Idaho Life & Health Insurance Exam — All Questions

Which state agency issues resident life and health insurance producer licenses in Idaho?

• a.The Idaho Bureau of Financial Institutions
• b.The Idaho Insurance Commission
• c.The Idaho Department of Insurance✓
• d.The Idaho Department of Financial Services

The Idaho Department of Insurance regulates the business of insurance in Idaho and licenses producers. It is led by the Director of Insurance, who has authority to issue, deny, suspend, and revoke licenses and to enforce the state insurance code. No separate financial-services department or insurance 'commission' handles producer licensing here.

A Idaho resident who wants to sell both life insurance and health (accident and sickness) insurance typically obtains:

• a.A surplus lines broker license
• b.A property and casualty producer license
• c.A resident producer license with life and accident & health lines of authority✓
• d.Two separate licenses issued by two different state agencies

Idaho follows the producer-licensing model in which one resident insurance producer license carries the specific lines of authority the applicant qualifies for, such as life and accident & health. Property/casualty and surplus lines are different lines for different products.

Before a licensed Idaho producer may transact insurance on behalf of a particular insurer, what must generally occur?

• a.Nothing beyond holding a valid license is ever required
• b.The insurer must appoint the producer and file that appointment with the Idaho Department of Insurance✓
• c.The producer must post a surety bond with the state treasurer
• d.The producer must reside in the insurer's home state

Holding a license lets a person act as a producer, but to represent a specific company the insurer must appoint the producer, notifying the Idaho Department of Insurance. A producer may hold appointments from several insurers at once; ending the relationship terminates the appointment.

To keep a resident life and health producer license active in Idaho, a producer generally must:

• a.Retake the full licensing examination every single year
• b.Complete the required continuing education each renewal period and pay the renewal fee✓
• c.Obtain a brand-new license for each insurer represented
• d.Do nothing further once the license is first issued

Idaho issues licenses for a set term and requires continuing education (including ethics content) each renewal cycle, plus payment of the renewal fee. Letting CE lapse or missing renewal can cause the license to expire, after which reinstatement rules and penalties may apply. Exact hours and fees are set by the Idaho Department of Insurance and can change.