Wisconsin Property Insurance -Exam
Alletory Contract - Equal value is not given by both parties in the insurance contract. Either
insured collects more claims than premiums or insurer collects more premiums than claims paid.
All of the following must have an intermediary license except:
A) A town mutual insurance agent who sells only crop insurance.
B) A town mutual insurance agent who sells auto insurance.
C) A town mutual insurance agent who sells only property insurance.
D) A person who sells health insurance for a non-profit organization(i.e. Blue Cross/Blue Shield). -
C
The Commissioner has all of the following powers except:
A) Implied power.
B) Enforcement power.
C) Incarceration power.
D) Specified power. - C
Insurance laws in Wisconsin are made by:
A) The Commissioner of Insurance.
B) National Association of Insurance Commissioners (NAIC).
C) The Attorney General.
D) The Legislature. - D
To clarify a person's rights and duties under Wisconsin insurance law, the Commissioner will issue a:
A) Hearing.
B) Declaratory order.
C) Collateral examination.
,D) 20 day review notice. - B
What is the minimum number of days the OCI has to hold a hearing by a denied applicant for a license?
A) 10-30 days
B) 20 days
C) 5 days
D) 10 days - D
The Commissioner requires the insurance test to:
A) Determine if the applicant has committed a felony.
B) Determine if the applicant has taken Continuing Education classes.
C) Determine if the applicant if trustworthy and competent.
D) Determine if the applicant is at least a minimum 21 years of age. - C
If the Commissioner does not put a time length on a revocation the intermediaries license is revoked for:
A) 1 year
B) 5 years
C) 5 months
D) 15 months - B
If an applicant for an intermediary's license requests a hearing because of a denial of the license by the
Commissioner the intermediary has how many days to request the hearing?
A) 10 days
B) 20 days
C) 30 days
D) 3 months - C
All the following are not considered an intermediary except:
, A) A high school teacher teaching insurance.
B) An accountant giving incidental advice about insurance.
C) A risk manager for a large manufacturer.
D) A person going door-to-door soliciting accident policies. - D
Surplus Lines insurance is:
A) Unauthorized.
B) Authorized.
C) Neither authorized or unauthorized.
D) Not allowed in Wisconsin. - A
If a corporation is to be licensed in WI, how many executive officers must have their license?
A) 1 executive officer.
B) 2 executive officers.
C) 3 executive officers.
D) All executive officers must have their intermediary license. - A
All of the following changes must be reported to the Commissioner's Office except:
A) Disciplinary action by another state relating to insurance.
B) Change in the business address where records are located.
C) Change in the intermediary's marital status.
D) Conviction of a felony. - C
All of the following records are required to be maintained by the Commissioner's Office except:
A) Business checking accounts.
B) Replacement forms of insureds.
C) Commission statements.
D) Mileage records. - D
Alletory Contract - Equal value is not given by both parties in the insurance contract. Either
insured collects more claims than premiums or insurer collects more premiums than claims paid.
All of the following must have an intermediary license except:
A) A town mutual insurance agent who sells only crop insurance.
B) A town mutual insurance agent who sells auto insurance.
C) A town mutual insurance agent who sells only property insurance.
D) A person who sells health insurance for a non-profit organization(i.e. Blue Cross/Blue Shield). -
C
The Commissioner has all of the following powers except:
A) Implied power.
B) Enforcement power.
C) Incarceration power.
D) Specified power. - C
Insurance laws in Wisconsin are made by:
A) The Commissioner of Insurance.
B) National Association of Insurance Commissioners (NAIC).
C) The Attorney General.
D) The Legislature. - D
To clarify a person's rights and duties under Wisconsin insurance law, the Commissioner will issue a:
A) Hearing.
B) Declaratory order.
C) Collateral examination.
,D) 20 day review notice. - B
What is the minimum number of days the OCI has to hold a hearing by a denied applicant for a license?
A) 10-30 days
B) 20 days
C) 5 days
D) 10 days - D
The Commissioner requires the insurance test to:
A) Determine if the applicant has committed a felony.
B) Determine if the applicant has taken Continuing Education classes.
C) Determine if the applicant if trustworthy and competent.
D) Determine if the applicant is at least a minimum 21 years of age. - C
If the Commissioner does not put a time length on a revocation the intermediaries license is revoked for:
A) 1 year
B) 5 years
C) 5 months
D) 15 months - B
If an applicant for an intermediary's license requests a hearing because of a denial of the license by the
Commissioner the intermediary has how many days to request the hearing?
A) 10 days
B) 20 days
C) 30 days
D) 3 months - C
All the following are not considered an intermediary except:
, A) A high school teacher teaching insurance.
B) An accountant giving incidental advice about insurance.
C) A risk manager for a large manufacturer.
D) A person going door-to-door soliciting accident policies. - D
Surplus Lines insurance is:
A) Unauthorized.
B) Authorized.
C) Neither authorized or unauthorized.
D) Not allowed in Wisconsin. - A
If a corporation is to be licensed in WI, how many executive officers must have their license?
A) 1 executive officer.
B) 2 executive officers.
C) 3 executive officers.
D) All executive officers must have their intermediary license. - A
All of the following changes must be reported to the Commissioner's Office except:
A) Disciplinary action by another state relating to insurance.
B) Change in the business address where records are located.
C) Change in the intermediary's marital status.
D) Conviction of a felony. - C
All of the following records are required to be maintained by the Commissioner's Office except:
A) Business checking accounts.
B) Replacement forms of insureds.
C) Commission statements.
D) Mileage records. - D
