Which of the following is a prohibited investment option into which to place Premium Fund Trust Account monies?
A brokerage account in which options futures are traded.
A producer has 30 days
in which to report to the Director a change of residential address
If a producer demands a hearing to challenge the reasonableness of a license suspension, when will the hearing take place?
The hearing takes place within 20 to 30 days from the date the Director's mailing of the hearing notification.
What is the largest dollar civil penalty that will be assessed for a single act of misrepresentation
Civil fines for misrepresentation can range between $200 and $10,000.
Which of the following criminal activities is most likely to lead to the termination of a producer's license?
Embezzlement while employed part-time as a bookkeeper.
Once a producer has a felony conviction entered officially against him, what action is most likely to be taken pertaining to his producer license
The producer will have his license revoked.
The Disclosure Rule
requires a producer to reveal who they are and who they work for when soliciting the sale of an insurance policy.
If the Director discovers a person has violated the controlled business statute, which of the following may happen as a result
The Director may not grant a renewal of producer license.
What is the greatest level of criminal prosecution that can result from producer rebating?
Both the offer and the acceptance of a rebate is a Class B misdemeanor.
Which of the following statements pertaining to a Premium Fund Trust Account is accurate when a producer handles the premium funds of more than one insurance company?
Co-mingling of premiums from multiple companies into one PFTA is allowed but only with the written consent of each insurer.
An insurance company places funds into a producer Premium Fund Trust Account for the purpose of returning the money to an insured. Within how many days must these funds be credited to the account of the insured?
All credit balances from returned premiums must be credited to the insured's account within 15 days of receipt by a producer from an insurer.
How many different forms of temporary producer licensing authority exist in Illinois?
Temporary License and the Temporary License for Producer Application.
All of the following are general powers of the Director
conduction an investigation to determine if an insurance law has been broken.
create a rule to facilitate carrying out his duty under law.
obtain criminal information from the State Police about a licensee.