©THESTAR 2024/2025 ALL RIGHTS RESERVED.
Maine Insurance Exam Questions And
Answers 100% Guaranteed Pass.
How much time does a person who was a party to a hearing have to appeal the order by the
Superintendent? - Answer✔30 days
As a prerequisite to maintaining a license, licensees must complete a continuing education
requirement every: - Answer✔2 years
If Jerry's insurance producer's license expires, how much time does he have to be reinstated
without retaking the Maine insurance licensing examination? - Answer✔2 years
What is the maximum life insurance death benefit liability to the Maine Life and Health
Guaranty Association for an individual? - Answer✔300,000
If an insurance producer, changes their business address, how much time does she have to
inform the Superintendent? - Answer✔30 days
What is the maximum prison sentence for someone who continues to be involved in the
insurance business after their insurance producer license has been suspended? - Answer✔6
months
How much time does an insurance licensee have to apply a received premium? - Answer✔30
days
What is the minimum civil penalty for a corporation convicted of an insurance law violation? -
Answer✔2000
If an insurance producer, changes their business telephone number, how much time does she
have to inform the Superintendent? - Answer✔30 days
What is the maximum major medical insurance liability to the Maine Life and Health Guaranty
Association for an individual? - Answer✔500,000
How much time does a person who was NOT a party to a hearing have to appeal the order by
the Superintendent? - Answer✔40 days
1|Page
, ©THESTAR 2024/2025 ALL RIGHTS RESERVED.
What is the maximum civil penalty for a corporation convicted of an insurance law violation? -
Answer✔15,000
How much time does a producer who fails to pay their licensing fee have to pay before their
license is suspended? - Answer✔90 days
How many days does an insurer have to inform the Superintendent of a producer's
termination? - Answer✔30 days
If an insurance producer, changes their business telephone number, how much time does she
have to inform the Superintendent? - Answer✔30 days
How much time does an insured normally have to file a notice of claim with their insurer after a
health occurrence? - Answer✔20 days
If the Superintendent fails to act, how much time does someone have to file an appeal? -
Answer✔6 months
Within how many days after informing the Superintendent of a producer's termination does the
insurer have to inform the producer? - Answer✔15 days
The Superintendent may not issue a license to a person whose license has been revoked for at
least: - Answer✔1 year
What is the maximum annuity benefit liability to the Maine Life and Health Guaranty
Association for an individual? - Answer✔250k
A producer or business entity must keep a complete record of all transactions completed under
the license at the place of business for at least: - Answer✔3 years
All of the following are contained in the policy summary, EXCEPT: - Answer✔Beneficiary
Designations
After a settlement contract is executed by all parties, the viator has the right to rescind the
contract before: - Answer✔30 days
How much time does someone have to return a new life insurance policy for a full refund? -
Answer✔10 days
What is the net payment index for a life insurance policy? - Answer✔The cost of the policy
based on amount of premium and frequency of payment
After a settlement contract payment is received, the viator has the right to rescind the contract
before - Answer✔15 days
2|Page
Maine Insurance Exam Questions And
Answers 100% Guaranteed Pass.
How much time does a person who was a party to a hearing have to appeal the order by the
Superintendent? - Answer✔30 days
As a prerequisite to maintaining a license, licensees must complete a continuing education
requirement every: - Answer✔2 years
If Jerry's insurance producer's license expires, how much time does he have to be reinstated
without retaking the Maine insurance licensing examination? - Answer✔2 years
What is the maximum life insurance death benefit liability to the Maine Life and Health
Guaranty Association for an individual? - Answer✔300,000
If an insurance producer, changes their business address, how much time does she have to
inform the Superintendent? - Answer✔30 days
What is the maximum prison sentence for someone who continues to be involved in the
insurance business after their insurance producer license has been suspended? - Answer✔6
months
How much time does an insurance licensee have to apply a received premium? - Answer✔30
days
What is the minimum civil penalty for a corporation convicted of an insurance law violation? -
Answer✔2000
If an insurance producer, changes their business telephone number, how much time does she
have to inform the Superintendent? - Answer✔30 days
What is the maximum major medical insurance liability to the Maine Life and Health Guaranty
Association for an individual? - Answer✔500,000
How much time does a person who was NOT a party to a hearing have to appeal the order by
the Superintendent? - Answer✔40 days
1|Page
, ©THESTAR 2024/2025 ALL RIGHTS RESERVED.
What is the maximum civil penalty for a corporation convicted of an insurance law violation? -
Answer✔15,000
How much time does a producer who fails to pay their licensing fee have to pay before their
license is suspended? - Answer✔90 days
How many days does an insurer have to inform the Superintendent of a producer's
termination? - Answer✔30 days
If an insurance producer, changes their business telephone number, how much time does she
have to inform the Superintendent? - Answer✔30 days
How much time does an insured normally have to file a notice of claim with their insurer after a
health occurrence? - Answer✔20 days
If the Superintendent fails to act, how much time does someone have to file an appeal? -
Answer✔6 months
Within how many days after informing the Superintendent of a producer's termination does the
insurer have to inform the producer? - Answer✔15 days
The Superintendent may not issue a license to a person whose license has been revoked for at
least: - Answer✔1 year
What is the maximum annuity benefit liability to the Maine Life and Health Guaranty
Association for an individual? - Answer✔250k
A producer or business entity must keep a complete record of all transactions completed under
the license at the place of business for at least: - Answer✔3 years
All of the following are contained in the policy summary, EXCEPT: - Answer✔Beneficiary
Designations
After a settlement contract is executed by all parties, the viator has the right to rescind the
contract before: - Answer✔30 days
How much time does someone have to return a new life insurance policy for a full refund? -
Answer✔10 days
What is the net payment index for a life insurance policy? - Answer✔The cost of the policy
based on amount of premium and frequency of payment
After a settlement contract payment is received, the viator has the right to rescind the contract
before - Answer✔15 days
2|Page
