Wisconsin Insurance Exam. Newest
2026-2027. Questions and Correct
Answers. Graded A
Adhesion (Stick to) - ANS"Take it or leave it"
Can shop around
Adverse selection - ANSTrying to get a policy for events that are already
occurring, or are knowingly going to happen (Life insurance policy before
committing suicide, home insurance while a fire is destroying home, etc)
Aleatory - ANSA contract in which the consideration or monetary value
between the parties is not equal
The policy holder pays a premium and may collect nothing from the insurer
is no loss occurs; however if a loss does occur, the policy holder may
collect considerably more than the amount of the premium
Assessable Policy - ANSPolicyholder takes risk of loss
Association Insurer - ANS1. Lloyd's of London
- Not an Insurance company
- Admitted in Two States
1
, - Illinois and Kentucky
- In WI, they are treated as "Surplus Lines"
- Must have $1 billion in assets
- Not to be confused with American Lloyds
Classification of Insurers - ANS1. Domestic
- Founded and chartered in your resident state
2. Foreign
- Founded and chartered outside your resident state, but in the U.S.
3. Alien
- Funded and chartered outside of the U.S.
Criminal Penalties - ANS
Enforcement Procedures - ANS1. A hearing must be held:
- To revoke, suspend, or limit a producer's license
- before adopting a new or changing an existing law
- Whenever the law requires
- Appeal the denial of an insurance License
2. Anyone aggravated by an insurance Commissioner Order
- Liscensee has 30 days to request a hearing
- OCI has not less than 10 nor more than 60 days to grant
3. No hearing required for:
- Failure to pay license renewal fee
- Failing to meet continuing education requirements
4. Re-Hearings may be granted if:
- Material fact evidence was overlooked
2
2026-2027. Questions and Correct
Answers. Graded A
Adhesion (Stick to) - ANS"Take it or leave it"
Can shop around
Adverse selection - ANSTrying to get a policy for events that are already
occurring, or are knowingly going to happen (Life insurance policy before
committing suicide, home insurance while a fire is destroying home, etc)
Aleatory - ANSA contract in which the consideration or monetary value
between the parties is not equal
The policy holder pays a premium and may collect nothing from the insurer
is no loss occurs; however if a loss does occur, the policy holder may
collect considerably more than the amount of the premium
Assessable Policy - ANSPolicyholder takes risk of loss
Association Insurer - ANS1. Lloyd's of London
- Not an Insurance company
- Admitted in Two States
1
, - Illinois and Kentucky
- In WI, they are treated as "Surplus Lines"
- Must have $1 billion in assets
- Not to be confused with American Lloyds
Classification of Insurers - ANS1. Domestic
- Founded and chartered in your resident state
2. Foreign
- Founded and chartered outside your resident state, but in the U.S.
3. Alien
- Funded and chartered outside of the U.S.
Criminal Penalties - ANS
Enforcement Procedures - ANS1. A hearing must be held:
- To revoke, suspend, or limit a producer's license
- before adopting a new or changing an existing law
- Whenever the law requires
- Appeal the denial of an insurance License
2. Anyone aggravated by an insurance Commissioner Order
- Liscensee has 30 days to request a hearing
- OCI has not less than 10 nor more than 60 days to grant
3. No hearing required for:
- Failure to pay license renewal fee
- Failing to meet continuing education requirements
4. Re-Hearings may be granted if:
- Material fact evidence was overlooked
2
