Casualty

Required Reporting of Criminal Conviction

Producers are required to report criminal convictions to their state insurance regulators within 30 days. It would be wise to provide all the facts and court order for the insurance regulators to review. Failure to report convictions withing 30 days, would suggest to regulators that the producer is dishonest and would automatically revoke the insurance …

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Someone with a Personal Lines can sell what?

This type of line means the individual can sell only personal homeowners, renters, boat insurance, motor cycle, recreational vehicles and auto policies. The individual cannot sell or insure farm, commercial or business policies. To be able to sell farm, commercial or business policies the individual must acquire their Property/ Casualty license. An example:  Joe wants …

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How long do I have to apply for my Illinois insurance license after completing the pre-licensing and passing the state examination?

You must be licensed prior  to one year of completion of your pre-licensing classes, or passing the state exam.  Failure to do so, will result in you completing the pre-licensing classes again.  If you wait too long, you will need to complete the pre-licensing and testing requirements again.

How many questions are there on the Illinois Casualty Insurance Examination?

In order to pass the Illinois Casualty Insurance Examination, you must pass Part 1 ( General Product Knowledge) and Part 2 (Illinois Statues and Regulations). Part 1 has 50 questions covering types of policies (23 questions); policy provisions, riders and options (12 questions); insurance terms and other insurance concepts( 15 questions) plus 10 additional questions …

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What are the licensing fees in Illinois?

Original license applications and renewals can be done at the National Insurance Producer Register. Insurance license are issued for a two year period and expire on the last day of the producer’s birth month.  There is a $5.00 processing fee. Insurance producer  & Limited Lines  licenses fees are $215.00* To re-instate a expired license, the …

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I am an independent producer living in Illinois, Do I need to be bonded?

Unless all of the insurance companies that you are contracted with are assuming financial responsibility for the funds you handle, you will need to maintain a surety bond payable to the People of Illinois and file a completed Insurance Producer/Business Entity Bond (IL446-0152B)  with the Department of Insurance.  The minimum bond amount is $2,500 or …

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What does it take to becoming a licensed insurance agent/producer in Illinois?

Here are the steps to get your insurance license: Complete 20 hours of pre licensing training with 7 1/2 hours being in a classroom for each line of authority ( Life, Accident, Casualty & Fire (property)) with an Illinois approved pre-licensing provider Schedule and pass the state proctored examination.  You schedule your examination with pearsonvue. The …

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