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Maine PC Exam 2023 Questions and Answers with complete solution
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Maine PC Exam 2023 Questions andAnswers with complete solution
How long is the Superintendent in office? Ans- 5 Years
What is the purpose of the Maine insurance Guarantee Association? Ans- Guarantee
claims by insolvent insurer's, prevent insolvencies, assess costs.
What types of insurance does the Maine guarantee apply to? Ans- Property, Surety,
Casualty, Marine, (Does not apply to wet marine)
What is rebating? Ans- Giving any discount or gift in order to sell insurance.
Giving gifts is allowed as long as they do not exceed __$ per policy period. Ans- 20$
(Raffles are allowed)
Misrepresenting conditions of a policy for the purpose of making the policy holder lapse,
modify, or dispose of insurance. Ans- Twisting
Any individual who violates provisions of the Maine insurance title or any order of the
superintendent may be subject to a civil penalty of __$ - __% for each person.
Corporations can be fined between __$ - __$ Ans- 500$ - 5,000$, 2,000$ - 15,000$
Who will the Superintendent issue a temporary licenses to? Ans- Surviving Spouse,
Next of Kin, administrator, Employee.
How long is a temporary license good for? Ans- 6 Months
What regulates the insurance business in Maine? Ans- Bureau of Insurance
Does the Superintendent write insurance laws? Ans- No
An owner of a vehicle registered in Maine must maintain no less than which of the
following amounts of motor vehicle financial responsibility? Ans- 50/100/25
An insurer's license to do business in Maine is called? Ans- Certificate of Authority
A resident producer who moves to another state must notify the Superintendent within
how many days? Ans- 30
An incorporated insurer without permanent stock is what? Ans- Mutual Insurer
, How many continuing education credits must property and casualty insurance
producers earn to renew their licenses? Ans- 24 hours every 2 years
How many credits of the 24 needed by pc producers must be ethics? Ans- 3 hours
every 2 years
In addition to a state license, what must all producers obtain to transact insurance
business in Maine? Ans- Appointment from at least one insurer
Circulation of a maliciously critical statement about any insurer's financial condition in
order to injure the insurer is called? Ans- Defamation
Personal Auto Policies in Maine must provide medical payments in the minimum
amount of Ans- 2000$
Licensed producers must report a change in name or address to the Superintendent
within Ans- 30 Days
For worker's compensation claims, the maximum attorney's fees in a case tried to
completion may not exceed what percentage of the benefits accrued, after expenses
are deducted? Ans- 30%
Commercial lines policies may be cancelled by the insurer upon what number of days
advance written notice for a reason other than nonpayment of premium? Ans- 30 Days
When may an injured employee choose his health care provider following a covered
workers compensation loss? Ans- After 10 Days
In Maine, the workers compensation laws are administered by Ans- The Maine
Worker's Compensation Board
The superintendent must conduct the hearing within how many days of the application
for the hearing? Ans- 30 Days
How many days advance notice of the hearing is required? Ans- 14 Days
Change of address must be reported within how many days of moving to a new state?
Ans- 30 Days
Limited insurance producer's license may be issued for how many days? Ans- 60 Days
The insurer must file a notice of appointment within how many days of the agency
contract date, or first insurance application? Ans- 15 Days
When an insurance company terminates its relationship with a producer, the company
must notify the Superintendent within how many days? Ans- 30 Days
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