California Insurance Code 1758.98 – Under the authority of the credit insurance agent license, a credit …
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Under the authority of the credit insurance agent license, a credit insurance agent shall not do any of the following:
(a) Offer to sell insurance except in conjunction with, and incidental to, a loan or extension of credit.
Terms Used In California Insurance Code 1758.98
- Credit insurance: includes credit life insurance, credit disability insurance, credit involuntary unemployment insurance, credit loss-of-income insurance, credit property insurance, or guaranteed asset protection (GAP) insurance. See California Insurance Code 1758.992
- Dependent: A person dependent for support upon another.
- insurance agent: as used in this chapter does not include a life agent as defined in this article. See California Insurance Code 1621
- license: includes a certificate of convenience and a permanent license, and the term "persons who are licensed" includes the holders of any such certificate or the license, but these definitions and the use of those terms in this chapter shall not confer upon a certificate of convenience or any holder thereof any property right in or to the certificate, the certificate being and remaining only a temporary permit, issued as a matter of convenience, allowing the transaction of insurance without a permanent license, but within the limits, and subject to the conditions of the certificate of convenience issued and the laws applicable thereto. See California Insurance Code 1627
- Person: means any person, association, organization, partnership, business trust, limited liability company, or corporation. See California Insurance Code 19
(b) Advertise, represent, or otherwise portray itself or its employees, agents, or endorsees as licensed insurers, life agents, property broker-agents, or casualty broker-agents.
(c) Pay any unlicensed person any compensation, fee, or commission dependent on the placement of insurance under the agent’s license. Nothing in this subdivision shall prohibit production payments or incentive payments to an endorsee.
(Amended by Stats. 2011, Ch. 411, Sec. 51. (AB 1416) Effective January 1, 2012.)