Final answer:
Pete's license as an insurance agent has been suspended due to violation of state insurance law. This suspension means that Pete cannot sell insurance or engage in any insurance-related activities until his license is reinstated.
Step-by-step explanation:
Pete the agent recently had his license suspended because he was found to be in violation of state insurance law. This means that Pete's license to practice as an insurance agent has been temporarily revoked due to his failure to comply with the rules and regulations set by the state regarding the insurance industry.
As a result of the suspension, Pete is no longer legally authorized to sell insurance or engage in any insurance-related activities until his license is reinstated. This is a serious consequence for Pete as it may impact his career and financial prospects in the insurance industry.
To regain his license, Pete will likely need to satisfy certain requirements imposed by the state, such as completing a period of suspension, paying any fines or penalties, and possibly undergoing additional training or education in insurance law and ethics.