Life Insurance

In this state, insurers must pay a claim within how many days of receiving proof of loss?

30 days

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

60 days

The commissioner issues an order without holding a hearing. The person aggrieved by this order demands a hearing shortly after receiving the order. The hearing must be held within a maximum of how many days?

60 days

Which authority is NOT stated in an agents contract but is required for the agent to conduct business?

Implied

What annuity settlement option pays benefits to two or more annuitants but stops on the death of the first?

Joint Life

When does an agents license expire?

Last day of the agents birthday month every other year.

Policies issued in this state must be presented in a meaningful sequence, be appropriately captioned must provide definitions where appropriate, and must be printed in specified type. All these requirements refer to the rule of?

Readability

Any inducement offered to the insured in the sale of insurance that is not specified in the policy is called?

Rebating

This person is required to complete a pre-licensing education in Wisconsin.

Resident applicant with a 2 year associates degree in business management.

Under what circumstances may an insurer cancel or refuse to renew an insurance policy based upon the past criminal record of the insured?

Upon conviction of an offense directly related to the risk insured.

An insurance company receives an application with some information missing and issues the policy anyway. What is this called?

Waiver

What is a term used in a insurers application that means absolute truth?

Warranty

The commissioner obtains a restraining order against a person who has violated an insurance law. The person continues the violation for 10 days. The person has to pay a fine of, how much?

$0.00

A surplus lines agent or broker may be required to supply a bond of no greater that what amount?

$100,000

What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?

$2,500

Insurance regulations in this state require prompt initiation and completion of claims, investigations, and delivery of necessary claims forms and assistance to the insured and claimants. what constitutes prompt action?

10 consecutive days

Produces evaluations of insurers financial status often used by state departments of insurance?

AM Best & Company

Which of the following terms describes a situation when the policyholder and agent act together to defraud the agency?

Collusion