Exams / Illinois Life Insurance Producer License / 215 ILCS 5/421

215 ILCS 5/421 — what it says, and how the exam tests it

This section is cited by 2 of our practice questions and is tested on 5 exams including the Illinois Life Insurance Producer License.

The text

215 ILCS 5/421. (from Ch. 73, par. 1028) Sec. 421. Declaration of purpose. The purpose of this article is to regulate trade practices in the business of insurance in accordance with the intent of Congress as expressed in the Act of Congress of March 9, 1945 (Public Law 15, 79th Congress), by defining, or providing for the determination of, all such practices in this State which constitute unfair methods of competition or unfair or deceptive acts or practices and by prohibiting the trade practices so defined or determined. (Source: Laws 1959, p. 734.)

Public record. Read the full, current section at the official source: www.ilga.gov

How it comes up on the exam

Practice questions written from this section — answers and explanations are in the drill.

  1. Under the Illinois Insurance Code, what is the stated purpose of Article XXVI (the Trade Practices Article)?
    drill Illinois Statutes and Regulations Common to All Lines →
  2. Under Illinois law, what is the stated purpose of Article XXVI of the Insurance Code?
    drill Illinois Statutes and Regulations Common to All Lines →

Exams that test this section