State RegulationsIL specificDifficulty 1/5
After an Illinois producer's death, the surviving spouse is issued a temporary insurance producer license to service in-force business. Under 215 ILCS 5/500-135, what fee applies to that temporary license?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
215 ILCS 5/500-135 sets the temporary insurance producer license fee at $50. A temporary license is issued, for example, to a surviving spouse or personal representative after a producer's death, and it runs for 180 days with one available 180-day renewal under 215 ILCS 5/500-60, allowing the designee to service in-force business without passing the licensing examination.
Why the other options are wrong
- B) $150 is the business entity license fee under 215 ILCS 5/500-135, not the temporary license fee.
- C) $215 is the regular 2-year resident producer license fee; a temporary license is a shorter, special-purpose credential.
- D) $200 is the fee category for other limited lines under 215 ILCS 5/500-135, not for a temporary producer license.
Memory hook
Temporary = $50, for 180 days with one 180-day renewal.