CT Licensing Exam Solved Correctly
To Score A+ 2025|2026
True or False: The Commissioner of Insurance has the power to issue, renew, revoke
and suspend licenses? CORRECT ANSWERS True
Types of Insurance: Stock CORRECT ANSWERS company which is owned by its
stockholders or shareholders; they share in profits and losses of the company
Types of Insurance: Mutual CORRECT ANSWERS company which is owned by its
policyholders; they share in profits and have the right to vote on company elections
Types of Insurance: Reciprocal CORRECT ANSWERS company in which members
share in each others losses and are managed by the attorney-in-fact, which is
responsible for company business. (usually found with municipalities which is a political
unit, such as a city, town, or village, incorporated for local self=government)
Types of Insurance: Lloyds Association CORRECT ANSWERS a group of individuals
who insure unique interest with their own money
Types of Insurance: Residual Marketing System CORRECT ANSWERS state funded
insurance; Federal Government provides coverage for flood, war, nuclear and crops,
not normally available from private insurers
Code Regulating Agents: Misrepresentation CORRECT ANSWERS an agent may not
misrepresent, or falsely advertise terms, benefits or financial responsibilities they may
not offer
Code Regulating Agents: Rebating CORRECT ANSWERS giving or offering a benefit to
an applicant in return for the applicants purchasing of a policy. (cash, gifts, securities,
commissions)
Code Regulating Agents: Twisting CORRECT ANSWERS a form of misrepresenting
where an agent convinces an applicant to cancel their existing policy and state a new
one with the agent, and it does not benefit the applicant
Code Regulating Agents: Unfair Discrimination CORRECT ANSWERS insurer cannot
give higher or lower rates to 1 of 2 identical individuals. Insurers cannot accept bribes
from a client in return for lower premiums
Code Regulating Agents: Fiduciary CORRECT ANSWERS a person who has a special
relationship of trust to another person (agent & policyholder). An agent has a duty to
clients regarding the handling of premiums
To Score A+ 2025|2026
True or False: The Commissioner of Insurance has the power to issue, renew, revoke
and suspend licenses? CORRECT ANSWERS True
Types of Insurance: Stock CORRECT ANSWERS company which is owned by its
stockholders or shareholders; they share in profits and losses of the company
Types of Insurance: Mutual CORRECT ANSWERS company which is owned by its
policyholders; they share in profits and have the right to vote on company elections
Types of Insurance: Reciprocal CORRECT ANSWERS company in which members
share in each others losses and are managed by the attorney-in-fact, which is
responsible for company business. (usually found with municipalities which is a political
unit, such as a city, town, or village, incorporated for local self=government)
Types of Insurance: Lloyds Association CORRECT ANSWERS a group of individuals
who insure unique interest with their own money
Types of Insurance: Residual Marketing System CORRECT ANSWERS state funded
insurance; Federal Government provides coverage for flood, war, nuclear and crops,
not normally available from private insurers
Code Regulating Agents: Misrepresentation CORRECT ANSWERS an agent may not
misrepresent, or falsely advertise terms, benefits or financial responsibilities they may
not offer
Code Regulating Agents: Rebating CORRECT ANSWERS giving or offering a benefit to
an applicant in return for the applicants purchasing of a policy. (cash, gifts, securities,
commissions)
Code Regulating Agents: Twisting CORRECT ANSWERS a form of misrepresenting
where an agent convinces an applicant to cancel their existing policy and state a new
one with the agent, and it does not benefit the applicant
Code Regulating Agents: Unfair Discrimination CORRECT ANSWERS insurer cannot
give higher or lower rates to 1 of 2 identical individuals. Insurers cannot accept bribes
from a client in return for lower premiums
Code Regulating Agents: Fiduciary CORRECT ANSWERS a person who has a special
relationship of trust to another person (agent & policyholder). An agent has a duty to
clients regarding the handling of premiums
