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Questions and Answers

The Commissioner of Insurance is required to be a regulatory, active member of:

  • The NAIC (correct)
  • The Republican Party
  • The Democratic Party
  • The governor's party

    • Who of the following designations is required to complete prelicensing education?

  • Chartered Financial Consultant (ChFC)
  • Certified Financial Planner (CFP)
  • Chartered Life Underwriter (CLU)
  • Medical Doctor (MD) (correct)

    • Who creates the insurer producer application?

  • The Indiana Insurance Commissioner
  • The state of Indiana
  • The National Association of Insurance Commissioners (correct)
  • The Department of Insurance

    • A resident individual applying for an insurance producer license must pass a written examination unless:

    <p>The individual is exempt</p> Signup and view all the answers

    How many days after receipt of a notice of appointment does the Commissioner have to verify the appointment?

    <p>30 days</p> Signup and view all the answers

    An insurance producer who allows their license to lapse may renew his license by fulfilling all continuing education hours and paying all fees due within:

    <p>12 months</p> Signup and view all the answers

    How many days does a licensee have to notify the Commissioner of Insurance of any change of residential, mailing, or business address?

    <p>30 days</p> Signup and view all the answers

    Which of the following terms refers to insurance written in the interests of the licensee, his immediate family, or his employer?

    <p>Controlled business</p> Signup and view all the answers

    Insurance brokers represent:

    <p>Insureds</p> Signup and view all the answers

    What is the grace period for waiving the penalty for a late renewal of an insurance producer's license?

    <p>31 days</p> Signup and view all the answers

    If all applicable fees are paid and continuing education requirements are met, an insurance producer license remains in effect unless and/or until:

    <p>All of the above</p> Signup and view all the answers

    Resident insurance producers in Indiana must complete a minimum of how many hours of continuing education?

    <p>20 hours</p> Signup and view all the answers

    How many days after cancellation of an applicant's previous license must the application exempting the applicant from prelicensing education be submitted?

    <p>90 days</p> Signup and view all the answers

    Which of the following insurance producers IS required to complete continuing education courses to renew a license?

    <p>An insurance producer who is at least 60 years of age and has been a licensed insurance producer continuously for at least 15 years immediately preceding the license renewal date.</p> Signup and view all the answers

    A limited lines producer with a title qualification must complete at least 1 hour of instruction each licensing period in all of the following, EXCEPT:

    <p>Principles of the federal Real Estate Settlement Procedures Act</p> Signup and view all the answers

    A person or entity licensed to sell, solicit, or negotiate insurance is called:

    <p>An insurance producer</p> Signup and view all the answers

    Who of the following must take the licensing exam?

    <p>All of the above</p> Signup and view all the answers

    How many hours of continuing education are required for a solicitor each licensing period?

    <p>15 hours</p> Signup and view all the answers

    Is an insurance producer's license required for an individual who furnishes only title insurance rate information at the request of a consumer and does not discuss the terms or conditions of a title insurance policy?

    <p>Never</p> Signup and view all the answers

    How many hours of continuing education are required for a long-term care producer each licensing period?

    <p>5 hours</p> Signup and view all the answers

    What is the total number of course hours required for prelicensing for the health insurance course?

    <p>24</p> Signup and view all the answers

    For how much time must an insurance producer retain the certificate of completion of a continuing education course?

    <p>4 years</p> Signup and view all the answers

    How many hours of continuing education are required for a resident limited lines producer each licensing period?

    <p>5 hours</p> Signup and view all the answers

    Producers must notify the Commissioner of a change of address within:

    <p>30 days</p> Signup and view all the answers

    How often must insurance producer licenses be renewed?

    <p>Every 2 years</p> Signup and view all the answers

    Someone must be licensed if they do which of the following?

    <p>All of the above</p> Signup and view all the answers

    If Doug has a producer's license in good standing in Michigan and moves to Indiana, how much time does he have to apply for a producer's license in Indiana without having to complete any prelicensing education or take the examination?

    <p>90 days</p> Signup and view all the answers

    All of the following people can act as a producer without being licensed in Indiana, EXCEPT:

    <p>Person who negotiates life insurance in Indiana.</p> Signup and view all the answers

    Of the 7 hours of continuing education that a limited lines producer with a title qualification, one of these hours must be in one of the following, EXCEPT:

    <p>Ethical practices in all business</p> Signup and view all the answers

    The continuing requirement for long-term care producers is:

    <p>5 hours every 2 years</p> Signup and view all the answers

    The minimum age to become a licensed insurance agent in Indiana is:

    <p>18</p> Signup and view all the answers

    What does a chartered life underwriter have to do to apply for an insurance producer license in Indiana?

