, bankruptcy
proceeding, admin action taken in another state or change in a licensed members of a
firm.
License Suspension (Commissioner can suspend after hearing) CORRECT ANSWERS
Max fine of $5,000 for = Untrue information on application, license through
misrepresentation, violating insurance laws, misrepresentation on insurance contract,
accepting contracts from an unlicensed individual, failure to pay child support or state
income tax.
Temporary Licenses CORRECT ANSWERS Issued for 180 days to surviving
spouse/employee if: producer dies, active military service, becomes disabled.
May require to have sponsor that's licensed; may not continue if owner disposes
business.
Nonresident Licensing CORRECT ANSWERS A licensed nonresident generally does
not have to repeat pre-licensing and examination to be Nonresident Producer.
Needs to be in a good standing from their home state, submit a license application with
fees, the persons home state awards nonresident producer licenses to residents in CT
(reciprocity)
Nonresident Licensing (cont.) CORRECT ANSWERS Resident & nonresident producers
who move to another state MUST file a change of address within 30 days.
Nonresident not required to complete the Connecticut Continuing Education (CE) if
home state is reciprocal.
Certified Insurance Consultants (CIC's) CORRECT ANSWERS Cannot use title unless
fully certified as a CIC.
If pretend to have license = $250-$2,500 fined or 6 months imprisoned (or both)
Exam waived if CCPU or CLU Designation is held.
License expires September 30th in odd-numbered years.
Certified Insurance Consultants (CIC's) cont. CORRECT ANSWERS Valid consulting
contracts must be written and delivered/signed by client, specify fees and services, in a
form approved by the Commissioner.
CIC must not directly/indirectly receive part of any commission/compensation paid by
any insurer in connection with sale of any insurance.
Life, Accident, and Health Insurance
exam solved correctly to score a+!!!
Commisioner of Insurance CORRECT ANSWERS Who is appointed by the Governor
and enforces CT insurance laws. Can conduct investigations, hearings, issue
subpoenas, revoke licenses, regulate insurers for solvency
Commissioner Hearings CORRECT ANSWERS Issues a notice of hearing for an unfair
act.
Hearing held 30 days AFTER notice.
Can subpoena a witness; if witness fails to show it is considered to be charged with
contempt of court.
Penalties for Unfair Acts CORRECT ANSWERS Penalty of $5,000 for each unfair act
(not passing $50,000)
If violator KNEW law was violated they will get $25,000 penalty not passing $250,000 in
a 6 month period.
Other Penalties CORRECT ANSWERS Violation with no other penalty = $15,000 fine
Penalty for false statements = $10,000 (1st offense) $20,000 (each sub offense)
Violating cease & desist order = $50,000 max fine or license suspension.
Producer Licensing CORRECT ANSWERS Insurance Producer licensed to solicit
insurance. Appointed by insurer to act on their behalf.
Licensing Lines of Authority CORRECT ANSWERS Receives the following lines of
authority:
Life Insurance, Variable Life, Variable Annuity Products, Accident & Health or Sickness,
Property, Casualty, Personal Lines, Credit, and any other line permitted under state law.
Licensing Requirements CORRECT ANSWERS At least 18 years or older, 40 hours of
pre-licensing course, passing the exam, paying appropriate fees, and not committed
any acts ground for denial.
Licensing Exam Exemptions CORRECT ANSWERS A temporary producers license, a
nonresident producers license, a licensee reinstating within 12 months of license
expiration, a licensed producer who moved to CT (must apply within 90 days of
becoming a resident).
Salaried officers exempt if duties are administration, clerical work, and doesn't involve
any insurance sales.
, Licensing Renewal CORRECT ANSWERS Renews "biennially" on the producer's
birthday.
$160 renewal fee ($320 if failure to renew)
30 days to notify an agent of appointment cancellation
A certified insurance consultant renews every 2 years on Sept 30th (in odd-numbered
years)
Changes in Licensee Status (Must notify Commissioner) CORRECT ANSWERS Notify
30 days after: Name change, employer change, change of residence, bankruptcy
proceeding, admin action taken in another state or change in a licensed members of a
firm.
License Suspension (Commissioner can suspend after hearing) CORRECT ANSWERS
Max fine of $5,000 for = Untrue information on application, license through
misrepresentation, violating insurance laws, misrepresentation on insurance contract,
accepting contracts from an unlicensed individual, failure to pay child support or state
income tax.
Temporary Licenses CORRECT ANSWERS Issued for 180 days to surviving
spouse/employee if: producer dies, active military service, becomes disabled.
May require to have sponsor that's licensed; may not continue if owner disposes
business.
Nonresident Licensing CORRECT ANSWERS A licensed nonresident generally does
not have to repeat pre-licensing and examination to be Nonresident Producer.
Needs to be in a good standing from their home state, submit a license application with
fees, the persons home state awards nonresident producer licenses to residents in CT
(reciprocity)
Nonresident Licensing (cont.) CORRECT ANSWERS Resident & nonresident producers
who move to another state MUST file a change of address within 30 days.
Nonresident not required to complete the Connecticut Continuing Education (CE) if
home state is reciprocal.
Certified Insurance Consultants (CIC's) CORRECT ANSWERS Cannot use title unless
fully certified as a CIC.
If pretend to have license = $250-$2,500 fined or 6 months imprisoned (or both)
Exam waived if CCPU or CLU Designation is held.
License expires September 30th in odd-numbered years.
Certified Insurance Consultants (CIC's) cont. CORRECT ANSWERS Valid consulting
contracts must be written and delivered/signed by client, specify fees and services, in a
form approved by the Commissioner.
CIC must not directly/indirectly receive part of any commission/compensation paid by
any insurer in connection with sale of any insurance.
