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Wisconsin |! Property |! Insurance |!
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How |! does |! the |! Commissioner |! of |! Insurance |! receives |! their |! position? A) |! Appointed |! by |! the |! Legislature. |! B) |! Appointed |! by |! the |! Attorney |! General. C) |! Appointed |! by |! the |! Governor. D) |! Elected |! every |! 4 |! years. |! - |! Correct |! answer |! ✔C Insurance |! laws |! in |! Wisconsin |! are |! made |! by: A) |! The |! Commissioner |! of |! Insurance. B) |! National |! Association |! of |! Insurance |! Commissioners |! (NAIC). C) |! The |! Attorney |! General. D) |! The |! Legislature. |! - |! Correct |! answer |! ✔D To |! clarify |! a |! person's |! rights |! and |! duties |! under |! Wisconsin |! insurance |! law, |! the |! Commissioner |! will |! issue |! a: A) |! Hearing. B) |! Declaratory |! order. C) |! Collateral |! examination.
D) |! 20 |! day |! review |! notice. |! - |! Correct |! answer |! ✔B What |! is |! the |! minimum |! number |! of |! days |! the |! OCI |! has |! to |! hold |! a |! hearing |! by |! a |! denied |! applicant |! for |! a |! license? A) |! 10-30 |! days B) |! 20 |! days C) |! 5 |! days |! D) |! 10 |! days |! - |! Correct |! answer |! ✔D The |! Commissioner |! requires |! the |! insurance |! test |! to: A) |! Determine |! if |! the |! applicant |! has |! committed |! a |! felony. B) |! Determine |! if |! the |! applicant |! has |! taken |! Continuing |! Education |! classes. C) |! Determine |! if |! the |! applicant |! if |! trustworthy |! and |! competent. D) |! Determine |! if |! the |! applicant |! is |! at |! least |! a |! minimum |! 21 |! years |! of |! age. |! - |! Correct |! answer |! ✔C The |! Commissioner |! has |! all |! of |! the |! following |! powers |! except: A) |! Implied |! power. B) |! Enforcement |! power. C) |! Incarceration |! power. D) |! Specified |! power. |! - |! Correct |! answer |! ✔C If |! the |! Commissioner |! does |! not |! put |! a |! time |! length |! on |! a |! revocation |! the |! intermediaries |! license |! is |! revoked |! for:
D) |! Not |! allowed |! in |! Wisconsin. |! - |! Correct |! answer |! ✔A If |! a |! corporation |! is |! to |! be |! licensed |! in |! WI, |! how |! many |! executive |! officers |! must |! have |! their |! license? A) |! 1 |! executive |! officer. B) |! 2 |! executive |! officers. C) |! 3 |! executive |! officers. D) |! All |! executive |! officers |! must |! have |! their |! intermediary |! license. |! - |! Correct |! answer |! ✔A All |! of |! the |! following |! changes |! must |! be |! reported |! to |! the |! Commissioner's |! Office |! except: A) |! Disciplinary |! action |! by |! another |! state |! relating |! to |! insurance. B) |! Change |! in |! the |! business |! address |! where |! records |! are |! located. C) |! Change |! in |! the |! intermediary's |! marital |! status. D) |! Conviction |! of |! a |! felony. |! - |! Correct |! answer |! ✔C All |! of |! the |! following |! records |! are |! required |! to |! be |! maintained |! by |! the |! Commissioner's |! Office |! except: A) |! Business |! checking |! accounts. |! B) |! Replacement |! forms |! of |! insureds. C) |! Commission |! statements. |! D) |! Mileage |! records. |! - |! Correct |! answer |! ✔D
To |! be |! a |! resident |! agent |! in |! Wisconsin |! an |! agent |! must: A) |! Be |! a |! resident |! of |! Wisconsin. B) |! Be |! 21 |! years |! or |! older. C) |! Pass |! a |! securities |! exam. D) |! Be |! licensed |! with |! the |! National |! Association |! of |! Insurance |! Commissioners |! (NAIC). |! - |! Correct |! answer |! ✔A A |! temporary |! license |! may |! be |! obtained |! for |! what |! period |! of |! time: A) |! 3 |! months |! and |! may |! be |! renewed |! twice. B) |! 3 |! months |! and |! may |! be |! renewed |! not |! to |! exceed |! 6 |! months. C) |! 12 |! months |! and |! may |! not |! be |! renewed. D) |! 6 |! months |! and |! may |! be |! renewed |! not |! to |! exceed |! 12 |! months. |! - |! Correct |! answer |! ✔C What |! is |! the |! premium |! tax |! charged |! in |! surplus |! lines |! transactions? A) |! 1% B) |! 2% |! C) |! 3%. D) |! 5%. |! - |! Correct |! answer |! ✔C The |! intermediary |! agent |! represents |! the: A) |! Insurance |! company |! and |! applicant |! for |! insurance. B) |! Applicant |! for |! insurance |! only. C) |! Insurance |! company |! only.
