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

Illinois, Insurance licensing, Licensing, Life Insurance Licensing Test / By

In order to pass the Illinois Life 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; policy provisions, riders and options; completing the application, taxes, retirements and other insurance concepts plus 10 additional questions that are not …

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What is a contestable period of a life insurance policy?

alabama, Arkansas, Colorado, Delaware, Idaho, Illinois, Indiana, Iowa, Kansas, Life Policy provisions, Louisanna, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Rhode Island, South Dakota, Virigina, West Virginia, Wisconsin, Wyoming / By

During the first two years, the insurance company can challenge a death claim based on health history of insured. Insurers will order a complete medical records, check the physical examinations and other sources of  information.  In some cases, it will request copies of coroner’s (Medical examiner) reports, and police reports.

What is the NAIC (National Association of Insurance Comissoners)?

NAIC / By

The NAIC is made up of all of the insurance regulators in the United States and its’ territories.  It’s role is provide uniformity in definitions, regulations, licensing, etc.  In many states, the size of their insurance regulators is small because of limited financial resources and the NAIC serves as a source for insurance model laws.  …

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My nonresident license is up for renewal this month and I am an Illinois resident, what do I need to do?

alabama, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Licensing, Louisanna, Mississippi, Missouri, North Carolina, South Dakota, Virigina, West Virginia, Wisconsin, Wyoming / By

Since Illinois is your home state, you must complete their continuing education requirements before that license expires.  You can renewal your  nonresident license at the National Insurance Producer Registry and pay their nonresident licensing fees and a $5.00 processing fee.

What are the licensing fees in Illinois?

Accident Health License, Annuity Producers, Casualty, Illinois, Insurance licensing, Licensing, Life Producers / By

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?

Accident Health License, Annuity Producers, Casualty, Illinois, Licensing, Life Producers, Property License / By

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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I completed my CMS Marketplace training, Can I get continuing education credits for that?

CMS health insurance marketplace / By

Illinois insurance producers can receive continuing education credit for completing the online Federal Health Insurance Marketplace courses. There are three courses available: ACA Basics, The Individual Marketplace, and The SHOP Marketplace. Producers will receive four hours of CE credit for the prerequisite ACA Basics and one other course, or five hours of CE credit for …

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I have a Texas general line-Life, Accident &Health license and moved into Illinois last week. Can I transfer my license to Illinois?

Illinois, Insurance licensing / By

Illinois issues insurance licenses for Life, Accident & Health, Casualty, Fire (Property) and personal lines.  Since you have a Texas general line- Life Accident & Health, Illinois will allow you to apply by way of a written application with your payment of $180 and a letter of clearance from the Texas Department of Insurance.

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