WI Laws and Ethics Exam (Insurance
Licensing)
A reproduction of the software must be furnished to the insured within _______ days. -
ANS-15 days
A included claim is past due if now not paid within ___________ after the insure has revived
written evidence of loss. - ANS-30 days
A lay-up duration is _____________. - ANS-offers restrained coverage whilst the boat is in
storage
A license remains in effect until it's far __________. - ANS-Revoked, suspended,
A non-admitted insurance carrier has to pay __________ at the _______ top rate with
_________. - ANS-3% tax on the gross premium on EVERY transaction
A premium fund agree with account is best for _________. - ANS-premium transactions
A surplus traces broking pays their surplus traces tax to the Commissioner ________ in
____________. - ANS-Once a 12 months in march
A temporary license is issued for how lengthy? - ANS-12 months
A brief license is issued for what 3 motives? - ANS-1. To offer time to sell the commercial
enterprise
2. For the restoration or return of the middleman
3. To provide for education or licensing of recent personnel
Acts of the Agent means that if the agent makes a mistake then the ____________ is
accountable. As an agent, you simplest represent ____________ - ANS-the coverage
company
An agent who breaks a State Statute may be fined __________________ and a ________
exceptional per day - ANS-fined two times the amount of earnings won / $1,000 an afternoon
An applicant has ______ days to request a listening to, then the OCI has _________ to have
the hearing. The agent then has ________ days to request a rehearing. - ANS-30 days /
10-60 days / 20 days
An legal/admitted insurance employer has a _______________ to do enterprise within the
country. This is retrieved from the _______. - ANS-legitimate certificate of Authority / from
the OCI
,An FNIP deductible is _______________ and is always applied __________ to structure
and contents. - ANS-$1,000 / one by one
An man or woman is difficulty of as much as $_________ for each violation of Title 18/the
'Act'. - ANS-$50,000 or the amount obtained or provided for the violation, whichever is
greater.
An insurance agency can cancel mid term for M.A.S.S. Define. - ANS-Material
Representations
Attainment of Age
Substantial exchange
Substantial breaches of contractual obligations
An intermediary broker represents ____________. - ANS-Only the applicant
At what age is a child required to start signing for consent to have their parent/mother or
father take out existence insurance? - ANS-15 years or older
Biennual method ___________.
Bi annual manner __________. - ANS-Biennual is every two years
Biannual is twice a 12 months
Binders are __________ in Wisconsin and way that the insured has _________ coverage. -
ANS-valid / transient insurance
Continuing education is every ____ years and is _______. - ANS-2 years / biennual, every
years
Criminal consequences for an agent are up to $_____ and _____ years in jail. Corporations
may be fined as much as $_______. - ANS-$five,000 and three years, $10,000
Define a Fiduciary - ANS-individuals who are in professions wherein many humans put a lot
of confidence in
Define a Fraternal Insurance Company - ANS-- most effective sells insurance to a particular
enterprise
- not-for-earnings
- percent of profits are donated to charities
Define a Lloyd's of London - ANS-- insure specialty dangers that other corporations won't
insure
- insure dangers through syndicates
- syndicates make income or pay out for losses
Define a Mutual Company - ANS-- agencies which can be owned by using coverage-holders
- extra income (earnings) is returnable to coverage holders as a divident
Define a Pure Risk - ANS-Any chance in which no gain is feasible. Insurable
, Define a Reciprocal Insurance Company - ANS-- fireplace and casualty, legal responsibility,
belongings, and vehicle coverage
- non-assessable
- shaped by unincorporated associations that trade insurance contracts to get a decrease
premium
Define a Risk Purchasing Group - ANS-- institution of like-minded companies that negotiate
better quotes for coverage with an coverage company
Define a Risk Retention Group - ANS-- liability insurance handiest
- fashioned by means of organization of folks that are uncovered to comparable dangers
- form their personal insurance organization for lower rates
Define a Speculative Risk - ANS-Any hazard wherein gain is feasible. Not insurable
Define a Stock Company - ANS-- for income businesses owned with the aid of stockholders
- can not difficulty assessable rules
- stockholders pay out for losses in wish for earnings
Define a Surplus Lines agent - ANS-an agent who sells simplest surplus traces have to be
license however does not must take the exam
Define a Town Mutual - ANS-- insures broadly speaking farm assets and houses
- extra premium may be charged primarily based on evaluation
Define Acts of the Agent - ANS-IF an agent reasons an insured to fail to perform an act for a
coverage, the coverage organization is still obligated to uphold the coverage
Define Affirmative Warranty - ANS-affirms validity of the assertion whilst entering into the
policy
Define an insurable interest - ANS-when a person might suffer a disadvantage or loss
Define an Intermediary Insurance Agent - ANS-an agent that represents the insurance
corporation best
Define Churning - ANS-Replacing a policy on a everyday foundation with the primary aim of
receiving a higher first 12 months fee
Define Collusion - ANS-agent and coverage holder paintings collectively to defraud the
coverage employer
- coverage employer does no longer ought to pay claims for collusion
Define Compulsive Forfeiture - ANS-When you fail to conform with an order from the
Commissioner inside two weeks of the attention