C) |! $500,
D) |! $1,000,000 |! - |! Correct |! answer |! ✔B For |! violating |! the |! commissioners |! orders, |! the |! most |! the |! commissioner |! can |! fine |! an |! intermediary |! is: A) |! $1,000 |! each |! day. B) |! $5,000 |! each |! day |! in |! violation. C) |! $10,000 |! each |! day |! in |! violation. D) |! $0.00, |! the |! Commissioner |! does |! not |! have |! the |! authority |! to |! fine |! intermediary |! agents. |! - |! Correct |! answer |! ✔B All |! of |! the |! following |! statements |! apply |! to |! a |! rehearing |! except: A) |! A |! rehearing |! may |! be |! granted |! due |! to |! an |! error |! in |! law |! or |! fact. B) |! A |! rehearing |! may |! be |! granted |! if |! the |! intermediary |! agent |! pays |! a |! court |! fee |! of |! $100. C) |! A |! rehearing |! must |! be |! requested |! within |! 20 |! days |! after |! losing |! the |! initial |! hearing. D) |! A |! rehearing |! may |! be |! granted |! if |! new |! evidence |! is |! brought |! forth. |! - |! Correct |! answer |! ✔B A |! foreign |! insurance |! company |! is |! one |! which: A) |! Has |! their |! home |! office |! located |! in |! Wisconsin. B) |! Chartered |! and |! organized |! in |! another |! country. C) |! Has |! their |! home |! office |! in |! another |! country. D) |! Is |! chartered |! and |! organized |! in |! another |! state. |! - |! Correct |! answer |! ✔D
If |! an |! intermediary |! is |! terminated |! by |! the |! insurance |! company, |! the |! insurance |! company |! must |! do |! all |! of |! the |! following |! except: A) |! Collect |! all |! indicia |! of |! agency. B) |! Collect |! all |! rate |! books |! and |! applications. C) |! Notify |! all |! clients |! within |! 30 |! days. D) |! Notify |! the |! Commissioner |! within |! 30 |! days |! of |! the |! termination. |! - |! Correct |! answer |! ✔C If |! an |! intermediary |! gives |! a |! microwave |! oven |! for |! buying |! the |! insurance |! policy, |! this |! practice |! is |! called: A) |! Coercion |! B) |! Redlining C) |! Restraint |! Of |! Competition |! D) |! Unfair |! inducement |! - |! Correct |! answer |! ✔D All |! of |! the |! following |! are |! unfair |! marketing |! practices |! except: A) |! Churning B) |! Misrepresentation |! by |! the |! intermediary C) |! Misrepresentation |! by |! the |! applicant |! D) |! Extra |! Charges |! - |! Correct |! answer |! ✔C Forwarding |! business |! from |! one |! agent |! to |! another |! because |! an |! agent |! is |! not |! able |! to |! place |! business |! with |! their |! own |! company |! is |! called:
C) |! Meet |! specific |! standards |! regarding |! ease |! of |! readability. D) |! All |! of |! the |! above. |! - |! Correct |! answer |! ✔D If |! an |! agent |! or |! company |! influences |! an |! employer |! to |! fire |! or |! not |! hire |! a |! person |! as |! a |! condition |! for |! receiving |! the |! policy, |! this |! is |! called: A) |! Unfair |! discrimination. B) |! Influencing |! employers. C) |! Twisting. |! D) |! Unfair |! use |! of |! official |! position. |! - |! Correct |! answer |! ✔B What |! is |! the |! maximum |! number |! of |! risks |! an |! intermediary |! may |! exchange |! per |! year |! under |! Proper |! Exchange |! of |! Business? A) |! 50 |! risks B) |! 25 |! risks C) |! 15 |! risks D) |! 5 |! risks |! - |! Correct |! answer |! ✔B Which |! of |! the |! following |! is |! not |! an |! essential |! characteristic |! of |! any |! contract, |! including |! an |! insurance |! contract? A) |! Competent |! parties. |! B) |! Consideration. C) |! Concatenation. D) |! Legal |! Purpose. |! - |! Correct |! answer |! ✔C
A |! surplus |! lines |! agent |! is |! authorized |! to |! do |! business |! with |! an: A) |! Unauthorized |! company. B) |! Domestic |! company. C) |! Foreign |! company. D) |! Alien |! company. |! - |! Correct |! answer |! ✔A The |! insurance |! department |! does |! NOT |! have |! the |! authority |! to |! do |! which |! the |! following? A) |! Approve |! policy |! rates. B) |! Reject |! policy |! rates. C) |! Create |! policy |! rates. D) |! Revise |! policy |! rates. |! - |! Correct |! answer |! ✔C An |! oral |! binder |! issued |! in |! Wisconsin |! provides |! temporary |! coverage |! for |! how |! many |! days? A) |! 10 |! days. B) |! 20 |! days. C) |! 30 |! days. D) |! 60 |! days. |! - |! Correct |! answer |! ✔C If |! an |! insurance |! company |! fails |! to |! pay |! a |! claim |! within |! 30 |! days |! after |! receiving |! the |! written |! proof |! of |! loss |! they |! must |! pay: A) |! 12% |! interest. B) |! 15% |! interest.
