Alaska Property & Casualty Insurance
Practice EXAM QUESTIONS AND
CORRECT ANSWERS WITH
RATIOANLES (VERIFIED ANSWERS
The Insurance Director is - CORRECT ANSWERS Appointed by the commissioner of commerce
and economic development
The Insurance Director may do all of the following EXCEPT - CORRECT ANSWERS Rewrite
insurance laws at any time
What is the maximum civil penalty that may be assessed for a willful violation of the Insurance Code? -
CORRECT ANSWERS $25,000
An insurer formed under the laws of Alaska is known as - CORRECT ANSWERS A domestic
insurer
The consideration for insurance is called - CORRECT ANSWERS The premium
AN authorized insurer may also be referred to as - CORRECT ANSWERS An admitted insurer
Which of the following statements is TRUE with regard to license applicants - CORRECT ANSWERS
Applicants must pass a state licensing exam
A temporary license may be effective for up to - CORRECT ANSWERS 90 Days
, A domestic incorporated insurer with capital divided into shares and owned by its stockholders is known
as - CORRECT ANSWERS A stock insurer
Licenses are renewed - CORRECT ANSWERS Biennially on a date set by the Director
The Director may require insurers to renew appointments - CORRECT ANSWERS Annually
Every domestic insurer must be examined by the Insurance Director at least once every - CORRECT
ANSWERS 3 years
After an examination of a person's insurance transactions and affairs has been completed, the Director
will record the findings in an examination report. The Director will give a copy to the person examined
and allow up to_____________ for that person to submit a rebuttal. - CORRECT ANSWERS 30
days
Agent Mahoney offers to refund her client's first premium payment in exchange for the purchase of a
life insurance policy. Agent Mahoney is guilty of - CORRECT ANSWERS Rebating
If cause exists, the Director may suspend a producer's license for - CORRECT ANSWERS Up to 12
months
A binder of insurance may be issued for a maximum of how many days? - CORRECT ANSWERS
90
Which of the following statements is NOT an example of rebating? - CORRECT ANSWERS
Offering to take your top five clients to an en-of-the-year appreciation dinner
What is the purpose of the Alaska Insurance Guaranty Association? - CORRECT ANSWERS To pay
covered claims of insolvent insurers
Practice EXAM QUESTIONS AND
CORRECT ANSWERS WITH
RATIOANLES (VERIFIED ANSWERS
The Insurance Director is - CORRECT ANSWERS Appointed by the commissioner of commerce
and economic development
The Insurance Director may do all of the following EXCEPT - CORRECT ANSWERS Rewrite
insurance laws at any time
What is the maximum civil penalty that may be assessed for a willful violation of the Insurance Code? -
CORRECT ANSWERS $25,000
An insurer formed under the laws of Alaska is known as - CORRECT ANSWERS A domestic
insurer
The consideration for insurance is called - CORRECT ANSWERS The premium
AN authorized insurer may also be referred to as - CORRECT ANSWERS An admitted insurer
Which of the following statements is TRUE with regard to license applicants - CORRECT ANSWERS
Applicants must pass a state licensing exam
A temporary license may be effective for up to - CORRECT ANSWERS 90 Days
, A domestic incorporated insurer with capital divided into shares and owned by its stockholders is known
as - CORRECT ANSWERS A stock insurer
Licenses are renewed - CORRECT ANSWERS Biennially on a date set by the Director
The Director may require insurers to renew appointments - CORRECT ANSWERS Annually
Every domestic insurer must be examined by the Insurance Director at least once every - CORRECT
ANSWERS 3 years
After an examination of a person's insurance transactions and affairs has been completed, the Director
will record the findings in an examination report. The Director will give a copy to the person examined
and allow up to_____________ for that person to submit a rebuttal. - CORRECT ANSWERS 30
days
Agent Mahoney offers to refund her client's first premium payment in exchange for the purchase of a
life insurance policy. Agent Mahoney is guilty of - CORRECT ANSWERS Rebating
If cause exists, the Director may suspend a producer's license for - CORRECT ANSWERS Up to 12
months
A binder of insurance may be issued for a maximum of how many days? - CORRECT ANSWERS
90
Which of the following statements is NOT an example of rebating? - CORRECT ANSWERS
Offering to take your top five clients to an en-of-the-year appreciation dinner
What is the purpose of the Alaska Insurance Guaranty Association? - CORRECT ANSWERS To pay
covered claims of insolvent insurers
