NWM EXAMS QUESTIONS AND ANSWERS
1. which is Medicare Part B also known as: Medical Insurance
2. An intermediary must hold which of the following licenses to sell variable life
insurance policies?: life, variable, and securities license
3. example of defamation: defamation: making false statement about a person that harms their reputation EX:
making a statement that is false or maliciously critical of the financial condition of an insurer
4. credit life insurance policies must be for:: nonrenewable, nonconvertible term insurance
5. If a life insurance applicant is shown future premiums are to be paid out of
non-guaranteed values, the illustration used in the sales presentation MUST: -
disclose that premium payments may need to be resumed depending on actual results
6. Which of these is NOT an Unfair Claims Practice?: Ottering to settle a claim by arbitration
7. Who is required to notify the Commissioner of a licensee's change of
ad- dress?: Licensee
8. Someone who is licensed to negotiate a life settlement contract is called
a(n): life settlement broker
9. Wisconsin's continuing education laws state that an intermediary must meet
specified course requirements within a -year period.: two
10. What is a life insurance intermediary authorized to do?: Solicit, receive and forward
applicants to the insurer
11. What is the best way to define life insurance replacement?: A transaction in which a
new life insurance policy is purchased and an existing life insurance policy is surrendered
12. Which of the following does NOT involve a life settlement transaction?: con-
verting term life coverage to whole life insurance
13. Which of the following is NOT a valid reason for an insurer to contest a life
insurance policy during the policy's first two years of existence?: misstatement of age
14. A notice of intent to nonrenew a policy by the insurer requires at least
,days written notice before policy expiration.: 60
15. An insurer may EXCLUDE preexisting conditions on a Medicare
Supplement policy for up to months after policy issue.: 6
16. Which of the following is NOT information needed to determine the suitabil-
ity of an annuity recommendation?: level of education
17. An insurer may NOT refuse the renewal of a small employer health insurance
plan because of: overuse of medical services
, 18. A(n) insurer operates in the U.S but is headquartered outside
the U.S.: alien
19. Before a Medicare Supplement advertisement is released to the public, it
must first be approved by the: commissioner
20. Disability (accident & health) policies MUST cover lead poisoning
screenings for children under years of age.: 6
21. An individual can enroll in a Part C Medicare Advantage Plan at what time?-
: when becoming eligible for medicare
22. In Wisconsin, at least employee(s) are needed for a small
employer medical expense plan.: 2
23. How is Medicare Part B funded?: general tax revenue and user premiums
24. Most Medicare Supplement information used by an insurer must be ap-
proved by the State. Which of the following types of information does NOT
require State approval?: government publications
25. An example of rebating would be: rebating: illegal practice where an agent or insurer otters a
portion of their commission or another valuable to a client to encourage them to buy a policy
EX: splitting the commission with the buyer on a sale of insurance
26. The outline of coverage for a Medicare Supplement policy provides informa-
tion about: services, benefits, copayments, deductibles, exclusions, premiums, and the insurer
27. What must prominently be displayed on advertisements for health insurance
policies that cover only a specified illness?: a statement that the policy is limited
28. Any intentional criminal violation of Wisconsin insurance law may result in
an individual receiving a fine of up to: $5000
29. Replacement regulations exist in order to: protect policyowners from misrepresentations and
loss of benefits
30. Before soliciting insurance applications for that insurer, the intermediary
1. which is Medicare Part B also known as: Medical Insurance
2. An intermediary must hold which of the following licenses to sell variable life
insurance policies?: life, variable, and securities license
3. example of defamation: defamation: making false statement about a person that harms their reputation EX:
making a statement that is false or maliciously critical of the financial condition of an insurer
4. credit life insurance policies must be for:: nonrenewable, nonconvertible term insurance
5. If a life insurance applicant is shown future premiums are to be paid out of
non-guaranteed values, the illustration used in the sales presentation MUST: -
disclose that premium payments may need to be resumed depending on actual results
6. Which of these is NOT an Unfair Claims Practice?: Ottering to settle a claim by arbitration
7. Who is required to notify the Commissioner of a licensee's change of
ad- dress?: Licensee
8. Someone who is licensed to negotiate a life settlement contract is called
a(n): life settlement broker
9. Wisconsin's continuing education laws state that an intermediary must meet
specified course requirements within a -year period.: two
10. What is a life insurance intermediary authorized to do?: Solicit, receive and forward
applicants to the insurer
11. What is the best way to define life insurance replacement?: A transaction in which a
new life insurance policy is purchased and an existing life insurance policy is surrendered
12. Which of the following does NOT involve a life settlement transaction?: con-
verting term life coverage to whole life insurance
13. Which of the following is NOT a valid reason for an insurer to contest a life
insurance policy during the policy's first two years of existence?: misstatement of age
14. A notice of intent to nonrenew a policy by the insurer requires at least
,days written notice before policy expiration.: 60
15. An insurer may EXCLUDE preexisting conditions on a Medicare
Supplement policy for up to months after policy issue.: 6
16. Which of the following is NOT information needed to determine the suitabil-
ity of an annuity recommendation?: level of education
17. An insurer may NOT refuse the renewal of a small employer health insurance
plan because of: overuse of medical services
, 18. A(n) insurer operates in the U.S but is headquartered outside
the U.S.: alien
19. Before a Medicare Supplement advertisement is released to the public, it
must first be approved by the: commissioner
20. Disability (accident & health) policies MUST cover lead poisoning
screenings for children under years of age.: 6
21. An individual can enroll in a Part C Medicare Advantage Plan at what time?-
: when becoming eligible for medicare
22. In Wisconsin, at least employee(s) are needed for a small
employer medical expense plan.: 2
23. How is Medicare Part B funded?: general tax revenue and user premiums
24. Most Medicare Supplement information used by an insurer must be ap-
proved by the State. Which of the following types of information does NOT
require State approval?: government publications
25. An example of rebating would be: rebating: illegal practice where an agent or insurer otters a
portion of their commission or another valuable to a client to encourage them to buy a policy
EX: splitting the commission with the buyer on a sale of insurance
26. The outline of coverage for a Medicare Supplement policy provides informa-
tion about: services, benefits, copayments, deductibles, exclusions, premiums, and the insurer
27. What must prominently be displayed on advertisements for health insurance
policies that cover only a specified illness?: a statement that the policy is limited
28. Any intentional criminal violation of Wisconsin insurance law may result in
an individual receiving a fine of up to: $5000
29. Replacement regulations exist in order to: protect policyowners from misrepresentations and
loss of benefits
30. Before soliciting insurance applications for that insurer, the intermediary