In |! which |! of |! the |! following |! instances |! may |! the |! Insurance |! Commissioner |! take |! disciplinary |! action? A) |! A |! licensed |! intermediary |! continually |! uses |! unlicensed |! employees |! who |! are |! paid |! to |! advise |! others |! about |! insurance. B) |! A |! licensed |! intermediary |! fails |! to |! pay |! a |! required |! fee |! on |! a |! timely |! basis. C) |! A |! licensed |! intermediary |! recommends |! an |! insurance |! policy |! without |! determining |! if |! it |! is |! suitable |! for |! the |! client. D) |! All |! of |! the |! above |! may |! lead |! to |! disciplinary |! action |! by |! the |! Insurance |! Commissioner. |! - |! Correct |! answer |! ✔D A |! change |! made |! to |! an |! insurance |! policy |! after |! it |! has |! been |! issued |! is |! referred |! to |! as: A) |! An |! exclusion. B) |! A |! restriction. C) |! An |! endorsement. D) |! A |! rider. |! - |! Correct |! answer |! ✔C One |! duty |! of |! the |! Commissioner |! is: A) |! Make |! the |! laws. B) |! Revise |! the |! laws. C) |! Revoke |! the |! laws. D) |! Interpret |! the |! laws. |! - |! Correct |! answer |! ✔D This |! office |! must |! examine |! all |! domestic |! insurance |! companies: A) |! Governor's |! office.
B) |! Legislature. C) |! Office |! of |! the |! Commissioner. D) |! Attorney |! General. |! - |! Correct |! answer |! ✔C An |! intermediary's |! license |! comes |! due |! for |! renewal: A) |! Biennially. B) |! Biannually. C) |! Two |! years |! from |! the |! date |! of |! issuance. |! D) |! Three |! years |! from |! the |! date |! of |! issuance. |! - |! Correct |! answer |! ✔A The |! license |! renewal |! fee |! for |! an |! intermediary |! is: A) |! $5.00. B) |! $5.00 |! for |! each |! line |! of |! insurance |! the |! agent |! is |! licensed |! in. C) |! $35.00. D) |! $25.00 |! for |! each |! line |! of |! insurance |! the |! agent |! is |! licensed |! in. |! - |! Correct |! answer |! ✔C For |! an |! insurance |! company |! to |! cancel |! an |! insurance |! policy |! on |! the |! anniversary |! date, |! they |! must: A) |! Notify |! the |! insured |! 30 |! days |! before |! the |! cancellation |! date |! in |! writing. B) |! Notify |! the |! insured |! 60 |! days |! before |! the |! cancellation |! date |! in |! writing. C) |! Notify |! the |! insured |! 90 |! days |! before |! the |! cancellation |! date |! in |! writing. D) |! Notify |! the |! agent |! 60 |! days |! before |! the |! cancellation |! date |! in |! writing. |! - |! Correct |! answer |! ✔B
B) |! 30 |! days. C) |! 45 |! days. D) |! Immediately. |! - |! Correct |! answer |! ✔D Statements |! made |! by |! the |! applicant |! when |! applying |! for |! insurance |! that |! are |! "true |! to |! the |! best |! of |! their |! knowledge |! and |! belief" |! are |! regarded |! to |! be |! considered: A) |! Warranties. B) |! Incorporated |! by |! reference. |! C) |! Representations. D) |! Void. |! - |! Correct |! answer |! ✔C An |! agent |! files |! a |! false |! claim |! on |! behalf |! of |! the |! insured, |! this |! is |! considered |! to |! be: A) |! Fraud. B) |! Collusion. C) |! Larceny. D) |! Misrepresentation. |! - |! Correct |! answer |! ✔D Which |! time |! element |! coverage |! is |! designed |! for |! businesses |! that |! cannot |! be |! shut |! down? A) |! Business |! Interruption B) |! Contingent |! Business |! Interruption C) |! Extra |! Expense
