WI Health Insurance Exam - The Numbers
$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
