Question

Producer S brokered slightly more than $40,000 in insurance premiums last year. Based on this premium amount, what is the penalty (face) amount of the surety bond S is required to maintain in favor of the people of Illinois?

Answer 1

Producer S brokered slightly more than $40,000 in insurance premium last year, the penalty amount of the surety bond S is required to maintain in favor of the people of Illinois is $2,500.

Step-by-step explanation:

A producer that brokered more than $40,000 in insurance premium in a given year is required to pay a penalty amount of the surety bond of $2,500 in favor of the people of Illinois.