LLQP Licensing Requirements 4

Question 1

An agent's life insurance license lapses due to non-renewal. How long does most states allow for reinstatement without retaking the full licensing exam?

Accepted Answer

2 years

Answer

Most states allow a 2-year window to reinstate a lapsed license without requiring the agent to retake the full licensing examination.

Question 2

Which of the following activities generally requires a separate Variable Life license in addition to a basic life insurance license?

Accepted Answer

Selling variable annuities

Answer

Variable annuities and variable life products involve securities, requiring agents to hold both a life insurance license and a securities (variable products) license.

Question 3

A licensed agent moves from Texas to California and wants to continue selling life insurance. What must the agent do?

Accepted Answer

Apply for a California resident license within 90 days

Answer

When an agent relocates their primary residence to a new state, they must apply for a resident license in the new state, typically within 90 days.

Question 4

Which entity is primarily responsible for investigating complaints against licensed insurance agents?

Accepted Answer

The state Department of Insurance

Answer

The state Department of Insurance has jurisdiction over licensed agents operating within its state and investigates consumer complaints against them.

Question 5

An agent who sells insurance without a valid license is subject to which of the following consequences?

Accepted Answer

Criminal charges and civil penalties

Answer

Selling insurance without a valid license is illegal and can result in criminal charges, civil penalties, and disgorgement of commissions earned.

LLQP - Life License Qualification Program Practice Test

LLQP - Life License Qualification Program Practice Test

LLQP Licensing Requirements 4