Wisconsin Insurance bundled exams with complete solution everything you need to pass is here

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 ...

Commercial Insurers /Private insurance companies - -In the business of selling insurance for a profit -Stock and Mutual insurers Multi-line insurer - An insurance company selling more than one line of insurance Stock Companies/Nonparticipating Insurers - -Organized and incorporated under state l...

Dividends from a stock company are normally sent to: Beneficiaries Shareholders Policy holders Insureds - Shareholders Which of the following financial products creates an instant estate, no matter when the date of death? Mutual funds Life insurance Certificate of deposit Deferred annuity -...

tock Companies - -private organization focused to make profits for shareholders -Stock dividends are paid to stock holders -policyholders do not participate Mutual Companies - -have no stock holders -owners are policy owners -policy holders can vote for members of the board -policy owners rece...

Which of these is true regarding the exchange of consideration among parties involved in an insurance contract - Can be unequal Who typically makes the purchase payments in an individual annuity? - owner Death benefits from a life insurance policy are normally considered to be - exempt from feder...

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...

If a person owns and occupies real property as a home and the property is destroyed by a covered peril, through no criminal fault of the insured, the value of the property will be considered to be 1. What a willing buyer would pay to a willing seller. 2. What similar type structures in the area a...

he Commissioner of Insurance has the power to do all of the following EXCEPT - pass insurance laws The Commissioner has the duty to examine all of the following EXCEPT - temporary work agencies that supply clerical Before the Commissioner revokes the license of an intermediary, the Commissioner m...

Who must have an intermediary's license? - Anyone wishing to sell insurance in Wisconsin Which of the following need an intermediary's license? -Insurance company officers... -An insurance "advisor"... -Agency secretary... -A person entering confidential information in a database... - An in...

tock insurer - - Owned by stockholders/shareholders - Pays taxable dividends to shareholders if a profit is made -Issues nonparticipating policies (non-PAR) Mutual Insurer - - An insurer that is owned by its policyholders - If company is profitable, excess premiums are returned as non-taxable d...

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 - ...

What is coersion? - A forceful act or threat aimed to influence a person to act against their will What is exempt? - Not subject to an obligation What is an inducement? - an offer that attmepts to influence the other party What is insolvent? - Unable to meet financial obligations What is Lapse? ...

An insurer decides to renew a policy but at a higher premium rate, starting on the renewal date. How many days in advance must the insured be notified? 1. 60 days 2. 90 days 3. 100 days 4. 30 days - 1. 60 days Which of the following includes information regarding a person's credit, character,...

What is the purpose of the Wisconsin State Life Insurance Fund? a) to offer low-cost life insurance to state residents b) To protect insured against insolvent insurers c) To advertise different types of life insurance policies available in the state d) To provide life insurance through licensed ...