life test study

What is the maximum number of employees (earning at least $5,000) that an employer can have in order to start a SIMPLE retirement plan?

An employer can have a maximum of 100 employees earning at least $5,000 to be eligible for a SIMPLE retirement plan.

A producer must complete ___ hour(s) of ethics per continuing education reporting period.

3

rebaiting is what class of crime

Class B misdemeanor

What level of crime is it if a producer knowingly misappropriates $150 of fiduciary funds as a first and second offense?

1st offense: class a misdemeanor

2nd offense: class 4 felony

how long is a producer aloud to keep premium payments.

14 days

Which account are Illinois insurance producer license fees deposited into?

The Insurance Producer Administrative Fund.

The free-look period for life insurance policies issued in Illinois is ___ days.

10

The standard grace period for premium payments on all individual life insurance policies issued in Illinois is ___ days.

30

How many days is a temporary producer's license valid?

90 (if for training)

180 (if for emergency)

how long does an insurance company have after proof of claim to pay settelment before being forced to pay their current interest rate

31

Producers must keep record of service fees charged or received for a period of ___ year(s).

7

A policyowner decides to cancel an insurance policy within 90 days of the issue date. As a result of this cancellation, the producer is REQUIRED to refund a prorated portion of any fee charged within __ days of receiving the cancellation notice.

30

A temporary insurance license is valid for up to __ days.

90

A hearing must be held not later than ___ days after the request for the hearing is received by the Director.

10