Alaska Property & Casualty Insurance Practice Exam Questions and Answers

The Insurance Director is Appointed by the commissioner of commerce and economic development The Insurance Director may do all of the following EXCEPT Rewrite insurance laws at any time What is the maximum civil penalty that may be assessed for a willful violation of the Insurance Code? $25,000 An insurer formed under the laws of Alaska is known as A domestic insurer The consideration for insurance is called The premium AN authorized insurer may also be referred to as An admitted insurer Which of the following statements is TRUE with regard to license applicants Applicants must pass a state licensing exam A temporary license may be effective for up to 90 Days A domestic incorporated insurer with capital divided into shares and owned by its stockholders is known as A stock insurer Licenses are renewed Biennially on a date set by the Director The Director may require insurers to renew appointments Annually Every domestic insurer must be examined by the Insurance Director at least once every 3 years After an examination of a person's insurance transactions and affairs has been completed, the Director will record the findings in an examination report. The Director will give a copy to the person examined and allow up to_____________ for that person to submit a rebuttal. 30 days