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TN General Ins. Laws
TN Accident & Health (General Insurance laws)
| Term | Definition |
|---|---|
| The Govenor | In the state of Tennessee, who appoints the Commissioner? |
| Legislators (The Commissioner does not make the laws, he/she only ENFORCES the laws) | Who MAKES the laws? |
| For as long as appointed by the Governor. (The Governor serves for 4 years) | How long does the Commissioner serve? |
| The Commissioner | Who approves the rates, but does NOT SET them? |
| 1.) Place the producer on probation 2.) Suspend, revoke, or refuse to issue or renew the producers license and/or 3.) Assess a civil penalty | When an insurance producer violates the Tennessee Insurance Law or any rule or regulation of the Commissioner, the commissioner may.... |
| 30 Days | When the Commissioner denies an application for a license, he or she must notify the applicant in writing within how many days? |
| NO | Can the Commissioner send you to jail? |
| YES | Can the Commissioner subpoena witnesses and examine them under oath? |
| Insurance Producer | A person required to be licensed in Tennessee to sell, solicit, or negotiate insurance..... |
| Business Entity | A corporation, association, partnership, limited liability partnership, or other legal ENTITY..... |
| Limited Lines Producer | A person authorized by the Commissioner to sell, solicit, or negotiate Crop Hail, Title, Credit Life, Mortgage Guaranty Insurances, etc.... |
| Unauthorized Insurer | Anyone who sells insurance for or on behalf of an insurance company NOT authorized to business in the state.... |
| 1.) Be atleast 18 years of age 2.) Not have committed an act that is grounds for license denial, suspension, or revocation 3.) Completed the Pre-licensing course 4.) Paid the appropriate fees 5.) Passed the exam | When applying for an insurance producer license in Tennessee, the following requirements must be met...... |
| 30 Days | When an insurer terminates an agent's appointment, the insurer must notify the Commissioner within how many days of termination? |
| 1.) Good standing in their home state 2.) Submitted proper request & paid applicable fees 3.) Submitted a complete uniform application 4.) Home state awards insurance producer licenses to residents of Tennessee on the same basis | In Tennessee, a nonresident may receive an insurance producer license if...... |
| 30 Days | A nonresident producer who moves from one state to another, or a resident producer who moves from Tennessee to another state, must file a change of address within how many days? (No fee is required) |
| 180 Days | How long is a Temporary License active? |
| 1.) To a surviving spouse or court-appointed personal representative, to a member or employee of a business entity upon the death or disability of an individual designated in the license application, or the designee of someone entering the military | A Temporary license may be issued without an examination, due to the following cases... |
| 90 Days | A person licensed as an insurance producer in another state who moves to Tennessee must make application within how many days of establishing legal residence? |
| 20 | How many total hours for producer prelicensing education are required for Accident & Health? |
| 20 | How many total hours for producer prelicensing education are required for Life Insurance? |
| 1.) A completed application 2.) Proof of passing the required written prelicensing exam 3.) The proper filing fee | What must an applicant for an insurance producer license submit to the Commissioner? |
| 2 years from the last day of the licensee's birth month. | How long does an individual producer license remain in effect? |
| 1.) Paying the applicable fee 2.) Submitting the renewal form and 3.) Having completed all continuing education requirements | At the end of 2 years, an insurance producer license may be renewed by..... |
| Biennially (Every 2 years) on March 1 | How often do Business Entity licenses expire? |
| Yes, but the unpaid renewal fee is doubled. | Can an insurance producer who allows a license to lapse within 12 months reinstate the license without passing a written exam? |
| 30 Days | Within how many days must a licensed producer inform the Commissioner of an address change? |
| Biennially | Every 2 years |
| Biannually | Twice a year |
| NO | Do insurance producers who have been continuously licensed since January 1, 1994 have to take continuing education requirements? |
| 24 credit hours (with 3 hours of ethics) every 2 years by the last day of the producers birth month. | How many credit hours of continuing education must Tennessee insurance producers complete? |
| Yes. 12 credit hours can be carried over with the exception of ethics. | Can continuing education credit hours be carried over? |
Created by:
Tiphanie_Dyme
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