MSK PRACTICE SOLUTION SET 2026
QUESTIONS WITH ANSWERS GRADED A+
>> Timing of Renewal of License
Answer: Apply biennially on or before the last day of the licensee's birth
month
>> Temporary License-How many days?
Answer: Period not to exceed 180 days
>> Notice of Administrative Action-Timing
Answer: Notify the Superintendent within 30 days after the final disposition
of the matter
>> Notice of Criminal Prosecution - Timing
Answer: Within 30 days after the initial appearance before a judge
>> Final Disposition of the Prosecution - Timing
Answer: Provide a certified copy of order that reflects the final disposition
within 30 days
>> Continuing Education - Number of Hours Every Licensing Period
Answer: 24 hours
>> How many Ethics Hours are Required each Licensing Period
Answer: 3 hours
>> CE Carry-Forward Allowed each year
,Answer: 12 hours
>> Inactive License-how ,any months must be Inc time?
Answer: Must be inactive for at least 24 months
>> Participates During Inactive Status-Fine
Answer: Superintendent may revoke or suspend license and impose up to a
$25,000 fine
>> Fine for Violation of Insurance Regulations
Answer: Up to a $25,000 fine per violation
>> Fine for Transacting Insurance Business without a License
Answer: Misdemeanor-Between $25 and $500 and imprisoned for up to 6
months or both
>> Fine for Selling Insurance for an Unauthorized Company
Answer: License revoked-fine of between $25 and $500, and imprisoned up
to 6 months, or both
>> Fines for Surplus Lines agent found guilty of violating regulations regarding
unauthorized insurance
Answer: Fined between $25 and $500 and imprisoned up to 1 year, or both
>> Fine for Failure to File the Proper Fees, Taxes or Assessments or Violates
Advertising Regulations
Answer: Fined between $100 and $500
>> What is Issued if a violation will cause a substantial or material harm
Answer: Cease and desist order
,>> Cease and Desist order applies to:
Answer: Specific act that is subject to the order
>> Fine if fail to honor a cease and desist order
Answer: Civil penalty up to $10,000
>> Term-Negotiate
Answer: Confer directly with, or offer advice to, a purchaser or prospective
purchaser of a particular contract of insurance
>> Term-Sell
Answer: Exchange a contract of insurance by any means, for money or its
equivalent, on behalf of an insurer
>> Term-Solicit
Answer: To attempt to sell insurance, or to ask or urge a person to apply for
a particular kind of insurance from a particular insurer
>> Certificate of Authority
Answer: Must have to sell insurance in the state
>> Certificate of Authority-renewal
Answer: Annually from the date of filing
>> Term-Insolvency
Admitted assets do not exceed its liabilities
Answer: Inability to pay obligations within 40 days from when they are due.
>> File Retention
Answer: Keep minimum of 3 years
, >> Timing of response on claim communications
Answer: Within 15 days of notification of loss
>> Timing of response to the Dept. Of Insurance
Answer: Within 21 days
>> Timing of notification of need for more time to investigate claim
Auto Claims-within45 days and every 45 days thereafter
Answer: Within 90 days and every 90 days thereafter
>> Timing of response to confirm or deny coverage
Answer: Within 21 days
>> Timing of payment after a settlement of a claim
Answer: Not later than 5 days
>> Can a commission be paid to another agent if the agent is licensed for that line
of business?
Answer: Yes
>> Certification requirements of an agent
Financially responsible
Suitable to represent the insurer
Answer: Competent
>> Date in which an insurance company pays the Superintendent $15 for each
appointmrent
Answer: June 30th of each year
>> Term-Rebating
QUESTIONS WITH ANSWERS GRADED A+
>> Timing of Renewal of License
Answer: Apply biennially on or before the last day of the licensee's birth
month
>> Temporary License-How many days?
Answer: Period not to exceed 180 days
>> Notice of Administrative Action-Timing
Answer: Notify the Superintendent within 30 days after the final disposition
of the matter
>> Notice of Criminal Prosecution - Timing
Answer: Within 30 days after the initial appearance before a judge
>> Final Disposition of the Prosecution - Timing
Answer: Provide a certified copy of order that reflects the final disposition
within 30 days
>> Continuing Education - Number of Hours Every Licensing Period
Answer: 24 hours
>> How many Ethics Hours are Required each Licensing Period
Answer: 3 hours
>> CE Carry-Forward Allowed each year
,Answer: 12 hours
>> Inactive License-how ,any months must be Inc time?
Answer: Must be inactive for at least 24 months
>> Participates During Inactive Status-Fine
Answer: Superintendent may revoke or suspend license and impose up to a
$25,000 fine
>> Fine for Violation of Insurance Regulations
Answer: Up to a $25,000 fine per violation
>> Fine for Transacting Insurance Business without a License
Answer: Misdemeanor-Between $25 and $500 and imprisoned for up to 6
months or both
>> Fine for Selling Insurance for an Unauthorized Company
Answer: License revoked-fine of between $25 and $500, and imprisoned up
to 6 months, or both
>> Fines for Surplus Lines agent found guilty of violating regulations regarding
unauthorized insurance
Answer: Fined between $25 and $500 and imprisoned up to 1 year, or both
>> Fine for Failure to File the Proper Fees, Taxes or Assessments or Violates
Advertising Regulations
Answer: Fined between $100 and $500
>> What is Issued if a violation will cause a substantial or material harm
Answer: Cease and desist order
,>> Cease and Desist order applies to:
Answer: Specific act that is subject to the order
>> Fine if fail to honor a cease and desist order
Answer: Civil penalty up to $10,000
>> Term-Negotiate
Answer: Confer directly with, or offer advice to, a purchaser or prospective
purchaser of a particular contract of insurance
>> Term-Sell
Answer: Exchange a contract of insurance by any means, for money or its
equivalent, on behalf of an insurer
>> Term-Solicit
Answer: To attempt to sell insurance, or to ask or urge a person to apply for
a particular kind of insurance from a particular insurer
>> Certificate of Authority
Answer: Must have to sell insurance in the state
>> Certificate of Authority-renewal
Answer: Annually from the date of filing
>> Term-Insolvency
Admitted assets do not exceed its liabilities
Answer: Inability to pay obligations within 40 days from when they are due.
>> File Retention
Answer: Keep minimum of 3 years
, >> Timing of response on claim communications
Answer: Within 15 days of notification of loss
>> Timing of response to the Dept. Of Insurance
Answer: Within 21 days
>> Timing of notification of need for more time to investigate claim
Auto Claims-within45 days and every 45 days thereafter
Answer: Within 90 days and every 90 days thereafter
>> Timing of response to confirm or deny coverage
Answer: Within 21 days
>> Timing of payment after a settlement of a claim
Answer: Not later than 5 days
>> Can a commission be paid to another agent if the agent is licensed for that line
of business?
Answer: Yes
>> Certification requirements of an agent
Financially responsible
Suitable to represent the insurer
Answer: Competent
>> Date in which an insurance company pays the Superintendent $15 for each
appointmrent
Answer: June 30th of each year
>> Term-Rebating
