New Hampshire Prop/Cas Chapter 1 Exam Questions and Answers (Solved Papers) Purpose of Licensing - Correct Answers ✅ensure the individuals transacting insurance are suitable and will act in good faith. Lic remain valid until cancelled, expired or revoked. Renew every two years.Process of becoming licensed - Correct Answers ✅must pass a written exam admin by approved state of NH ins department. must be 18/older, must not hae committed any act ground for denial or a felony, paid correct fees, suitable person and will act in good faith. then apply for licensing using the app approved for use in NH.Producer - Correct Answers ✅a person licensed in the capacity of an agent or broker who sells, solicits or negotiates insurance contracts.
Producer with appointment: - Correct Answers ✅a
producer who has received an agency appt with an insurance company and therefore reps that insurance company and carrier.Business Entity - Correct Answers ✅b.e. acting as a producer - commissioner must find that the entity has paid the fees, designated a licensed producer responsible for the b.e. compliance with the insurance laws rules and regs of NH. 1 / 2
New Hampshire Prop/Cas Chapter 1 Exam Questions and Answers (Solved Papers) Fin. Ins licensed to sell insurance - Correct Answers ✅purpose of the law is to regulate the solicitation of insurance by financial institutions in places with a population of 5k or less. authorized the commissioner to adopt any rules to protect the public & maintain the equality between the insurance powers of the state and federally chartered finan.ins. they cannot require or imply that the purchase of insurance by a customer is required as a condition for a loan.Violation is subject to fine no more than 2500.Resident vs nonresident - Correct Answers ✅resident is someone who resides in NH. ind an be licensed as a nonresident in NH if they are currently licensed in good standing in their home state. submits a request, has sent his/her home state app or a completed uniform application and paid the correct fees to the state of nh and lives in a state that gives nonres producer licenses to residents of Nh on the same basis.Resident or non resident moves - Correct Answers ✅must file a change of address within 30 days. a nonres producers satisfaction of CE in his home state will satisfy NH as long as a the state would do the same for NH.Non residents - Correct Answers ✅still have the exam requirements but it can be waived if they have had their license for six months or more in their home state
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