General Wisconsin Insurance Law

$35

A resident agent must pay a biennial regulation fee of: A. 35 B. 50 C. 70 D. 100

50

According to the rule of readability of insurance policies in this state, what is a required minimum score on the Flesch reading ease test for Medicare supplement policies? A. 30 B. 40 C. 50 D. 60

A15

An insurer terminates an agent's appointment. Within how many days of termination must the intermediary be notified? A15 B20 C30 D10

Indefinitely

An intermediary's license remains in effect for how long? A. 1 year B. 2 years C. 3 Years D. Indefinitely

5000

Any person who violates an insurance statute or rule of WI can be fined up to: A. 5000 B. 10000 C. 20000 D. 50000

B. Without receiving written consent from an insurance regulatory authority.

Federal Law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce A. Without receiving written consent from a Federal Judge. B. Without receiving written consent from an insurance regulatory authority. C. Under any circumstances. D. Unless they have served an appropriate prison sentence.

D. 30 days

How long are oral contracts valid in Wisconsin? A. Oral contracts are not valid B. 48 hours C. 3 business days D. 30 days

Every 3 years

How often are domestic insurers examined by the Commissioner? A. Every 5 years B. Biennially C. Annually D. Every 3 years

The change must be reported to the Department.

If a licensee wants to transact insurance under a different name than that listed on his or her producer's license, which of the following must? A. It is illegal to transact insurance under any name other than the one listed on the license. B. The change must be reported to the Department. C. The change must be reported to the Federal Producer's Directory. D. The licensee must obtain a new license.

Must be informed of the source of the report.

Under the Fair Credit Reporting Act, People reject for insurance due to information contained in a consumer report. A. Must be advised that a copy of the report is available to anyone who requests it. B. May sue the reporting agency in order to get inaccurate data corrected. C. Must be informed of the source of the report. D. Are entitled to obtain a copy of the report from the party who ordered it.

5 years

When the Commissioner revokes an intermediary's license for any reason other than nonpayment of fees, the intermediary may NOT apply for a new license for how many years? A. 1 year B. 3 years C. 4 years D. 5 years

A. Surplus Lines agent

Which of the following is a licensee able to place insurance with unauthorized insurers? A. Surplus lines agent B. Reinsurance intermediary C. Reinsurance broker D. Managing general agent

A. Life settlement Broker

Which of the following is a person who receives a fee or commission to attempt to negotiate settlements between a life insurance policyholder or certificate holder and one or more life settlement providers? A. Life settlement Broker B Surplus Lines borker C. Reinsurance agent D. Life intermediary

Telling a client that his first premium will be waived if he purchased the insurance policy today.

Which of the following is an example of a producer being involved in an unfair trade practice of rebating? A. Inducing the insured to drop a policy in favor of another one when it's not in the insured's best interest. B. Charging a client a higher premium for the same policy as another client in the same insuring class. C. Making deceptive statements about a competitor. D. Telling a client that his first premium will be waived if he purchased the insurance policy today.

Reinsurance manager

Which of the following is any person who has authority to bind, or manages all or part of the assumed reinsurance business of a reinsurer and acts as an agent for the reinsurer? A. Reinsurance B. Reinsurance manager C. Managing general agent D. Reinsurance broker

Reinsurance manager

Which of the following is any person who has authority to bind, or manages all or part of the assumed reinsurance business of a reinsurer and acts as an agent for the reinsurer? A. Reinsurance agent B. Reinsurance manager C. Managing general agent D. Reinsurane broker

B. The Fair Credit Reporting Act

Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information? A. Consumer Privacy Act B. The Fair Credit Reporting Act C. Unfair Trade Practices Law D. The Guaranty Association

Collusion

Which of the following terms describes as situation in which an agent and policyholder act together to defraud the insurer? A. Collaboration B. Collusion C. Coercion D. Teaming

A. Resident applicant w/ a 2 year associate's degree in business management.

Which of the follwing persons is required to complete prelicensing education in Wisconsin? A. Resident applicant w/ a 2 year associate's degree in business management. B. Any person who has completed a 2-year WI vocational school degree in insurance C. Any person who has completed a 2-year WI vocational school degree in insurance D. Limited lines title insurance applicant