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Maine Property and Casualty Insurance
Exam Questions and Answers
Superintendent's Term of Office
Ans: 5 Years
Minimum time between examinations of Domestic Insurers
Ans: 3 years
Superintendent will hold a hearing how many days after receiving
an application?
Ans: 30
Superintendent will give how many days advance notice of a
hearing
Ans: 14
How many years does an individual have to apply for their license
after passing the exam?
Ans: 2
How many days is a temporary producer license good for?
Ans: 180 (or six months)
How many days does an insurer have to alert the Superintendent
after appointing an agent?
Ans: 15
How many days does an insurer have to notify the Superintendent
after termination of appointment?
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Ans: 30
How many days after notifying the Superintendent of a
termination does the insurer have to mail a copy of notification to
the terminated agent?
Ans: 15
How many days does an individual have to demand a hearing
before the Superintendent after a license denial or nonrenewal?
Ans: 30
What is not considered to be an insurance transaction?
a) Negotiating Coverage b) Obtaining an insurance license
c)Soliciting a policy d) advising a policy holder regarding a claim
Ans: B - obtaining an insurance license
*this is a prerequisite to transacting insurance
What is the meaning of transacting insurance?
Ans: An insurance transaction means the carrying on of business in
insurance. Includes solicitation of a policy, advising or negotiating on
coverages or claims, or inducement related to coverage or claims.
How many hours of CE is a producer required to maintain?
Ans: 24
How many hours of CE must be focused on ethics?
Ans: 3
How long does a producer have to fill their CE obligation?
Ans: Must complete 24 hours every 2 years (Biennially)
How many days does a Producer have to report a change of
address?
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Ans: 30
How many years is a Producer required to keep records of
insurance transactions?
Ans: 3
How many days does an insurer have to pay a claim after
receiving the proof of loss?
Ans: 30
What is the minimum fine per violation by an individual?
Ans: $500 from Superintendent or Superior Court
What is the minimum fine per violation by an entity or
organization?
Ans: $200 from Superior Court, $10,000 from Superintendent
What is the fine for transacting insurance or receiving
compensation after a license have been revoked, suspended, or
denied?
Ans: $100 - $1,000
What is the standard deductible that applies to all Dwelling
property coverage, except for fair rental value, additional living
expense, and fire department service charge?
Ans: $250
Which type of valuation works best for property whose value does
not fluctuate much?
Ans: Agreed Value
What type of valuation is scheduled in a property policy and is
not subject to any coinsurance requirements in the event of a loss?
© 2025 All rights reserved
Maine Property and Casualty Insurance
Exam Questions and Answers
Superintendent's Term of Office
Ans: 5 Years
Minimum time between examinations of Domestic Insurers
Ans: 3 years
Superintendent will hold a hearing how many days after receiving
an application?
Ans: 30
Superintendent will give how many days advance notice of a
hearing
Ans: 14
How many years does an individual have to apply for their license
after passing the exam?
Ans: 2
How many days is a temporary producer license good for?
Ans: 180 (or six months)
How many days does an insurer have to alert the Superintendent
after appointing an agent?
Ans: 15
How many days does an insurer have to notify the Superintendent
after termination of appointment?
© 2025 All rights reserved
, 2 | Page
Ans: 30
How many days after notifying the Superintendent of a
termination does the insurer have to mail a copy of notification to
the terminated agent?
Ans: 15
How many days does an individual have to demand a hearing
before the Superintendent after a license denial or nonrenewal?
Ans: 30
What is not considered to be an insurance transaction?
a) Negotiating Coverage b) Obtaining an insurance license
c)Soliciting a policy d) advising a policy holder regarding a claim
Ans: B - obtaining an insurance license
*this is a prerequisite to transacting insurance
What is the meaning of transacting insurance?
Ans: An insurance transaction means the carrying on of business in
insurance. Includes solicitation of a policy, advising or negotiating on
coverages or claims, or inducement related to coverage or claims.
How many hours of CE is a producer required to maintain?
Ans: 24
How many hours of CE must be focused on ethics?
Ans: 3
How long does a producer have to fill their CE obligation?
Ans: Must complete 24 hours every 2 years (Biennially)
How many days does a Producer have to report a change of
address?
© 2025 All rights reserved
, 3 | Page
Ans: 30
How many years is a Producer required to keep records of
insurance transactions?
Ans: 3
How many days does an insurer have to pay a claim after
receiving the proof of loss?
Ans: 30
What is the minimum fine per violation by an individual?
Ans: $500 from Superintendent or Superior Court
What is the minimum fine per violation by an entity or
organization?
Ans: $200 from Superior Court, $10,000 from Superintendent
What is the fine for transacting insurance or receiving
compensation after a license have been revoked, suspended, or
denied?
Ans: $100 - $1,000
What is the standard deductible that applies to all Dwelling
property coverage, except for fair rental value, additional living
expense, and fire department service charge?
Ans: $250
Which type of valuation works best for property whose value does
not fluctuate much?
Ans: Agreed Value
What type of valuation is scheduled in a property policy and is
not subject to any coinsurance requirements in the event of a loss?
© 2025 All rights reserved
