Any insurer who engages in the insurance business and violates the code with respect to insurance replacement shall on the first violation.

A) Be fined a sum of $10,000.

B) Be fined a sum no less than $30,000 and no more than $300,000.

C) Have his/her license suspended.

D) Be fined a sum of $1,000.

Question

Business

Cooper Holder

11 April, 11:58

Any insurer who engages in the insurance business and violates the code with respect to insurance replacement shall on the first violation.

A) Be fined a sum of $10,000.

B) Be fined a sum no less than $30,000 and no more than $300,000.

C) Have his/her license suspended.

D) Be fined a sum of $1,000.

+3

Answers (1)

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Hezekiah Tran · Answer 1

A) Be fined a sum of $10,000

Explanation:

The insurer will be fined a sum of $10,000 for the first violation.

And if the insurer repeats the violation the insurer will be liable for penalties of no less than $30,000 and no more than $300,000. Any insurance agent who commits a knowing or repeated violation of the code with respect to insurance replacement, the insurance agent shall be liable for penalties of no less than $5.000 and no more than $50,000 for each violation. Any agent who violates the replacement provision of the code will be fined $1,000.

Any insurer who engages in the insurance business and violates the code with respect to insurance replacement shall on the first violation.A) Be fined a sum of $10,000.B) Be fined a sum no less than $30,000 and no more than $300,000.C) Have his/her license suspended.D) Be fined a sum of $1,000.