    <p>Pay fees and pass the Indiana-only portion of the exam</p> Signup and view all the answers

    Insurance that is written in the interests of the licensee, his immediate family, or his employer is called:

    <p>Controlled business</p> Signup and view all the answers

    Which of the following is NOT part of the licensing exam?

    <p>Insurance laws and restrictions of the United States</p> Signup and view all the answers

    An individual insurance producer who allows the individual insurance producer's license to lapse and has completed all required continuing education before the license expired may, not more than 12 months after the expiration date of the license:

    <p>Reinstate the same license without the necessity of passing a written examination</p> Signup and view all the answers

    Individuals renewing their solicitor's license must complete how many hours of continuing education credit each year?

    <p>15 hours</p> Signup and view all the answers

    What is the rule for someone accepting commissions who should be licensed and is not?

    <p>They can never accept commissions.</p> Signup and view all the answers

    Who of the following is NOT required to complete continuing education courses to renew a license?

    <p>A limited line credit insurance producer</p> Signup and view all the answers

    How many days after an agency appoints a producer do they have to file a notice of appointment?

    <p>15 days</p> Signup and view all the answers

    How many days does an insurer have to inform the Commissioner of a termination of appointment?

    <p>30 days</p> Signup and view all the answers

    How many hours of prelicensing education are required for someone who will sell both life and health insurance?

    <p>40 hours</p> Signup and view all the answers

    The Commissioner may by order limit the authority of a temporary licensee in any way considered necessary:

    <p>To protect insureds and the public</p> Signup and view all the answers

    How many months does an applicant for a resident insurance producer license have to file a course completion certificate with the Commissioner?

    <p>6 months</p> Signup and view all the answers

    Which of the following is NOT a requirement for an insurance producer license?

    <p>Be at least 19 years of age</p> Signup and view all the answers

    What is a foreign insurer?

    <p>An insurer formed under the laws of any U.S. jurisdiction but Indiana</p> Signup and view all the answers

    The Commissioner is required to examine all licensed insurers in Indiana at least once every:

    <p>5 years</p> Signup and view all the answers

    The Commissioner must give a bond of:

    <p>$50,000.00</p> Signup and view all the answers

    A nonresident person will NOT receive a nonresident producer license if:

    <p>The person has not paid the fees required</p> Signup and view all the answers

    An individual or corporation CANNOT concurrently hold a consultant license and a/an:

    <p>All of the above</p> Signup and view all the answers

    Who is in charge of the Department of Insurance?

    <p>Insurance Commissioner</p> Signup and view all the answers

    What type of insurance company is organized under the insurance laws of Indiana?

    <p>Domestic</p> Signup and view all the answers

    Which of the following is NOT a power or duty of Indiana's Commissioner of insurance?

    <p>Conducting interviews and accreditations of FINRA officials</p> Signup and view all the answers

    Who is a person who holds himself out to the public as being engaged in the business of offering for a fee any advice, counsel, opinion, or service with respect to the benefits, advantages, or disadvantages promised under any policy of insurance that could be issued in Indiana?

    <p>Consultant</p> Signup and view all the answers

    The Commissioner's duties include all the following, EXCEPT:

    <p>Assigning producers to certain areas of the state</p> Signup and view all the answers

    Which of the following is NOT included in limited lines credit insurance?

    <p>Voluntary life insurance</p> Signup and view all the answers

    An insurance producer may receive qualification for a license in which of the following lines of authority?

    <p>All of the above</p> Signup and view all the answers

    A temporary license will not authorize the holder to:

    <p>Sell, solicit, or negotiate new insurance accounts</p> Signup and view all the answers

    A consultant license can be issued for what maximum amount of time?

    <p>24 months</p> Signup and view all the answers

    In Indiana, an insurance producer must be authorized to conduct insurance business within the state by:

    <p>The Commissioner</p> Signup and view all the answers

    What may admitted insurers in Indiana receive from the Department of Insurance?

    <p>Certificate of authority</p> Signup and view all the answers

    An insurer may not transact insurance business in Indiana without first having been issued a:

    <p>Certificate of authority</p> Signup and view all the answers

    The Indiana Commissioner is appointed by the:

    <p>Governor</p> Signup and view all the answers

    A temporary insurance producer license expires at the time the owner or the personal representative:

    <p>Disposes of the business</p> Signup and view all the answers

    An insurance company that is organized under the laws of a country other than the United States is called:

    <p>An alien insurer</p> Signup and view all the answers

    The Insurance Commissioner is an active member of what organization?

