WISCONSIN PROPERTY INSURANCE QUESTIONS
AND ANSWERS
How does the Commissioner of Insurance receives their position?
A) Appointed by the Legislature.
B) Appointed by the Attorney General.
C) Appointed by the Governor.
D) Elected every 4 years. - Answers :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. - Answers :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. - Answers :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 - Answers :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. - Answers :D
Surplus Lines insurance is:
A) Unauthorized.
B) Authorized.
C) Neither authorized or unauthorized.
D) Not allowed in Wisconsin. - Answers :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. - Answers :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. - Answers :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. - Answers :D
To be a resident agent in Wisconsin an agent must:
A) Be a resident of Wisconsin.
B) Be 21 years or older.
C) Pass a securities exam.
D) Be licensed with the National Association of Insurance Commissioners (NAIC). -
Answers :A
A temporary license may be obtained for what period of time:
A) 3 months and may be renewed twice.
B) 3 months and may be renewed not to exceed 6 months.
C) 12 months and may not be renewed.
D) 6 months and may be renewed not to exceed 12 months. - Answers :C
What is the premium tax charged in surplus lines transactions?
A) 1%
B) 2%
C) 3%.
D) 5%. - Answers :C
The intermediary agent represents the:
A) Insurance company and applicant for insurance.
B) Applicant for insurance only.
C) Insurance company only.
D) Commissioner of Insurance. - Answers :C
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
AND ANSWERS
How does the Commissioner of Insurance receives their position?
A) Appointed by the Legislature.
B) Appointed by the Attorney General.
C) Appointed by the Governor.
D) Elected every 4 years. - Answers :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. - Answers :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. - Answers :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 - Answers :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. - Answers :D
Surplus Lines insurance is:
A) Unauthorized.
B) Authorized.
C) Neither authorized or unauthorized.
D) Not allowed in Wisconsin. - Answers :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. - Answers :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. - Answers :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. - Answers :D
To be a resident agent in Wisconsin an agent must:
A) Be a resident of Wisconsin.
B) Be 21 years or older.
C) Pass a securities exam.
D) Be licensed with the National Association of Insurance Commissioners (NAIC). -
Answers :A
A temporary license may be obtained for what period of time:
A) 3 months and may be renewed twice.
B) 3 months and may be renewed not to exceed 6 months.
C) 12 months and may not be renewed.
D) 6 months and may be renewed not to exceed 12 months. - Answers :C
What is the premium tax charged in surplus lines transactions?
A) 1%
B) 2%
C) 3%.
D) 5%. - Answers :C
The intermediary agent represents the:
A) Insurance company and applicant for insurance.
B) Applicant for insurance only.
C) Insurance company only.
D) Commissioner of Insurance. - Answers :C
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
