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