Podcast
Questions and Answers
How long must licensees maintain evidence of completed courses?
How long must licensees maintain evidence of completed courses?
Insurance agents are required to notify the department only if they change their mailing address.
Insurance agents are required to notify the department only if they change their mailing address.
False
What is one example of acceptable evidence of course completion?
What is one example of acceptable evidence of course completion?
A certificate of completion from a provider
Insurers have a duty to keep _____ funds separate from personal funds.
Insurers have a duty to keep _____ funds separate from personal funds.
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Match the following responsibilities of insurance agents with their descriptions:
Match the following responsibilities of insurance agents with their descriptions:
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Which of the following must licensed agents report monthly?
Which of the following must licensed agents report monthly?
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Who do insurance agents technically represent?
Who do insurance agents technically represent?
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Licensed agents must maintain their course completion records only if the Texas Department of Insurance requests them.
Licensed agents must maintain their course completion records only if the Texas Department of Insurance requests them.
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Study Notes
License Expiry and Renewal
- Licensees must pay any fines and complete deficient CE hours within 90 days of expiry to avoid inactivation.
- A new license is not granted until these conditions are met.
Course Completion Evidence
- Licensees and adjusters must provide evidence of course completion upon request.
- This evidence must be maintained for at least four years from completion.
- Evidence may include certificates, transcripts, passing grades, or letters from program sponsors.
Department Notifications
- Agents must notify the department of changes to mailing addresses, felony convictions, or administrative actions by a state or federal regulator.
Agent Responsibilities
- Agents represent both the insurer and the insured, though technically only the insurer.
- Fiduciary duty requires keeping premium funds separate, forwarding them promptly to the insurer, and reporting material facts to the underwriting department.
- Agents are responsible for understanding the applicant's insurance needs.
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Description
This quiz covers essential information regarding insurance agents' responsibilities, license expiry, renewal processes, and necessary documentation. Participants will learn about the fiduciary duties of agents and the importance of maintaining course completion evidence. Stay informed about the requirements to manage your licensure effectively.
