Podcast
Questions and Answers
The Commissioner of Insurance is required to be a regulatory, active member of:
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?
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?
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:
A resident individual applying for an insurance producer license must pass a written examination unless:
How many days after receipt of a notice of appointment does the Commissioner have to verify the appointment?
How many days after receipt of a notice of appointment does the Commissioner have to verify the appointment?
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:
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:
How many days does a licensee have to notify the Commissioner of Insurance of any change of residential, mailing, or business address?
How many days does a licensee have to notify the Commissioner of Insurance of any change of residential, mailing, or business address?
Which of the following terms refers to insurance written in the interests of the licensee, his immediate family, or his employer?
Which of the following terms refers to insurance written in the interests of the licensee, his immediate family, or his employer?
Insurance brokers represent:
Insurance brokers represent:
What is the grace period for waiving the penalty for a late renewal of an insurance producer's license?
What is the grace period for waiving the penalty for a late renewal of an insurance producer's license?
If all applicable fees are paid and continuing education requirements are met, an insurance producer license remains in effect unless and/or until:
If all applicable fees are paid and continuing education requirements are met, an insurance producer license remains in effect unless and/or until:
Resident insurance producers in Indiana must complete a minimum of how many hours of continuing education?
Resident insurance producers in Indiana must complete a minimum of how many hours of continuing education?
How many days after cancellation of an applicant's previous license must the application exempting the applicant from prelicensing education be submitted?
How many days after cancellation of an applicant's previous license must the application exempting the applicant from prelicensing education be submitted?
Which of the following insurance producers IS required to complete continuing education courses to renew a license?
Which of the following insurance producers IS required to complete continuing education courses to renew a license?
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:
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:
A person or entity licensed to sell, solicit, or negotiate insurance is called:
A person or entity licensed to sell, solicit, or negotiate insurance is called:
Who of the following must take the licensing exam?
Who of the following must take the licensing exam?
How many hours of continuing education are required for a solicitor each licensing period?
How many hours of continuing education are required for a solicitor each licensing period?
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?
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?
How many hours of continuing education are required for a long-term care producer each licensing period?
How many hours of continuing education are required for a long-term care producer each licensing period?
What is the total number of course hours required for prelicensing for the health insurance course?
What is the total number of course hours required for prelicensing for the health insurance course?
For how much time must an insurance producer retain the certificate of completion of a continuing education course?
For how much time must an insurance producer retain the certificate of completion of a continuing education course?
How many hours of continuing education are required for a resident limited lines producer each licensing period?
How many hours of continuing education are required for a resident limited lines producer each licensing period?
Producers must notify the Commissioner of a change of address within:
Producers must notify the Commissioner of a change of address within:
How often must insurance producer licenses be renewed?
How often must insurance producer licenses be renewed?
Someone must be licensed if they do which of the following?
Someone must be licensed if they do which of the following?
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?
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?
All of the following people can act as a producer without being licensed in Indiana, EXCEPT:
All of the following people can act as a producer without being licensed in Indiana, EXCEPT:
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:
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:
The continuing requirement for long-term care producers is:
The continuing requirement for long-term care producers is:
The minimum age to become a licensed insurance agent in Indiana is:
The minimum age to become a licensed insurance agent in Indiana is:
What does a chartered life underwriter have to do to apply for an insurance producer license in Indiana?
What does a chartered life underwriter have to do to apply for an insurance producer license in Indiana?
Insurance that is written in the interests of the licensee, his immediate family, or his employer is called:
Insurance that is written in the interests of the licensee, his immediate family, or his employer is called:
Which of the following is NOT part of the licensing exam?
Which of the following is NOT part of the licensing exam?
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:
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:
Individuals renewing their solicitor's license must complete how many hours of continuing education credit each year?
Individuals renewing their solicitor's license must complete how many hours of continuing education credit each year?
What is the rule for someone accepting commissions who should be licensed and is not?
What is the rule for someone accepting commissions who should be licensed and is not?
Who of the following is NOT required to complete continuing education courses to renew a license?
Who of the following is NOT required to complete continuing education courses to renew a license?
How many days after an agency appoints a producer do they have to file a notice of appointment?
How many days after an agency appoints a producer do they have to file a notice of appointment?
How many days does an insurer have to inform the Commissioner of a termination of appointment?
How many days does an insurer have to inform the Commissioner of a termination of appointment?
How many hours of prelicensing education are required for someone who will sell both life and health insurance?
How many hours of prelicensing education are required for someone who will sell both life and health insurance?
The Commissioner may by order limit the authority of a temporary licensee in any way considered necessary:
The Commissioner may by order limit the authority of a temporary licensee in any way considered necessary:
How many months does an applicant for a resident insurance producer license have to file a course completion certificate with the Commissioner?
How many months does an applicant for a resident insurance producer license have to file a course completion certificate with the Commissioner?
Which of the following is NOT a requirement for an insurance producer license?
Which of the following is NOT a requirement for an insurance producer license?
What is a foreign insurer?
What is a foreign insurer?
The Commissioner is required to examine all licensed insurers in Indiana at least once every:
The Commissioner is required to examine all licensed insurers in Indiana at least once every:
The Commissioner must give a bond of:
The Commissioner must give a bond of:
A nonresident person will NOT receive a nonresident producer license if:
A nonresident person will NOT receive a nonresident producer license if:
An individual or corporation CANNOT concurrently hold a consultant license and a/an:
An individual or corporation CANNOT concurrently hold a consultant license and a/an:
Who is in charge of the Department of Insurance?
