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Cards In This Set
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What are the Utah Pre-Licence Requirements?
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There are no requirements
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What is required of producers to renew their licence every two years?
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A producer must complete 24 hours of Continuing Education, 3 of which must be in ethics, and 1/2 must be classroom hours.
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How long do you have to notify the Commissioner of a change of address or phone number?
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30 days
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What is required before a license is suspended or revoked?
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A hearing
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What is the maximum fine for an individual guilty of an intentional violation?
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$5,000
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What is the maximum license suspension?
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12 months
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What is a measurement of an insurer's liabilities to policyholders?
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It is called Legal Reserves
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Can commissions be shared between producers?
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Yes, if they have like licenses
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True of False: Records must be shown to the commissioner upon his request.
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True
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What is rebating?
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It is giving up part of your commission as an inducement to a sale.
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True or False: You can keep your license if you move out of state.
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False, you must give it up
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What Act regulates consumer investigative reporting procedures?
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The Fair Credit Reporting Act (FCRA)
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Under the (FCRA) is it necissary to file a lawsuit to correct data?
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No it is not.
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If you are a non-resident and have a license in another state can you obtain a Utah non-resident license?
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Yes
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Where must you display your business license and keep your records?
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At your place of business
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