Which of the following statements about reinstating a lapsed producer license is NOT true?

The statement regarding reinstating a lapsed producer license that is NOT true is that a producer's license may be reinstated within 24 months without having to pass a written exam. In many jurisdictions, including Illinois, the time frame for reinstating a lapsed license typically stipulates that a producer may do so within 12 months without retaking the written exam.

If a producer’s license lapses for longer than 12 months, they are often required to pass the licensing exam again to reinstate their license. This review process ensures that individuals maintain updated knowledge of current insurance laws and regulations, which is crucial for their role in protecting consumers and ensuring compliance with state standards.

Therefore, the correct answer highlights the importance of ongoing education and compliance in the insurance profession, emphasizing that a lapsed license beyond the designated period typically necessitates re-examination.