Who is in charge of the Department of Insurance?
What type of insurance company is organized under the insurance laws of Indiana?
What type of insurance company is organized under the insurance laws of Indiana?
Which of the following is NOT a power or duty of Indiana's Commissioner of insurance?
Which of the following is NOT a power or duty of Indiana's Commissioner of insurance?
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?
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?
The Commissioner's duties include all the following, EXCEPT:
The Commissioner's duties include all the following, EXCEPT:
Which of the following is NOT included in limited lines credit insurance?
Which of the following is NOT included in limited lines credit insurance?
An insurance producer may receive qualification for a license in which of the following lines of authority?
An insurance producer may receive qualification for a license in which of the following lines of authority?
A temporary license will not authorize the holder to:
A temporary license will not authorize the holder to:
A consultant license can be issued for what maximum amount of time?
A consultant license can be issued for what maximum amount of time?
In Indiana, an insurance producer must be authorized to conduct insurance business within the state by:
In Indiana, an insurance producer must be authorized to conduct insurance business within the state by:
What may admitted insurers in Indiana receive from the Department of Insurance?
What may admitted insurers in Indiana receive from the Department of Insurance?
An insurer may not transact insurance business in Indiana without first having been issued a:
An insurer may not transact insurance business in Indiana without first having been issued a:
The Indiana Commissioner is appointed by the:
The Indiana Commissioner is appointed by the:
A temporary insurance producer license expires at the time the owner or the personal representative:
A temporary insurance producer license expires at the time the owner or the personal representative:
An insurance company that is organized under the laws of a country other than the United States is called:
An insurance company that is organized under the laws of a country other than the United States is called:
The Insurance Commissioner is an active member of what organization?
The Insurance Commissioner is an active member of what organization?
An insurance producer is defined as all of the following, EXCEPT:
An insurance producer is defined as all of the following, EXCEPT:
Limited line credit insurance does NOT include which of the following?
Limited line credit insurance does NOT include which of the following?
What type of insurer is authorized by the Commissioner to transact insurance in Indiana?
What type of insurer is authorized by the Commissioner to transact insurance in Indiana?
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:
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:
For which of the following would a consultant license most likely be required?
For which of the following would a consultant license most likely be required?
What is an insurance license for an insurer called in Indiana?
What is an insurance license for an insurer called in Indiana?
Which of the following is NOT a power or duty of Indiana's Commissioner of insurance?
Which of the following is NOT a power or duty of Indiana's Commissioner of insurance?
Who pays for an insurer's examination?
Who pays for an insurer's examination?
What is a limited lines insurance producer license?
What is a limited lines insurance producer license?
A consultant's license is valid for:
A consultant's license is valid for:
What is an alien insurer?
What is an alien insurer?
The Insurance Commissioner is required to give bond in the sum of:
The Insurance Commissioner is required to give bond in the sum of:
Which of the following requirements for licensing does a resident producer NOT have to meet?
Which of the following requirements for licensing does a resident producer NOT have to meet?
Which of the following requirements for licensing does a nonresident producer NOT have to meet?
Which of the following requirements for licensing does a nonresident producer NOT have to meet?
Which of the following individuals may be issued a temporary license?
Which of the following individuals may be issued a temporary license?
What is the maximum time a temporary insurance producer license can be valid?
What is the maximum time a temporary insurance producer license can be valid?
An insurance company that is allowed to transact insurance business in Indiana is classified as:
An insurance company that is allowed to transact insurance business in Indiana is classified as:
How does the Insurance Commissioner get their position?
How does the Insurance Commissioner get their position?
Which of the following is NOT a power or duty of Indiana's Commissioner of insurance?
Which of the following is NOT a power or duty of Indiana's Commissioner of insurance?
When must the Insurance Commissioner report to the Governor about the insurance companies in Indiana?
When must the Insurance Commissioner report to the Governor about the insurance companies in Indiana?
Which of the following is NOT required for a nonresident producer's license?
Which of the following is NOT required for a nonresident producer's license?
Who of the following is NOT required to have an insurance consultant license?
Who of the following is NOT required to have an insurance consultant license?
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:
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:
How many months does an applicant for a resident insurance producer license have to file a course completion certificate with the Commissioner?
How many months does an applicant for a resident insurance producer license have to file a course completion certificate with the Commissioner?
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:
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:
Which of the following is an example of an alien insurance company in Indiana?
Which of the following is an example of an alien insurance company in Indiana?
Who of the following is eligible for a temporary insurance producer license?
Who of the following is eligible for a temporary insurance producer license?
For which of the following lines of authority may an insurance producer NOT receive qualification?
For which of the following lines of authority may an insurance producer NOT receive qualification?
A certificate of authority:
A certificate of authority:
How often may the Commissioner conduct an examination of a licensed insurer?
How often may the Commissioner conduct an examination of a licensed insurer?
Who of the following would be considered an insurance consultant?
Who of the following would be considered an insurance consultant?
Limited lines insurance includes which of the following?
Limited lines insurance includes which of the following?
An insurance producer includes all of the following, EXCEPT:
An insurance producer includes all of the following, EXCEPT:
The insurer examined is responsible for paying the reasonable costs of the examination incurred by the:
The insurer examined is responsible for paying the reasonable costs of the examination incurred by the:
Flashcards are hidden until you start studying
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.
Legal Framework
- 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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