Licensing)
A reproduction of the software must be furnished to the insured within _______ days. -
ANS-15 days
A included claim is past due if now not paid within ___________ after the insure has revived
written evidence of loss. - ANS-30 days
A lay-up duration is _____________. - ANS-offers restrained coverage whilst the boat is in
storage
A license remains in effect until it's far __________. - ANS-Revoked, suspended,
A non-admitted insurance carrier has to pay __________ at the _______ top rate with
_________. - ANS-3% tax on the gross premium on EVERY transaction
A premium fund agree with account is best for _________. - ANS-premium transactions
A surplus traces broking pays their surplus traces tax to the Commissioner ________ in
____________. - ANS-Once a 12 months in march
A temporary license is issued for how lengthy? - ANS-12 months
A brief license is issued for what 3 motives? - ANS-1. To offer time to sell the commercial
enterprise
2. For the restoration or return of the middleman
3. To provide for education or licensing of recent personnel
Acts of the Agent means that if the agent makes a mistake then the ____________ is
accountable. As an agent, you simplest represent ____________ - ANS-the coverage
company
An agent who breaks a State Statute may be fined __________________ and a ________
exceptional per day - ANS-fined two times the amount of earnings won / $1,000 an afternoon
An applicant has ______ days to request a listening to, then the OCI has _________ to have
the hearing. The agent then has ________ days to request a rehearing. - ANS-30 days /
10-60 days / 20 days
An legal/admitted insurance employer has a _______________ to do enterprise within the
country. This is retrieved from the _______. - ANS-legitimate certificate of Authority / from
the OCI
,An FNIP deductible is _______________ and is always applied __________ to structure
and contents. - ANS-$1,000 / one by one
An man or woman is difficulty of as much as $_________ for each violation of Title 18/the
'Act'. - ANS-$50,000 or the amount obtained or provided for the violation, whichever is
greater.
An insurance agency can cancel mid term for M.A.S.S. Define. - ANS-Material
Representations
Attainment of Age
Substantial exchange
Substantial breaches of contractual obligations
An intermediary broker represents ____________. - ANS-Only the applicant
At what age is a child required to start signing for consent to have their parent/mother or
father take out existence insurance? - ANS-15 years or older
Biennual method ___________.
Bi annual manner __________. - ANS-Biennual is every two years
Biannual is twice a 12 months
Binders are __________ in Wisconsin and way that the insured has _________ coverage. -
ANS-valid / transient insurance
Continuing education is every ____ years and is _______. - ANS-2 years / biennual, every
years
Criminal consequences for an agent are up to $_____ and _____ years in jail. Corporations
may be fined as much as $_______. - ANS-$five,000 and three years, $10,000
Define a Fiduciary - ANS-individuals who are in professions wherein many humans put a lot
of confidence in
Define a Fraternal Insurance Company - ANS-- most effective sells insurance to a particular
enterprise
- not-for-earnings
- percent of profits are donated to charities
Define a Lloyd's of London - ANS-- insure specialty dangers that other corporations won't
insure
- insure dangers through syndicates
- syndicates make income or pay out for losses
Define a Mutual Company - ANS-- agencies which can be owned by using coverage-holders
- extra income (earnings) is returnable to coverage holders as a divident
Define a Pure Risk - ANS-Any chance in which no gain is feasible. Insurable
, Define a Reciprocal Insurance Company - ANS-- fireplace and casualty, legal responsibility,
belongings, and vehicle coverage
- non-assessable
- shaped by unincorporated associations that trade insurance contracts to get a decrease
premium
Define a Risk Purchasing Group - ANS-- institution of like-minded companies that negotiate
better quotes for coverage with an coverage company
Define a Risk Retention Group - ANS-- liability insurance handiest
- fashioned by means of organization of folks that are uncovered to comparable dangers
- form their personal insurance organization for lower rates
Define a Speculative Risk - ANS-Any hazard wherein gain is feasible. Not insurable
Define a Stock Company - ANS-- for income businesses owned with the aid of stockholders
- can not difficulty assessable rules
- stockholders pay out for losses in wish for earnings
Define a Surplus Lines agent - ANS-an agent who sells simplest surplus traces have to be
license however does not must take the exam
Define a Town Mutual - ANS-- insures broadly speaking farm assets and houses
- extra premium may be charged primarily based on evaluation
Define Acts of the Agent - ANS-IF an agent reasons an insured to fail to perform an act for a
coverage, the coverage organization is still obligated to uphold the coverage
Define Affirmative Warranty - ANS-affirms validity of the assertion whilst entering into the
policy
Define an insurable interest - ANS-when a person might suffer a disadvantage or loss
Define an Intermediary Insurance Agent - ANS-an agent that represents the insurance
corporation best
Define Churning - ANS-Replacing a policy on a everyday foundation with the primary aim of
receiving a higher first 12 months fee
Define Collusion - ANS-agent and coverage holder paintings collectively to defraud the
coverage employer
- coverage employer does no longer ought to pay claims for collusion
Define Compulsive Forfeiture - ANS-When you fail to conform with an order from the
Commissioner inside two weeks of the attention
