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What are agents/producers required to do in order to renew their license?
Complete continuing education hours and pay a renewal fee
If the Commissioner/Superintendent finds a licensee engaging in an unfair method of competition or an unfair practice, what order will be issued?
Cease and desist order
If a producer makes maliciously critical statements about another insurer, what is this illegal practice called?
Defamation
Who may share in the commission from the sale of a life insurance policy?
Only producers properly licensed for the type of insurance transaction
Who is an insurance agent?
A person authorized to sell, solicit and negotiate insurance contracts
What type of licensee represents the insured?
Broker
Who must be a member of insurance guaranty associations?
Any authorized insurer within a state
If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered what type of insurer?
Authorized or admitted
What are the most common penalties for violations of insurance statutes?
A cease and desist order, a fine, and license suspension or revocation
Who can usually be granted a temporary license?
Producer's spouse or designee in case the licensed producer dies or becomes disabled
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