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32 Cards in this Set
- Front
- Back
In order to be a producer you must be |
A resident of the state At least 18 y.o. Complete application, class 20 hrs, exam Must be appointed (sponsored by a company) |
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Insurance Counselor |
-A person licensed to perform audits or abstract policies and annuities -provide advice, counsel, or opinions concering any part of life ins policy and annuity -advertise and solicit business as an insurance counselor |
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Life insurance counselor fee |
Is written in an agreement and the counselor keeps copy for 2 years after completion of the services |
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Business entity must do what to get an insurance producer license? |
-Pay fees -Establish a compliance officer that is licensed -Stay legal to keep producer license (no crimes that will make them lose license) |
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If your resident license gets terminated then... |
Your non resident license get terminated immediately too |
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temporary license lasts up to |
180 days |
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When applying for license with commissioner, the class has to be completed |
no more than 12 months prior to applying |
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A license remain in good standing as long as |
-fees paid and continuing education done |
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CE amount must be |
24 credit hours with 3 being in ethics |
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CE is determined by year applicant was born |
-if born in odd year, ce is done in odds years vis versa (every two years) |
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non resident producers follow their |
state ce requirements and regulation |
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if producer does not finish ce then... |
the license will be suspended for 90 days or until ce is complete |
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if ce is not complete after 90 day grace period the license is |
terminated |
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to be considered for reinstatement of license after 90 day grace, you must |
finish ce pay fees apply on nipr |
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If you conduct business other another name, you must tell the |
commissioner prior to name change |
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changes to name and address must be reported within |
30 days |
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most legal actions must be reported in |
30 days |
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A life license is not required for |
officers, executives, or anyone that does not receive commission for sell |
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an agent is a fiduciary for |
all money received of held by the agent in capacity as an agent |
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civil fines cost |
$1000 |
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willful violation crimes are |
$5000 |
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the insurer must file appointment within |
15 days |
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the commission has to decide if agent is eligible for appointment within |
30 days |
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if producer is ineligible for appointment the commissioner must notify in |
5 days |
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misrepresentation |
lying on paper and or orally |
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false advertising |
misrepresentation on mediums specifically on benefits, structure of policy and financial condition of the company |
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rebating |
any inducement offered to the insured with the sell of the product. They get" more special benefits that other clients cannot get" |
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Twisting |
when you use fraud or lies to make people cancel or switch their policy |
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defamation |
putting out oral or written statements to hurt a company and be malicious |
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coercion |
is illegal and states that a person put conditions on what a person can get. You have to get insurance with this specific company in order to do business with me. |
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Discrimination cannot be based off of |
religion, martial status, race, identity, sexual orientation |
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Discrimination can be based off of |
health, age, sex, career |