D) |! Recipient |! Properties |! - |! Correct |! answer |! ✔C One |! of |! the |! main |! advantages |! for |! having |! Boiler |! and |! Machinery |! is |! the |! policy |! pays |! for: A) |! Losses |! of |! objects |! in |! transit B) |! An |! accident |! caused |! directly |! or |! indirectly |! by |! earth |! movement C) |! Losses |! due |! to |! ordinance |! or |! law D) |! The |! inspection |! service |! by |! the |! insurance |! company |! - |! Correct |! answer |! ✔D Which |! Commercial |! Floater |! will |! cover |! loss |! for |! personal |! property |! of |! others |! under |! the |! insured's |! care, |! custody, |! and |! control? A) |! Contributing |! Properties B) |! Bailee |! Coverage C) |! Recipient |! Properties D) |! Personal |! Floater |! - |! Correct |! answer |! ✔B The |! waiting |! period |! for |! Flood |! Insurance |! is: A) |! 15 |! days B) |! 30 |! days C) |! 20 |! days D) |! 60 |! days |! - |! Correct |! answer |! ✔B Flood |! Insurance |! covers |! all |! of |! the |! following |! EXCEPT: A) |! Fences, |! retaining |! walls, |! outdoor |! swimming |! pools
Automatic |! coverage |! in |! a |! homeowners |! policy |! for |! loss |! assessment |! is: A) |! $ B) |! $2, C) |! $1, D) |! $5,000 |! - |! Correct |! answer |! ✔C Lawns, |! plants, |! shrubs, |! and |! trees |! provides |! what |! coverage |! amount |! in |! a |! homeowners |! policy? A) |! $100 |! per |! tree, |! plant, |! or |! shrub B) |! $1000 |! per |! tree, |! plant, |! or |! shrub C) |! $500 |! per |! tree, |! plant, |! or |! shrub D) |! 10% |! of |! the |! Coverage |! A |! (Dwelling) |! limit |! - |! Correct |! answer |! ✔C An |! intermediary |! who |! fails |! to |! complete |! the |! required |! CE |! credits |! by |! the |! expiration |! date |! shall |! be |! subject |! to |! which |! of |! the |! following |! actions |! by |! the |! Commissioner? A) |! License |! Revocation B) |! Monetary |! Forfeiture C) |! License |! Suspension D) |! Disciplinary |! Action/Fine |! - |! Correct |! answer |! ✔A Equipment |! breakdown |! covers |! expenses |! resulting |! from: A) |! Wear |! and |! tear B) |! Failing |! of |! a |! safety |! device
C) |! Sudden |! and |! accidental |! breakdown D) |! Accident |! to |! and |! object |! during |! testing |! - |! Correct |! answer |! ✔C Inland |! Marine |! definition |! covers |! all |! of |! the |! following |! property |! EXCEPT: A) |! Imports B) |! Bridges |! and |! tunnels C) |! Exports D) |! Fixtures |! and |! furniture |! - |! Correct |! answer |! ✔D An |! insurance |! company |! may |! have |! reason |! to |! discontinue |! an |! insured's |! property |! coverage |! after |! expiration. |! This |! is |! referred |! to |! as: A) |! Cancellation B) |! Nonrenewal C) |! Expiration D) |! Noncontinuation |! - |! Correct |! answer |! ✔B Which |! of |! the |! following |! statements |! is |! correct |! about |! a |! written |! promise |! by |! an |! intermediary |! to |! provide |! coverage? A) |! It |! is |! contrary |! to |! insurance |! laws B) |! Acceptable |! under |! insurance |! laws C) |! An |! example |! of |! Estoppel D) |! Example |! of |! waiver |! - |! Correct |! answer |! ✔B
