PLIllinoismedium
Under 215 ILCS 5/500-70, which act by an Illinois personal lines producer is grounds for license suspension or revocation?
ARecommending an HO-3 over an HO-2 form to a client
Misappropriating premium funds belonging to insureds or insurers
CFailing to earn the minimum required commission in a calendar year
DMaintaining a personal social-media presence about insurance
Why this is the answer
Section 500-70 of the Illinois Insurance Code lists conduct that may result in license denial, suspension, or revocation. Among the listed grounds are misappropriation or conversion of premium or other monies, fraud, material misrepresentation on a license application, felony convictions, and using fraudulent or coercive practices. Coverage recommendations and ordinary business decisions are not violations.
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