MAINE INSURANCE EXAM QUESTIONS
& ANSWERS GRADED A+
m The superintended of insurance is appointed by the governor for how many years? - 5
Insurers must be examined at every... - 3-5 years
Hearings must be held within how many days after application is filed every... - 30 days
Notice of hearing must how many days in advance? - 14 days
A superintendent's order may be applied within how may days by person party to hearing... - 30 days
Superior court civil penalties- minimum fine per insurance code violation for individuals... - $500
Superior court civil penalties- maximum fine per insurance code violation for individuals... - $5,000
Superior court civil penalties- minimum fine per insurance code violation for corporations... - $2,000
Superior court civil penalties- maximum fine per insurance code violation for corporations... - $15,000
Superintendent of insurance civil penalties- minumum fine per violation for individuals... - $500
Superintendent of insurance civil penalties- fine per violation for corporations... - $10,000
Maine's maximum liability for workers' compensation... - full amount
, Maine's maximum liability per claimant for all other covered claims... - $300,000
Producer must be how old to receive license in Maine? - 18 years old
Licensing entities must report change of designated responsible person within how many days of
change? - 14 days
Temporary producers license may be issued without examination for up to how many days? - 180 days
How many hours continuing education (CE) hours are required every two years? - 24 hours
Continuing education hours include how many hours of ethics? - 3 hours
What is the penalty for failure to comply with CE credit requirements? - $25 per violation, $500
maximum
How long does a producer have to comply with CE requirement violations before license is suspended
for 60 days? - 60 days
The insurer must file a notice of appointment within how many days of the agency contract date (first
insurance application)? - 15 days
An insurer that terminates a producer's appointments must notify the Superintendent within how many
days? - 30 days
Termination notice must be sent to producer within how many days after notifying superintendent of
appointment? - 15 days
Revoked licenses are not renewable for at least how many year(s)? - 1 year
How many times can a license be revoked before a producer is not eligible for a new license? - Twice
& ANSWERS GRADED A+
m The superintended of insurance is appointed by the governor for how many years? - 5
Insurers must be examined at every... - 3-5 years
Hearings must be held within how many days after application is filed every... - 30 days
Notice of hearing must how many days in advance? - 14 days
A superintendent's order may be applied within how may days by person party to hearing... - 30 days
Superior court civil penalties- minimum fine per insurance code violation for individuals... - $500
Superior court civil penalties- maximum fine per insurance code violation for individuals... - $5,000
Superior court civil penalties- minimum fine per insurance code violation for corporations... - $2,000
Superior court civil penalties- maximum fine per insurance code violation for corporations... - $15,000
Superintendent of insurance civil penalties- minumum fine per violation for individuals... - $500
Superintendent of insurance civil penalties- fine per violation for corporations... - $10,000
Maine's maximum liability for workers' compensation... - full amount
, Maine's maximum liability per claimant for all other covered claims... - $300,000
Producer must be how old to receive license in Maine? - 18 years old
Licensing entities must report change of designated responsible person within how many days of
change? - 14 days
Temporary producers license may be issued without examination for up to how many days? - 180 days
How many hours continuing education (CE) hours are required every two years? - 24 hours
Continuing education hours include how many hours of ethics? - 3 hours
What is the penalty for failure to comply with CE credit requirements? - $25 per violation, $500
maximum
How long does a producer have to comply with CE requirement violations before license is suspended
for 60 days? - 60 days
The insurer must file a notice of appointment within how many days of the agency contract date (first
insurance application)? - 15 days
An insurer that terminates a producer's appointments must notify the Superintendent within how many
days? - 30 days
Termination notice must be sent to producer within how many days after notifying superintendent of
appointment? - 15 days
Revoked licenses are not renewable for at least how many year(s)? - 1 year
How many times can a license be revoked before a producer is not eligible for a new license? - Twice
