Illinois Casualty Insurance State Practice Exam

How much is the annual fee for Limited Lines insurance in Illinois?

1. $25 per year

2. $50 per year

3. $75 per year

4. $100 per year

The correct answer is: $50 per year

The annual fee for Limited Lines insurance in Illinois is established at $50 per year. This fee applies to individual and business entities that wish to conduct insurance transactions regarding limited lines, which may include specific types of insurance such as travel or rental insurance. This fee structure is part of the regulatory framework that ensures all licensed agents or agencies maintain their licenses in good standing, which is essential for protecting consumer interests and maintaining industry standards within the insurance market. The fee supports the administration and enforcement of insurance regulations by the state. Understanding this fee is critical for anyone pursuing a career in insurance or starting an insurance business in Illinois, as it influences the overall operational costs and compliance requirements that must be adhered to for legal operation within the insurance industry.