    <p>National Association of Insurance Commissioners</p> Signup and view all the answers

    An insurance producer is defined as all of the following, EXCEPT:

    <p>An individual who settles claims</p> Signup and view all the answers

    Limited line credit insurance does NOT include which of the following?

    <p>Voluntary unemployment insurance</p> Signup and view all the answers

    What type of insurer is authorized by the Commissioner to transact insurance in Indiana?

    <p>Admitted</p> Signup and view all the answers

    A person who holds an Indiana nonresident producer's license and moves from one state to another state must file a change of address within:

    <p>20 days</p> Signup and view all the answers

    For which of the following would a consultant license most likely be required?

    <p>A paralegal working in Indiana</p> Signup and view all the answers

    What is an insurance license for an insurer called in Indiana?

    <p>Certificate of Authority</p> Signup and view all the answers

    Which of the following is NOT a power or duty of Indiana's Commissioner of insurance?

    <p>Accreditation of insurance cooperatives</p> Signup and view all the answers

    Who pays for an insurer's examination?

    <p>The insurer</p> Signup and view all the answers

    What is a limited lines insurance producer license?

    <p>A license for less than total authority in the associated major line</p> Signup and view all the answers

    A consultant's license is valid for:

    <p>24 months</p> Signup and view all the answers

    What is an alien insurer?

    <p>An insurer formed under the laws of any place but a U.S. jurisdiction</p> Signup and view all the answers

    The Insurance Commissioner is required to give bond in the sum of:

    <p>$50,000.00</p> Signup and view all the answers

    Which of the following requirements for licensing does a resident producer NOT have to meet?

    <p>Is at least 21 years of age</p> Signup and view all the answers

    Which of the following requirements for licensing does a nonresident producer NOT have to meet?

    <p>The person is currently a resident of Indiana</p> Signup and view all the answers

    Which of the following individuals may be issued a temporary license?

    <p>Producer's spouse</p> Signup and view all the answers

    What is the maximum time a temporary insurance producer license can be valid?

    <p>180 days</p> Signup and view all the answers

    An insurance company that is allowed to transact insurance business in Indiana is classified as:

    <p>An admitted insurer</p> Signup and view all the answers

    How does the Insurance Commissioner get their position?

    <p>Appointed by the Governor</p> Signup and view all the answers

    Which of the following is NOT a power or duty of Indiana's Commissioner of insurance?

    <p>Auditor of insured solvency</p> Signup and view all the answers

    When must the Insurance Commissioner report to the Governor about the insurance companies in Indiana?

    <p>In December</p> Signup and view all the answers

    Which of the following is NOT required for a nonresident producer's license?

    <p>He must own real estate in the state of Indiana.</p> Signup and view all the answers

    Who of the following is NOT required to have an insurance consultant license?

    <p>A limited lines producer</p> Signup and view all the answers

    A person who is not a resident of Indiana and who is licensed as a limited lines credit insurance producer or another type of limited lines producer in the person's home state shall, upon application, receive a nonresident limited lines producer license granting:

    <p>The same scope of authority</p> Signup and view all the answers

    How many months does an applicant for a resident insurance producer license have to file a course completion certificate with the Commissioner?

    <p>6 months</p> Signup and view all the answers

    Limited lines insurance means any form of insurance with respect to which authority is granted by a home state that restricts the authority granted by a limited lines producer's license to:

    <p>Less than total authority in the associated major lines</p> Signup and view all the answers

    Which of the following is an example of an alien insurance company in Indiana?

    <p>An insurance company in France</p> Signup and view all the answers

    Who of the following is eligible for a temporary insurance producer license?

    <p>All of the above</p> Signup and view all the answers

    For which of the following lines of authority may an insurance producer NOT receive qualification?

    <p>Dividend restricted line wellness insurance</p> Signup and view all the answers

    A certificate of authority:

    <p>Is an insurer's license to do business in Indiana</p> Signup and view all the answers

    How often may the Commissioner conduct an examination of a licensed insurer?

    <p>As often as he wants</p> Signup and view all the answers

    Who of the following would be considered an insurance consultant?

    <p>All of the above</p> Signup and view all the answers

    Limited lines insurance includes which of the following?

