Question

An insurance company must appoint an agent within how many days of the date the agency contract is executed or the first insurance application is submitted

A) 10 days
B) 15 days
C) 30 days
D) 45 days

Answer 1

An insurance company is required to appoint an agent within 15 days of executing the agency contract or submitting the first insurance application to remain compliant with regulations.

Step-by-step explanation:

An insurance company must appoint an agent within 15 days of the date the agency contract is executed or the first insurance application is submitted. This time frame ensures regulatory compliance and allows for proper documentation to be maintained. Failure to appoint an agent within this period could lead to regulatory issues and potential fines for the insurance company.