P & C - numbers
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 will have to pay a fine of:
$0 - The Commissioner may obtain a temporary or permanent injunction or restraining order for any violations of insurance laws. If a person does not comply with an order issued within 2 weeks after the Commissioner has given notice, the Commissioner may issue a forfeiture of up to $5,000 for each day that the violation continues.
If a person does not comply with an order issued within 2 weeks after the Commissioner has given notice, for each day that the violation continues, the Commissioner may issues a fine of up to:
$5,000
Maximum amount of compulsive forfeiture for noncompliance with an order
$5,000
The Wisconsin Insurance Plan's maximum limit of coverage against a loss by burglary or theft on any dwelling is
$5,000
An insured's roof cost $4,000 when installed 5 years ago. It has been damaged by hail and must be replaced. The new roof will cost $6,000 at today's prices. If the roof has been depreciating at $200 per year and the insured's policy is written on the ACV, how much will the policy pay toward the insured's new roof?
$5,000 = $6,000 - $1000 ($200x5) replacement cost - depreciation = ACV
How much coverage is provided under a homeowners policy for theft or unauthorized use of a credit card?
$500
If an insured covered under a Mobile Homeowners Policy moves the mobile home to protect it from a covered peril, the policy will pay up to:
$500
WIP's maximum limit of coverage for fire policies on any eligible property, other than a dwelling, at one location is
$500,000
After time required by policy for insured to send proof of loss
1 year
Maximum period for temporary license
1 year
Advance notice to the policy holder for midterm policy cancellation
10 days
Within the first 60 days of coverage under a dwelling policy, how much notice is required for the cancellation of a policy?
10 days
Under the businessowners policy Section I, if an insurer wants to nonrenew a policy for nonpayment of premium, how many days before the expiration date must the insurer notify the mortgageholder?
10 days - If an insurer will not be renewing a policy for nonpayment of premium, according to businessowners policy Section I, it must notify the mortageholder at least 10 days before the policy expires.
An insured just suffered a loss. Within how many days should she file a claim with her insurer?
10 days - all claims must be reported to the insurer or its designated claim representative within 10 consecutive days following the loss.
Any licensed person whose activities affect interstate commerce and who knowingly makes false material statements related to the business of insurance may be imprisoned for up to . . .
10 years 15 years if activity jeopardized the security of the accompanied insurer
Amount of time for Commissioner to give hearing after a request
10-60 days
To be eligible for coverage under a BOP, an office building cannot exceed how much in square footage?
100,000 square feet
If reasonably possible, a notice of proof of loss claim must be provided to the insurer within what period of time after the time required by the policy?
12 months
No pre-licensing education required if license held in another state for same line of authority
12 months
Time period to determine commissions from controlled business
12 months
If the ownership of an insured vessel changes involuntarily, within how many days of the ownership transfer will the hull policy terminate?
15 days
Time appointments are effective prior to being entered in the licensing system
15 days
After a receipt of request, for insurer to supply insured with a copy of the application
15 working days
Amount of time to comply with an order before a penalty is issued
2 weeks
Amount of time for an aggrieved person to request a re-hearing
20 days
During a house fire, an insured moves an antique chair listed on the policy to a storage unit. In the Standard Fire Policy, how many days will the antique chair be covered at the new location?
5 days
If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?
5 days
Before a person with a revoked license can reapply?
5 years
Examine domestic insurers and licensed rate service organizations
5 years
The notice reporting the insurer's known deficiencies must remain open and available for inspection for how long?
5 years
Up to what HP for inboard and outboard powered boats does a Homeowners policy cover? Sailing vessels up to how many feet? Up to what $ amount of coverage?
50 HP for inboard 25 HP for outboard 26 ft $1,500 in coverage
Amount of time a temporary license is issued for - short period of time, issued for continuation of existing business
6 months
A policy may be issued for a term longer than one year or for an indefinite term as long as there is a clause in the policy providing for cancellation by giving how much notice prior to the anniversary date?
60 days
According to the Insured Duties after a Loss provision in homeowners policies, if the insurer requires a signed, sworn proof of loss, the insured must provide within how many days?
60 days
According to the loss payment condition in HO policies, losses must be paid within how many days of the insurer receiving proof of loss?
60 days
An insurance policy is considered a "new policy" if it has been in effect for what maximum time period?
60 days
Notice to insured when canceling a policy in effect for more than 1 year
60 days
According to the Fair Credit Reporting Act, consumer reports are prohibited from reporting negative information about a customer after how many years?
7 years
Under the examinations of books and records condition, the insurance company has the right to examine and audit the insured's books and records related to the policy:
During the policy and for up to 3 years after the termination of the policy
How often must individual agents pay their licensing fees?
