Wisconsin insurance law - Study guides, Class notes & Summaries

Wisconsin Drivers Ed Final Exam with Complete Solutions Who is allowed to operate a motor vehicle in Wisconsin if the vehicle they are operating does not have liability insurance in effect? No one How much time do you have to apply for a Wisconsin driver license after becoming a resident of Wisconsin? 60 days When are points doubled if you have your Probationary license? Starting with the second and subsequent traffic violations you are convicted of. Which statement(s) about th...

Wisconsin Property/Health Insurance Certification Exam 2024 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 perso...

Wisconsin Accident and Health Insurance Exam 3 Questions and Answers 100% Pass What is the consequence for an intermediary's failure to pay his/her biennial license fee? Intermediary is incarcerated by the Insurance Commissioner. Intermediary's license is suspended for 180 days. Intermediary's license is revoked. Intermediary's commission rate is reduced. Intermediary's license is revoked. Which of these situations would NOT potentially involve a prison sentence under Federa...

Wisconsin Property and Casualty Latest Update Graded A+ FAIR Fair Access to Insurance Requirements Elements of a Legal Contract. L. O. A. C. • Consideration • Legal Purpose • Offer • Acceptance • Competent Parties Consideration Money and statements made on application Legal Purpose Risk transfer doesn't violate the law Offer Insured submits application and first month premium to insurer Insurer accepts or insurer declines the risk Counteroffer Agrees to iss...

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. - 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. - D To clarify a person's rights and duties under Wisconsin insurance law, the Commissioner will issue a: A) Heari...

If you are under the age of 18, what must you do to obtain a Wisconsin Class D driver license? correct answers Successfully complete an approved driver education course Have an adult sponsor certify their sponsorship on your application How much time do you have to apply for a Wisconsin driver license after becoming a resident of Wisconsin? correct answers 60 days What is a qualification necessary for a Probationary license? correct answers Pass a driving skills test Have no moving traff...

Wisconsin Health Insurance Law Questions and Answers Already Passed How long does the free-look period last for an individual disability policy? 10 days What is the provision that allows the policyowner to, within a specified amount of time, return a new policy for a full premium refund? Free-look period Revealing a specific charge level for a procedure or a specific provider name are examples of information that might be construed as what? Proprietary If an insurer plans to stop ...

Property and Casualty Insurance Test Questions and Answers 100% Pass What is a peril? A Peril is a cause of loss What is a hazard? Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? Retention (loss or portion of loss) If a fire causes damage to a building, what is the fire considere...

Wisconsin Insurance Exam Latest Update Graded A+ Risk Not Knowing what will happen in the future and the possibility the outcome will be negative Defined As: Chance of Loss Possibility of Loss Uncertainty of Loss Types of Loss 1. Financial -Loss of house to loss of life 2. Non-Financial -Loss of Friendship Speculative Risk I win or I lose Pure Risk I lose or I do not lose Peril The actual cause of a loss Natural, Human, Economical, etc Hazard Situations or f...

Laws and Rules Chapter 11 Questions and Answers 100% Pass A person who intentionally commits a criminal violation of an insurance law may be subject to a MAXIMUM fine of $5,000 The Insurance Security Fund was established to protect consumers in the event of an insurer's Insolvency An insurance intermediary must maintain customer records for how many years following the completion date of the insurance transaction? three The Wisconsin Insurance Security Fund was established to ...