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Terms in this set (25)

Maintaining a License
Licenses last for 2 years and can be in one or more
of the following lines of insurance:
a) Life
b) Variable life and variable annuity
c) Accident and health or sickness
d) Property
e) Casualty
f) Personal Lines
Continuing Education
The producer must complete at least 24 hours of
course study before each license renewal (every 2
years). The license automatically terminates if the
producer fails to meet the continuing education
(CE) requirements. The course provider reports
course completions to the Director. Within 12
months of the license lapse, the producer may renew
the license without retaking the examination but the
renewal fee is doubled.
A producer who is unable to comply
because of military service may request a
waiver of these procedures.
At least 3 hours of a producer's CE must be a
classroom Ethics course.
LTC & LTC Partnership Requirement
All producers who sell long term care or long term
CPMI Professional Development Inc. 13
care partnership must first take the required Long
Term Care (Partnership) continuing education
course. This course qualifies for 8 hours of CE.
Any agent who was certified to sell LTC policies
before July 1, 2008 must take the new course before
July 1, 2009 or lose their certification.
Producers must continue to obtain 4 CE hours about
LTC each renewal period to keep their certification
to sell LTC products.
Variable Annuity CE
Producers who are going to sell annuities must first
take a one-time certified 4-hour CE course on
annuities. Further CE on this subject is
recommended, but is not required. This course does
count toward the overall CE requirement.
Controlled Business
Business that is procured by a licensee on his own
life, personal property or risks, or those of his
spouse, or upon those of his employer or his own
business. An insurance producer license will not be
renewed if during either 1 of the previous 2 years
the premiums on insurance represented by
controlled business exceeded that of other business
or if during the next 12 months it is likely to do so.
Change of Address or Name
The Director must be informed of any change of
address or name (such as when someone marries)
within 30 days of the change.
Required Fees
An insurance producer who lets his/her license lapse
must pay a penalty late filing fee of $180 in addition
to the $180 license fee. When received by the
Director, these fees are paid into the state Treasury
special fund called the Insurance Producer
Administration Fund