    <p>All of the above</p> Signup and view all the answers

    An insurance producer includes all of the following, EXCEPT:

    <p>A business entity</p> Signup and view all the answers

    The insurer examined is responsible for paying the reasonable costs of the examination incurred by the:

    <p>Insurance Department, Commissioner and his examiners</p> Signup and view all the answers

    Study Notes

    Temporary Licenses

    • Temporary licensees may have their authority limited by the Commissioner to protect insureds and the public.
    • A temporary insurance producer license is valid for a maximum of 180 days and expires when the holder disposes of the business.

    Licensing Requirements

    • Applicants for a resident insurance producer license must file a course completion certificate within 6 months.
    • Licensure requirements include not committing acts leading to denial, passing examinations, and completing a certified course – being at least 19 years of age is not mandatory.
    • Nonresident producers must not have unpaid fees to receive their license and must be licensed in good standing in their home state.

    Types of Insurers

    • A foreign insurer is formed under the laws of any U.S. jurisdiction outside Indiana, while an alien insurer is organized under the laws of another country.
    • A domestic insurer is organized under Indiana laws, while admitted insurers are authorized to conduct insurance business in Indiana.

    Commissioner of Insurance

    • The Insurance Commissioner is appointed by the Governor and conducts examinations of licensed insurers at least once every 5 years.
    • The Commissioner requires a bond of $50,000 and must report to the Governor annually about insurers in December.

    Consultant Licenses

    • A consultant is a person offering advice regarding insurance for a fee and must be licensed.
    • Consultant licenses are valid for up to 24 months and cannot be held concurrently with various producer licenses.

    Examination and Fees

    • Insurers pay for their examinations conducted by the Insurance Department and the Commissioner.
    • The Commissioner can examine licensed insurers as often as needed, a departure from fixed timelines.

    Licensing Categories

    • Limited lines credit insurance excludes voluntary life insurance, while an insurance producer can qualify in various lines like casualty and title insurance.
    • A limited lines insurance producer license restricts authority to less than total in associated major lines.

    Change of Address and Temporary Licenses

    • Nonresident producers must file a change of address within 20 days if moving to a different state.
    • Spouses of licensed producers are the only individuals who may be issued temporary licenses in their absence.

    Reporting and Accountability

    • The Commissioner must verify appointments within 30 days after receiving a notice.
    • Consultation is required of various professionals, including attorneys and accountants, in specified circumstances.
    • The National Association of Insurance Commissioners (NAIC) includes the active participation of the Insurance Commissioner.
    • The licensing process conforms to state requirements set forth by the Department of Insurance.### Insurance License and Continuing Education
    • The grace period for waiving penalties for late renewal of an insurance producer's license is 31 days.
    • Resident insurance producers in Indiana must complete a minimum of 20 hours of continuing education to maintain their licenses.
    • Solicitators are required to complete 15 hours of continuing education each licensing period.

    Licensing Requirements

    • A person or entity must be licensed to sell, solicit, or negotiate insurance.
    • An individual can reinstate their lapsed insurance producer license within 12 months without needing to pass a written examination if all required continuing education has been completed.
    • The minimum age to become a licensed insurance agent in Indiana is 18.

    Producer and Broker Definitions

    • "Controlled business" refers to insurance written in the interests of the licensee, their family, or employer.
    • Insurance brokers represent the insureds in insurance transactions.

    Prelicensing and Continuing Education Hours

    • The total number of prelicensing education hours required for health insurance is 24 hours.
    • Individuals selling both life and health insurance need to complete 40 hours of prelicensing education.
    • For long-term care producers, only 5 hours of continuing education is required every 2 years.

    Notifications and Appointments

    • Producers must notify the Commissioner of a change of address within 30 days.
    • Agencies must file a notice of appointment for a producer within 15 days of their appointment.
    • Insurers have 30 days to inform the Commissioner about the termination of a producer's appointment.

    Special Considerations

    • Some individuals, such as limited line credit insurance producers, are exempt from completing continuing education courses.
    • Individuals who provide only title insurance rate information do not need a licensed insurance producer's license.
    • Producers must not accept commissions if they are not licensed; they can never accept commissions without proper licensure.

    Insurance License Renewal

    • Insurance producer licenses must be renewed every 2 years.
    • An insurance producer at least 60 years old and licensed for 15 continuous years is required to complete continuing education to renew.

    Exam and Knowledge Requirements

    • Knowledge of Indiana's insurance laws and rules, duties of licensees, and lines of authority is required for the licensing exam.
    • Individuals who are not compensated and act as officers for insurance transactions may not need licensing in some cases.

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