Hazel90418 Hazel90418

21-06-2024
Law

Answered

Which of the following is NOT a penalty for transacting insurance without being properly licensed?

A. A fine up to $10,000
B. A license suspension
C. Imprisonment up to 2 years
D. A ban on selling insurance up to 5 years

Answer :

GinnyAnswer GinnyAnswer

21-06-2024

Final answer:

Transacting insurance without a proper license can lead to severe penalties such as fines, license suspensions, and even imprisonment.

Explanation:

Penalty for transacting insurance without a proper license is a serious offense with legal consequences. Among the options provided, a ban on selling insurance up to 5 years is NOT typically a penalty for unlicensed insurance transactions. However, the other consequences such as a fine up to $10,000, a license suspension, and an imprisonment up to 2 years are common penalties imposed by regulatory bodies or the law.

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