WI Health Insurance Exam - The Numbers

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$1000

Maximum fine per day for violation of an order

$10000

Maximum penalty for violation of statute by a corporation

$5000

Maximum total penalty for person violating insurance statues

30 day

Medicare supplements have a _____ free-look period

30 days

Mid-term cancellation of workers compensation required ______ advance written notice.

40

Minimum standards for policy readability approval is a minimum score of ___ on the Flesch reading ease test of equivalent.

60 days

Nonpayment of premium is an allowable reason for mid-term cancellation of a policy that has been in force for ________ or longer.

75%

On contributory group plans, usually _____ of the eligible employees must enroll.

100%

On noncontributory group plans, ____ of the eligible employees must enroll

3 months

People who have been insured for at least _____ under a group contract must be allowed to continue coverage under an individual contract.

3 years

minimum time to keep records

20 hours

required prelicensing education

12 months

short-term medical policies are temporary in nature, generally lasting at most _______

31 days

the grace period on a group policy

10 days

A policyholder may return a policy within _____ after receiving it.

15 working days

Amount of time for after receipt of request, for insurer to supply insured with a copy of the application

10 days

Amount of time for the advance notice to the policyholder for midterm policy cancellation

30 days

Amount of time in which after a notice, the unpaid claim is considered overdue.

15 days

Amount of time that appointments are effective prior to being entered in the licensing system.

2 weeks

Amount of time to comply with an order before a penalty is issued

100%

A self-employed sole proprietor may tax deduct ____ of the premiums paid for medical expense insurance

2-50

A small employer must have between _____ employees

15 days

Amount of time to notify agent of termination of appointment

30 days

Amount of time to report a change in intermediary status or felony or misdemeanor conviction

$100,000

Amount of bond that may be required for surplus lines agents and brokers

60 days

Amount of time for a notice to the insured when cancelling a policy in effect for more than one year

200%

An agent's first-year commission CANNOT exceed what percentage of the renewal commission for servicing a Medicare Supplement policy in its second year.

60 days

An insurance policy is considered a "new policy" if it has been in effect for what maximum time period?

60 days

An insurer decides to renew a policy but at a higher premium rate, starting on the renewal date. How many days in advance must the insured be notified

7.5%

Annual interest rate on overdue claims payments

10 years

Any licensed person whose activities affect commerce and who knowingly makes false material statements related to the business of insurance may be imprisoned for up to ____

180 days

Applicants must complete a Crime Information Bureau form within how many days before taking their state exam?

30 days

Applicants must submit application within 30 days of passing examination

$35

Biennial regulation fee for resident producers

20 days

Days for a commissioner to act on a petition before it is considered denied

20 days

Days for an aggravated person to request a hearing

10-60 days

Days for commissioner to give hearing after a request

2 years

Disability policies are incontestable once they have been in force for _______

40

Every disability policy providing coverage of expenses incurred for inpatient hospital care must provide coverage or no less than __ home health care visits in any 12-month period for each person under the policy

5 years

Examine domestic insurers and licensed rate service organization every _______ (Amount of time)

2 years

Except for fraud, health insurance policies are incontestable after they have been in force for _____

20 days

Following hospitalization for at least three days, if medically necessary, Medicare pays for all covered services during the first ____ in a skilled nursing facility.

24 hours

Hours of continuing education every 2 years

3

How many copies of replacement forms must be filled out and signed by the agent and the applicant during replacement of disability insurance

30 days

How many days are given to request a hearing after an order is issued without one.

90 days

If the commissioner disapproves a form used by an insurer, the use of the form must be discontinued within the maximum of how many days

180

If the insurer is discontinuing offering ALL individual health benefit plan coverage , ______ notice is required

60 days

If there is a premium owed for a newborn child's coverage, it must be paid within ____ after the date of birth

10%

Individuals who itemize deductions can claim deductions for medical expenses not covered by health insurance that exceed what percent of their adjusted gross income>?

once a year

Insurers are required to file a grievance report with the OCI __________

90 days

Insurers may discontinue offering a particular type of individual health benefit plan coverage in a state if it provides notice at least ____ before the date on which it will be discontinued

3 months

Insurers must permit people who have been insured for at least ______ under a group contract to continue group coverage or convert to an individual contract if the group coverage ends because of divorce, annulment, death or any other reason except discharge for misconduct.

30 days

Life settlements in Wisconsin must allow for a _______ right to rescind the contract

30 day

Long-term care policies have a ____ free-look period.

3 days

Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained?

10 days

The grace period on a policy with a monthly premium

7 days

The grace period on a policy with a weekly premium

10 days

________ advance written notice is required when canceling a policy that has been in effect for less than 60 days

30 days

a passing score on an examination is good for _______

5 years

amount of time a person whose license has been revoked can reapply.

1 year

amount of time after time required by policy for insured to send proof of loss

30 days

amount of time to notify the commissioner of a change of address

12 months

maximum probationary period

$300,000

The maximum obligation of the Insurance Security Fund on a single risk, or loss of life is _________

50

The minimum score for Medicare Supplement policies is ___ for the Flesch reading ease test.

$2,500

The penalty for willfully violating the Fair Credit Reporting Act cannot exceed _______

2 years

Total disability is when the insured cannot perform his or her own job for the first ____

20

Under COBRA, employers with ___ or more employees must allow terminated employees and their dependents to continue their group coverage by paying 102% of the group rate.

5 months

Waiting period for Social Security disability benefits

20%

What is a penalty tax for noqualified distributions from a health savings account

15%

What is the maximum increase in health insurance rates that an insurer can impose on a small employer in one year due to claim experience?

30 days

When a policy form is filed if it is not disapproved by the Commissioner within _____ of filing it is deemed approved

30 days

When the appointment of an individual agent is terminated, the insurer must notify the Office of the Commissioner with appropriate forms within how many days after the termination date?

18

minimum age to apply for insurance license


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