AD Banker Comprehensive Practice Exam

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Enhance your exam readiness with the AD Banker Comprehensive Exam guide. Includes flashcards and multiple-choice questions with explanations.

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A licensee must inform the Commissioner of a change of legal name or address within ______ days of the change.

  1. 180

  2. 90

  3. 10

  4. 30

The correct answer is: 30

A licensee is required to notify the Commissioner of a change in legal name or address within 30 days of the change to ensure that all records are kept up to date. This requirement is critical for maintaining good standing and transparency within the regulatory framework of the insurance industry. Prompt communication of such changes allows the Commissioner’s office to maintain accurate records and facilitates effective communication with the licensee. Delaying this notification could lead to potential issues such as misdirected correspondence or regulatory penalties for not complying with the requirement, which underlines the importance of adhering to the 30-day timeframe. Other time frames, such as 10, 90, or 180 days, do not align with the regulations that mandate prompt reporting of such changes, which is why they are not correct in this context.

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