Insurance Laws in Wisconsin and Insurance Regulation Questions with 100% Correct Answers
Insurance Laws in Wisconsin and Insurance Regulation Questions with 100% Correct Answers 1033 Waiver - Used to get back into the insurance industry after previous violation. Needs to be granted by the Commissioner. According to the rule of readability of insurance policies in this state, what is a required minimum score on the Flesch reading ease test for Medicare supplement policies? A. 30 B. 40 C. 50 D. 60 - C Affirmative Warranty - Express or implied positive representation that affirms an existence of a fact at the time the policy was entered into. After the original hearing and final order is issued, an aggrieved person may request a re-hearing how many days later? - 20 days Are you allowed to use an official position such as government or civil service to have a person purchase an insurance policy from a specific insurer? - No Binders - Temporary proof of policy contract and are good for 30 days, as well as oral contracts. Can agents share commissions? - Yes, only if they have the same licenses. Can you charge extra for gas, working late-fees, and other charges for protection? - No Certificate of Insurance - Outlines the contract provisions and benefits. Churning - Replacing insurance policies for the sole purpose of making commissions. Civil Penalty - Non-criminal restitution for wrongdoing usually resulting in a fine. Coercion - To require, as a condition to a loan, that the applicant purchase insurance from a specific insurer.
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