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Questions and Answers
What must licensees do within 90 days of license expiry to avoid inactivation?
What must licensees do within 90 days of license expiry to avoid inactivation?
Licensees must keep evidence of course completion for at least two years.
Licensees must keep evidence of course completion for at least two years.
False
What must agents do if they have a felony conviction?
What must agents do if they have a felony conviction?
Notify the department.
Agents have a fiduciary duty to keep premium funds separate and __________ them promptly to the insurer.
Agents have a fiduciary duty to keep premium funds separate and __________ them promptly to the insurer.
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Match the responsibilities with the appropriate descriptions:
Match the responsibilities with the appropriate descriptions:
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Study Notes
License Expiry and Renewal
- Licensees must pay fines and complete deficient CE hours within 90 days of expiry to avoid license inactivation.
- A new license is not issued until these conditions are met.
Course Completion Evidence
- Licensees and adjusters must provide course completion evidence upon request.
- This evidence must be kept for at least four years after completion.
- Evidence can include certificates, transcripts, grades, or letters from program sponsors.
Department Notifications
- Agents must inform the department about changes in mailing addresses, felony convictions, or actions by state/federal regulators.
Agent Responsibilities
- Agents represent both the insurer and the insured, though legally only the insurer.
- Agents have a fiduciary duty to keep premium funds separate, promptly forward them, and report significant information to underwriting.
- Agents are responsible for understanding the applicant's insurance needs.
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Description
This quiz covers essential regulations regarding insurance license expiry, renewal, and the responsibilities of agents. It also includes details about course completion evidence and the importance of notifying the department about changes in agent status. Test your knowledge and ensure compliance in your insurance practice.
