Question: I am a broker for a viatical company live in a state that requires no viatical training, am a required to complete the viatical training where is mandated? Answer: Each state has the right to require all producers to do that state’s required training. If the home state of the producer has the same […]
Question: I am no longer selling Medicare Advantage plans, can I receive my renewal commissions without doing the training? Answer: According to Medicare regulations, you must complete the annual training and score 90% or better on the final examination in order to continue getting renewals commissions.
Yes, there is. This is a website that will help https://eapps.naic.org/life-policy-locator/#/acknowledgment
Is there a way to search for insurance policies on a person if you dont know the company name or policy number?
Yes, there is. This is a website that will help https://insurance.illinois.gov/Applications/LifePolicyLocator/ or call the Illinois Dept of Insurance at 217 782-4515.
If the policy was written in the State of Illinois then an individual can contact the Illinois Department of Insurance. You can also call our office and speak to the owner Tom Ripperda if you have any questions as it relates to a lost insurance policy.
I passed Part 1 of the Illinois Life licensing examination only, how do I have to wait to retake the examination?
You must wait 3 days to retake the examination. Since you failed Part 2 (laws), you will only need to take Part 2 again. You have 90 days from the original examination date to pass the part that you failed. Past 90 days, you must take both Part 1 & Part 2.
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
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
President Clinton signed into law the Gramm-Leach-Bliley Act(GLBA) (P.L. 106-102) on November 12, 1999. GLBA requires state insurance regulators to issue rules protecting the privacy of insurance consumers’ personal information. These rules require insurance companies, producers, and other entities engaged insurance activities to protect the customer’s financial and health information. It requires insurers to: Notify consumers of their privacy policies;
What are the coverage limits under the state guaranty fund in case an life insurer files for bankruptcy?
Each state sets the amount of coverage provided by their guaranty association and the amounts differs from state to state. The majority of the states followed the lead of specified in the National Association of Insurance Commissioners’ (NAIC) Life and Health Insurance Guaranty Association Model Law: $300,000 in life insurance death benefits $100,000 in net cash surrender or withdrawal values for