Final answer:
Valid reasons for suspending or revoking an insurance producer's license include writing primarily controlled business and involvement in dishonesty or fraud related to insurance activities. Not meeting a sales quota or filing for bankruptcy, without other factors, would not typically lead to license suspension or revocation.
Step-by-step explanation:
A valid reason for suspending or revoking an insurance producer's license would be writing primarily controlled business. Controlled business refers to insurance policies that are sold to individuals who have a close relationship with the insurance producer. It is considered a conflict of interest and can jeopardize the integrity of the insurance industry.
Not meeting a sales quota, while it may result in consequences such as loss of employment or incentives, is not typically a reason for license suspension or revocation. Issuing a conditional receipt is a legitimate practice in insurance, where a receipt is given to a customer as evidence of coverage before the policy is issued or approved. Therefore, it would not be a valid reason for license suspension or revocation.
Filing for bankruptcy is a serious financial matter, but it alone does not necessarily warrant the suspension or revocation of an insurance producer's license. However, if the bankruptcy involves dishonesty or fraud related to insurance activities, it can be grounds for license suspension or revocation.