What do we call the meeting the Commissioner holds to discuss new rules and regulations?a. Staff meetingb. Rules meetingc. Hearingd. Regulations meeting
c. Hearing
What kind of powers does the commissioner have?a. Specificb. Insured c. Numeratedd. Listed
a. Specific
If an insurer cancels a policy on the anniversary date, how many days notice does it have to give the insured?a. 10b. 15c. 30d. 60
d. 30
What is the maximum forfeiture or civil penalty that the commissioner may impose for failure to comply with an older?a. Not more than 3 years in jail.b. Not more than $1,000 per violation.c. Not more than $2,500 per violation.d. Not more than $5,000 per violation.
b. Not more than $1,000 per violation.
Which of the following is considered an intermediary and needs a license under Wisconsin law?a. Holder of group insurance policy who advises members.b. Representative of common carrier who sells baggage insurance.c. Person who gives advice for principal purpose of reducing risk of loss.d. Person who places insurance for benefit of another.
d. Person who places insurance for benefit of another.
In order to sell insurance in Wisconsin, a person musta. Be sponsored by an insurance carrier.b. Be a resident of the state.c. Be 21 years old.d. Be competent and trustworthy.
d. Be competent and trustworthy.
Exchange of business occurs between which parties?a. Agent and applicantb. Agent and companyc. Agent and another agentd. Two insurers
c. Agent and another agent
A surplus lines agent does business with whom?a. Domestic insurers b. Foreign insurersc. Unauthorized insurersd. Alien insurers
c. Unauthorized insurers
What is the maximum amount of bond that the Commissioner can require a surplus lines agent to supply?a. $50,000b. $100,000c. $250,000d. $500,000
b. $100,000
A temporary license may be issued:a. While a person is studying for a license exam.b. For a period of time not to exceed 6 months.c. To a deceased agent's personal representative.d. To a surplus lines intermediary.
c. To a deceased agent's personal representative.
Using the name, slogan, emblems, etc. to cause one intermediary to be mistaken for another is an example of:a. Unfair discriminationb. Misrepresentationc. Restraint of competitiond. Unfair restriction
b. Misrepresentation
Which of these is not a reason for midterm cancellation?a. Failure to make policy paymentsb. Failure to properly file an insurance claimc. Material misrepresentationd. substantial change in risk assumed
b. Failure to properly file an insurance claim
How long does an agent have to keep clients insurance transactions?a. 1 yearb. 2 yearsc. 3 yearsd. 5 years
c. 3 years
All of he following are true about "return of indicia" except...a. The carrier is bound by the acts of the agent until the carrier has made a reasonable effort to recover the indicia.b. The carrier should demand the indicia in writing.c. It is up to the agent whether to return the indicia or not.d. The commissioner determines whether the request is reasonable.
c. It is up to the agent whether to return the indicia or not.
Overdue claims require the insurer to pay what % interest?a. 5%b. 10%c. 12%d. 18%
c. 12%
The commissioner's job is to a. Interpret insurance lawb. Create insurance lawc. Override insurance lawd. Disregard insurance law
a. Interpret insurance law
What is the law regarding insurance company forms?a. Forms are use-then-file.b. Forms are exempt.c. Forms are require prior approvald. Forms must be filed before they are used.
d. Forms must be filed before they are used.
How many times can a West Bend agent spilt commission with an American Family agent in one year?a. Onceb. Twicec. Five timesd. Twenty-five times
c. Five times
Rates for an insured in the Wisconsin Workers Compensation Pool are...a. Slightly lower than rates in the regular marketb. The same as rates in the regular marketc. Slightly higher than rates in the regular marketd. Twice as high as rates in the regular market
b. The same as rates in the regular market
You had a hearing with the commissioner and are not satisfied with the outcome. How many days do you have to request a re-hearing?a. 10 daysb. 20 daysc. 30 daysd. 60 days
b. 20 days
The tax on the surplus lines insurance policy is...a. 1% of the gross premiumsb. 2% of the gross premiumsc. 3% of the gross premiumsd. 4% of the gross premiums
c. 3% of the gross premiums
Each licensed intermediary is required to notify the commissioner of a change in address within:a. 10 daysb. 20 daysc. 30 daysd. 60 days
c. 30 days
What is the maximum criminal penalty for an intermediary who intentionally violates a Wisconsin insurance statue or rule?a. $1000b. A fine up to $5000c. 3 years in jaild. A fine up to $5000 and 3 years in jail
d. A fine up to $5000 and 3 years in jail
The maximum amount of property coverage available from the WIP for a restaurant is a. $100,000b. $200,000c. $500,000d. $1,000,000
c. $500,000
If the insurance company wants to cancel a work comp policy for non-payment of premium, how many days' notice is required?a. 5 days' noticeb. 10 days' noticec. 30 days' noticed. 60 days' notice
c. 30 days' notice
Who pays the premium tax for unauthorized insurance?a. The policyholderb. The intermediaryc. The brokerd. The insurance carrier
a. The policyholder
Offering benefits or making agreements that are not specified in the policy in order to write the business is known as a. Misrepresentationb. Unfair discriminationc. Restraint of competitiond. Unfair inducement
d. Unfair inducement
Who is required to notify the policyholders of their rights to file a complaint?a. The insurerb. The agentc. The commissioner of insuranced. No notification is necessary
a. The insurer
How much time Is allowed to comply with an order after notice of compulsive forfeiture?a. 10 daysb. 2 weeksc. 30 daysd. 6 months
b. 2 weeks
What is the purpose of the Insurance Security Fund?a. To audit investment practices of carriers.b. To pay claims for policies written in the assigned risk plans. c. To oversee payment of claims when a court has ordered liquidation of an insurance carrier.d. To guarantee a minimum investment income for insurance carriers.
c. To oversee payment of claims when a court has ordered liquidation of an insurance carrier.