Every 2 years
A large antenna is damaged when a tree branch hits an insured farm dwelling during a storm. Coverage A of a farm property coverage form would insure damages for this occurrence up to:
$1,000
An insured has a homeowners policy and is required to be a member of the homeowners association in her neighborhood. The association's community house has burned down, and the insured has been assessed $1200 for her share of the rebuilding costs. How much of the assessment will her homeowners policy pay?
$1,000
Maximum fine for a firm whose agent has committed a violation
$1,000
Maximum fine per day for violation of an order
$1,000
A person who knowingly obtains information on a consumer from a consumer reporting agency under false pretenses may be imprisoned for up to how many years?
2 years
Number of hours required for pre-licensing education
20 hours
Continuing education required every 2 years? CE credits in ethics
24 hours 3 hours
Minimum placed risks with all insurers in 1 year to be considered more than occasional exchange of business
25
If the actual values exceed the limit of insurance, the businessowners policy (BOP) contains a seasonal increase provision that automatically increases the limit of insurance for business personal property by:
25% - The BOP contains a seasonal increase provision that automatically increases the limit of insurance for business personal property by 25% if the actual values exceed the limit of insurance.
In businessowners insurance, the insurer will pay up to what additional amount for debris removal expense if the debris removal expense exceeds the 25% limitation?
$10,000
Maximum total penalty for person violating insurance statutes
$10,000
A surplus lines agent or broker may be required to supply a bond up to what amount to the Commissioner's office?
$100,000
What is WIP's maximum limit of coverage for a fire policy on personal property at one location?
$100,000
The Wisconsin Insurance Plan's maximum limit of coverage against loss by burglary or theft on any eligible property, other than a dwelling?
$15,000
DP-2 Broad Theft Coverage Limits - jewelry, watches, furs, stones
$1500
DP-2 Broad Theft Coverage Limits - other trailers
$1500
DP-2 Broad Theft Coverage Limits - securities, deeds, letters of credit, tickets, passports
$1500
DP-2 Broad Theft Coverage Limits - watercraft & trailers, equipment, outboard motors
$1500
A pizza shop has a neon sing attached to its building. During a severe thunderstorm, the sign is damaged by wind and hail. What is the maximum amount the business's building and personal property policy will pay for the damage to the sign?
$2,500
Amount that landlord furnishings in an on-premises apartment are covered in an HO policy?
$2,500
Under a commercial property special form, furs and fur garments are covered up to:
$2,500
What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?
$2,500
DP-2 Broad Theft Coverage Limits - money, bank notes, silver, gold, coins
$200
What is the maximum limit of coverage that may be provided on any dwelling at one location under a fire policy issued by the Wisconsin Insurance Plan?
$200,000
Equipment breakdown policy includes how much in expediting expenses?
$25,000
DP-2 Broad Theft Coverage Limits - firearms and related equipment
$2500
DP-2 Broad Theft Coverage Limits - silverware, tea sets, trophies
$2500
A grave marker was damaged by vandals. It would cost $3,000 to have the damage repaired. Under these circumstances, how much would a homeowners policy pay?
$3,000 - Homeowners 2000 policy will pay up to $5,000 for grave markers, including mausoleums, on or away from the premises for loss caused by a peril insured against under Coverage C.
Biennial regulation fee for resident producers
$35
In a liability policy with split limits of 20/40/10, what is the maximum amount payable for bodily injury to two or more people per occurrence?
$40,000
Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained?
3 days
A surplus lines licensee must maintain records that are open and available for inspection by the Commissioner for how long after the termination of the contract?
3 years
How many years from the cancellation or nonrenewal of a commercial property policy may an insurer audit the books or records of the insured?
3 years
Minimum time to keep records
3 years
Percent of gross premiums surplus lines licensees are required to collect and pay to the sate in premium tax
3%
Maximum imprisonment for person violating insurance code????
3.5 years
After notice, unpaid claims are considered overdue
30 days
Amount of time for a Commissioner to act on a re-hearing petition before it's considered denied
30 days
Amount of time to notify Commissioner of termination of appointment
30 days
Amount of time to request a hearing after an order is issued with one
30 days
Amount of time you have to report new property to be added to scheduled personal property endorsements
30 days
How long are oral contracts valid in WI?
30 days
To notify Commissioner of address change
30 days
To report change in intermediary status or felony or misdemeanor conviction
30 days
Under businessowners policy Section II, if an insurer wants to cancel a policy for any reason except nonpayment of premium, how many days before the effective cancellation date must the insurer notify the mortgageholder?
30 days
Agents must keep records of CE completion
4 years
Minimum placed risks with one insurer in 1 year to be considered more than an occasional exchange of business
5
annual interest rate on overdue claims payments
7.5%
Maximum time limit during which multiple volcanic activities are considered a part of one occurrence?
72 hours
How soon after a direct loss does the period of restoration for business income coverage under businessowners property insurance begin?
72 hours - the period of restoration for business income coverage begins 72 hours after the direct loss, or immediately for extra expense coverage. It ends on the date the property has been repaired or business has resumed