Law Sup
A petition for rehearing may be submitted within how many days after the commissioner's order has been issued?
20
Intermediaries must maintain all financial records for how many years?
3
All surplus lines transactions are subject to a surplus tax of?
3%
An insurance claim is considered overdue if it is not paid within how many days?
30
What is considered an intermediary by the state of Wisconsin?
A surplus lines broker
The Wisconsin Insurance Plan (WIP) would provide basic insurance protection for?
An apartment building
In order to sell insurance for an insurer, the producer must first?
Be appointed by that insurer
What is not a prohibited classification risk?
Current mental stability
What example must be covered by workers compensation insurance?
High school teacher
All of the following are considered to be unfair and deceptive trade practices EXCEPT
Issuing checks in full settlement of a claim that contain language releasing the insurer from liability
What are prohibited classification risks?
Past criminal record, age, and marital status
To increase sales activity as a new agent, Norm offers two nights' stay at a nice downtown hotel to the first 10 clients who purchase a homeowners, auto, and life insurance policy with his agency. Norm is guilty of?
Rebating
What term is used to describe a new policy written to take the place of a policy already in force?
Replacement
All of the following must be licensed to do business in Wisconsin EXCEPT
Secretarial or clerical workers in an intermediary's office
The commissioner gives approval to an insurer to do business in Wisconsin in?
a certificate of authority
The following statements regarding uninsured motorist coverage requirements in Wisconsin are correct EXCEPT
a policy must provide for 100/300 under insured motorist coverage limit
"An individual who negotiates coverage for compensation on behalf of an insurer" best describes?
an agent
The Wisconsin Automobile Insurance Plan is available to?
anyone with a car registered in the state of Wisconsin
In Wisconsin, the commissioner of insurance is?
appointed by the governor
By examining an insurer's records, the Insurance Commissioner assesses the insurer's?
compliance with state laws
All of the following are considered components of competence under Wisconsin Law EXCEPT
excellent customer service and sales skills
All of the following are duties of insurance licensees EXCEPT
file the list of agency appointments with the department of insurance
An intermediary's license can be suspended or revoked for all of the following EXCEPT
inadvertently violating Wisconsin insurance statutes
An insurer may cancel a property and casualty insurance policy before the term expires for all of the following reasons EXCEPT
its contract with the agent has ended
Which of the following is an example of an unfair claim practice?
knowingly misrepresenting claimants pertinent facts or policy provisions
When does the intermediary's license expire?
not until the OCI cancels, suspends, or revokes it
A surplus lines agent must keep a record of all the following for each surplus lines insurance contract EXCEPT
prior insurance declaration page
The OCI has the power to do all of the following EXCEPT?
prosecute violators of the insurance code
The commissioner may grant a temporary license to which of the following?
the family member is a disabled intermediary
The commissioner may fine an individual who has failed to obey an order issued from an enforcement proceeding up to?
$1,000 a day
The right to a hearing is waived if an aggrieved person does not demand a hearing within how many days after the mailing of an order?
30 days
All of the following are requirements for a person seeking a license as an agent in Wisconsin EXCEPT
B) being at least 21 years old
The chief officer of the state insurance department is not responsible for?
Enacting insurance laws
The head of the department of insurance can suspend a producers license for all the following reasons EXCEPT:
Making conservation efforts regarding the replacement of policies
Examination expenses are paid for by?
The examinee
Acts requiring a person to be licensed as a producer include all of the following EXCEPT
advertising insurance policies
If an insurer renews a property and casualty insurance policy with less favorable terms than the original policy. The policyholder can?
cancel the renewal policy
Which of the following is NOT a required provision for property and casualty insurance in Wisconsin?
listing all the possible endorsements for restricting or adding coverage available to the insured
Insurers and rate service organizations are required to file all rates, supplementary rate information, and changes to rates within?
30 days after they become effective
Which of the following statements regarding the payment of commissions is not correct?
A producer may not share commissions with a licensed nonresident producer
Which of the following would describe a producer engaging in the unlawful act of rebating?
A producer pays the premiums for a policyholder with the expectation that the policyholder will pay them back
A certificate of authority authorizes an insurer to do business in a state. Which of the following insurers are not required to have a certificate of authority?
A surplus lines insurer
What coverages are only available on private passenger vehicles through the WAIP?
Comprehensive coverage
An insurer organized in New York, but authorized to do business in Wisconsin is what kind of insurer?
Foreign
The producer's 16 year-old-son works in her insurance sales office. The producer would like to pay the son for insurance sales. Which of the following statements is accurate?
Insurance sales compensation may not be paid to the son
Which of the following statements is correct?
Residents of other states that are intermediaries in their state and receive a non-resident license in Wisconsin can write insurance on Wisconsin residents
In 1976, which policy was removed from the statutes to allow for the gradual development of other types of property insurance forms?
Standard fire policy
Which of the following actions or statement would be considered misrepresentation?
Stating that policy dividend are guaranteed
A person who is unable to afford auto insurance through the open market can get insurance through?
The Wisconsin Auto Insurance Plan
The head of the Wisconsin Department of Insurance is?
The commissioner of insurance
Wisconsin is a Valued policy state. Whenever a policy insures real property that is owned and occupied by the insured as a dwelling and the property is wholly destroyed without criminal fault on the part of the insured, the amount of the loss shall be taken conclusively to be?
The policy limits stated on declarations page of the insuring policy
Property insurance rates are considered excessive if?
They are likely to result in a profit to the insurer that is unreasonably high in relation to the risk involved
If the agent offered to pay part or all of a client's premium, this would be considered an example of?
Unfair inducement
Which of the following activities is not an example of misrepresentation?
an agent tells a prospect that the policy has achieved a certain level of dividends for the past 5 years
An example of unfair discrimination is best demonstrated by which of the following situations?
an insurer assigns a premium rating to an applicant because of studies that suggest members of the applicant's race have a shorter-than-average life expectancy
Exclusive agents do not have the responsibility for?
licensing producers
What is the maximum limit of coverage for fire policies under the Wisconsin Insurance Plan on any dwelling at one location and on any other eligible property at one location?
$200,000 and $500,000
In Wisconsin, every auto liability insurance policy may provide coverage for uninsured motorists in an amount of at least how much?
$25,000 per person and $50,000 per accident
Resident insurance intermediaries must pay regulation fees of?
$35 every 2 years
The court-ordered fine per day for violating a Wisconsin insurance law and failing to comply with the commissioner's order is?
$5,000
Which of the following actions is NOT an unfair claims method?
Denying a claim within a reasonable time after a proof of loss statement was completed
Which person is liable for misconduct of a minor operating a vehicle on Wisconsin highways?
Either or both of the minors parents
Financial responsibility laws require which of the following?
Motorists must show evidence of their ability to pay damages from accidents causing bodily injuries or property damage
Regarding the insurance business, what is an example of a self-regulatory body?
National Association of Insurance Commissioners (NAIC)
A producers license may be revoked for all of the following activities EXCEPT
Soliciting controlled business (ex: close family members)
Which of the following is NOT a required provision on a fire, inland marine, or other property form?
Time allowed for the insurer to pay a loss
An employer subject to the Workers Compensation Act is defined as all of the following EXCEPT
an employer of 5 or more employees
Which of the following is NOT required when reinstated a revoked license?
complete pre-licensing education for each line of authority
All of the following are considered unfair marketing practices EXCEPT
conversion
The Insurance Security Fund?
protects insureds against losses from unpaid claims if an insurer is liquidated
All of the following are considered components of trustworthiness under Wisconsin Law EXCEPT
refraining from conducting business in surplus lines insurance