WI Insurance Licensing 22-12 Practice
Questions with Correct Verified
Answers 2026-2027. Graded A
$1,000 - ANSpenalty for a financial institution that violates proper disposal
of personal information records
$5,000
for each day the violation continues after commencement of a suit -
ANSthe maximum compulsive forfeiture that can be levied against an
individual intermediary per violation
1 year - ANSthe suicide clause in a guaranteed issue credit life policy
cannot exceed:
10 days - ANSthe debtor's right to return the credit life or disability policy or
certificate of insurance shall be within how many days of occurring the
indebtedness and receive a full refund?
10 days after notice has been sent by first class mail or hand delivered to
insured. - ANSWhen a credit policy is cancelled by the insurer within the
first 60 days of the contract, how long of notification is required to be given
to the insured?
1
,20% - ANSIf your down payment is less than this percent on a conventional
mortgage, then private mortgage insurance PMI will be required
3 years - ANSAn intermediary must maintain replacement and suitability
records for:
3 years jail and $5000 fine - ANSCriminal penalties that can be imposed on
an insurance licensee other than a corporation:
30 days - ANSHow many days after it receives proof of loss must the
insurance company pay a claim?
34 days - retroactive means after the waiting period, look back to the first
day of disability - insured entitled to disability benefits for all 34 days -
ANSMr. B has a credit accident and health policy with a 14 day retroactive
elimination period. If Mr. B has been disabled for 34 days, how many days
is he entitled to disability benefits?
5 years - ANSAn intermediary whose license was revoked for an
unspecified period of time can reapply after:
60 days for revoke
30 days for suspension - ANSIf biennial fees are not paid, your
intermediary's license will be revoked within how many days after the due
date?
2
, 65 years old - ANSthe credit insurance prima facie rates are presumed to
produce reasonable benefits in relation to the cost of coverage provided
and to offer coverage to all debtors regardless of age, or to make age
restrictions for debtors not less than what age?
a hearing - ANSif the Commissioner holds a get-together for purpose of
listening to comments by consumers, insurers, agents about new policies,
this type of event would be considered
a promissory warranty - ANSA statement which is true and material,
providing for the accomplishment of a contract condition in the future
accidental injury - ANSAll of the following are common exclusions found in
most credit disability policies EXCEPT:
-preexisting conditions
-accidental injury
-military service
-war
actual cash value - ANSAll of the following are common exceptions to the
principle of indemnity EXCEPT:
replacement cost coverage
life insurance policy
stated or face amount policy
actual cash value
3
Questions with Correct Verified
Answers 2026-2027. Graded A
$1,000 - ANSpenalty for a financial institution that violates proper disposal
of personal information records
$5,000
for each day the violation continues after commencement of a suit -
ANSthe maximum compulsive forfeiture that can be levied against an
individual intermediary per violation
1 year - ANSthe suicide clause in a guaranteed issue credit life policy
cannot exceed:
10 days - ANSthe debtor's right to return the credit life or disability policy or
certificate of insurance shall be within how many days of occurring the
indebtedness and receive a full refund?
10 days after notice has been sent by first class mail or hand delivered to
insured. - ANSWhen a credit policy is cancelled by the insurer within the
first 60 days of the contract, how long of notification is required to be given
to the insured?
1
,20% - ANSIf your down payment is less than this percent on a conventional
mortgage, then private mortgage insurance PMI will be required
3 years - ANSAn intermediary must maintain replacement and suitability
records for:
3 years jail and $5000 fine - ANSCriminal penalties that can be imposed on
an insurance licensee other than a corporation:
30 days - ANSHow many days after it receives proof of loss must the
insurance company pay a claim?
34 days - retroactive means after the waiting period, look back to the first
day of disability - insured entitled to disability benefits for all 34 days -
ANSMr. B has a credit accident and health policy with a 14 day retroactive
elimination period. If Mr. B has been disabled for 34 days, how many days
is he entitled to disability benefits?
5 years - ANSAn intermediary whose license was revoked for an
unspecified period of time can reapply after:
60 days for revoke
30 days for suspension - ANSIf biennial fees are not paid, your
intermediary's license will be revoked within how many days after the due
date?
2
, 65 years old - ANSthe credit insurance prima facie rates are presumed to
produce reasonable benefits in relation to the cost of coverage provided
and to offer coverage to all debtors regardless of age, or to make age
restrictions for debtors not less than what age?
a hearing - ANSif the Commissioner holds a get-together for purpose of
listening to comments by consumers, insurers, agents about new policies,
this type of event would be considered
a promissory warranty - ANSA statement which is true and material,
providing for the accomplishment of a contract condition in the future
accidental injury - ANSAll of the following are common exclusions found in
most credit disability policies EXCEPT:
-preexisting conditions
-accidental injury
-military service
-war
actual cash value - ANSAll of the following are common exceptions to the
principle of indemnity EXCEPT:
replacement cost coverage
life insurance policy
stated or face amount policy
actual cash value
3
