Answer:
3 years.
Explanation:
In addition to penalties, fines, and possible imprisonment for violating the provision relating to misrepresentation, the Commissioner may suspend the license of such person for a period up to three (3) years in the United States of America. Also, the penalty for misrepresentation by any agent is to be charged for misdemeanor, a maximum fine of $25,000, and/or a possible one (1) year imprisonment.
Under Insurance law, misrepresentation can be defined as the act of intentionally issuing a statement so as to deceive, mislead or distract an individual or organization to an insurance policy or contract. Misrepresentation is considered to be illegal and as such a fraudulent act when any insurance company or agent indulges in it.
