Wisconsin Property Insurance UPDATED
ACTUAL Questions and CORRECT
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. - CORRECT ANSWER -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. - CORRECT ANSWER -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. - CORRECT ANSWER -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 - CORRECT ANSWER -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. - CORRECT
ANSWER -C
The Commissioner has all of the following powers except:
A) Implied power.
B) Enforcement power.
C) Incarceration power.
D) Specified power. - CORRECT ANSWER -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 - CORRECT ANSWER -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 - CORRECT ANSWER -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. - CORRECT ANSWER -D
Surplus Lines insurance is:
A) Unauthorized.
B) Authorized.
C) Neither authorized or unauthorized.
D) Not allowed in Wisconsin. - CORRECT ANSWER -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. - CORRECT ANSWER -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. - CORRECT ANSWER -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.
ACTUAL Questions and CORRECT
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. - CORRECT ANSWER -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. - CORRECT ANSWER -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. - CORRECT ANSWER -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 - CORRECT ANSWER -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. - CORRECT
ANSWER -C
The Commissioner has all of the following powers except:
A) Implied power.
B) Enforcement power.
C) Incarceration power.
D) Specified power. - CORRECT ANSWER -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 - CORRECT ANSWER -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 - CORRECT ANSWER -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. - CORRECT ANSWER -D
Surplus Lines insurance is:
A) Unauthorized.
B) Authorized.
C) Neither authorized or unauthorized.
D) Not allowed in Wisconsin. - CORRECT ANSWER -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. - CORRECT ANSWER -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. - CORRECT ANSWER -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.
