G7: Producer III

Frage	Antworten
Violation of the Act Penalties	10-15 years in prison, Civil fine for not more than $50K for every violation or amount received/offered.
Internet Advertisement MUST include:	Name as it appears on the license, State where business is being held, License Number.
Agent of Broker is considered to be transacting in California if:	Provides quotes to CA resident, Accepts an application from a CA resident, Communicates with a CA resident regarding one or more terms of agreement.
Annuities CE Requirements	4 hours/ 2 years license (if already SELLING Annuities) BEFORE selling annuities, you must do 8 hour course.
Ethics CE Requirements	Required for all licensees. But part of the overall hours needed.
Premium Financing	Policyowner borrows money to pay a premium on an insurance policy to pay premium
Premium Financing disclosures must include	Finance Charges, Lender information, Agents' compensation, cost without finance charges. This record must be kept for 3 years.
Application Alteration	If you need to make changes on behalf of applicant. Must have written consent with the form of initials next to alterations. Alteration without consent= misdemeanor
Insertions may be made by the insurer for administrative purpose only and make sure that its clear that the applicant did NOT insert it.	Insertions may be made by the insurer for administrative purpose only and make sure that its clear that the applicant did NOT insert it.
Ethics	Place Customers interest first, be competent, recommend products that meet customers need, accurately and truthfully represent products and services, use simple languages
Ethics	Conduct periodic coverage reviews, protect confidentiality with client, be informed and obey insurance laws and regulations, provide exemplary service, avoid unfair or inaccurate remarks about competition
CIC	CA Insurance Code
CCR	CA Code of Regulation
CIC & CCR are NOT a complete guide to ethical behavior.	CIC & CCR are NOT a complete guide to ethical behavior.
The Violent Crime Control and Law Enforcement Act 1994.	Federal Law prohibits anyone convicted of dishonesty, breach of trust, violation of Act, to continue working in insurance affecting interstate commerce unless written consent has been requested and received by the DOI.
Prohibited Person	Anyone who has convicted of a criminal felony involving dishonesty, breach of trust, or a Violation of the Act is deemed a Prohibited Person.
Long Term Care Insurance CE requirements	1-4years= Junior Agent LTC= 8hrs per Year CPLTC= 4 hours per Year 5years and on= Senior Agent LCT= 8 hrs per 2 years CPLTC= 8 hour per 2 years
When there is a change in partnership, its NOT required to return old license with signatures of original members to the Commissioner	When there is a change in partnership, its NOT required to return old license with signatures of original members to the Commissioner
License Number MUST appear on the following documents:	Advertisements, Business Cards, Price Quotations MUST BE THE SAME FONT AS CONTACT NUMBERS.
Fiduciary	A person in a special position of trust and confidence. Esp when handling clients money. AGENT=FIDUCIARY
A fiduciary who takes fiduciary funds (premium) for his own guilt = THEFT	A fiduciary who takes fiduciary funds (premium) for his own guilt = THEFT
Agents must maintain fiduciary funds in a Trustee Bank Account separate from Personal/Business accounts.	Agents must maintain fiduciary funds in a Trustee Bank Account separate from Personal/Business accounts.
Trustee Account Funds CANNOT be commingled with other funds. EXCEPTION: Commission funds may be commingled in order to advance premiums at a later time.	Trustee Account Funds CANNOT be commingled with other funds. EXCEPTION: Commission funds may be commingled in order to advance premiums at a later time.
C&E Requirements	24hrs for 2 years license term If you have multiple licenses, 24 hrs of any type of course is OK.
Death of Organization= Termination of License Exception: May continue to transact under license if conditions met and application is filed and fees paid within 30 days.	Death of Organization= Termination of License Death of Organization= Termination of License Exception: May continue to transact under license if conditions met and application is filed and fees paid within 30 days.
Renew insurance license every 2 years.	Renew insurance license every 2 years.
60 days before renewal date you will receive Notice by DOI.	60 days before renewal date you will receive Notice by DOI.
60 days After renewal date, you can still do business with the old license only if:	Submitted renewal application, paid renewal fee, and finished required Continuing Education hours.
License can be cancelled upon death or can be cancelled by licensee at any time.	License can be cancelled upon death or can be cancelled by licensee at any time.
How to cancel License	Agents sends license to DOI, or if cannot send the license, send DOI a written notice to DOI to cancel.

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