Page 1 of 50
NEW MEXICO LIFE, HEALTH s ACCIDENT
INSURANCE – 2026/27 MIDTERM EXAM
COMPLETE (100) CURRENT TESTING
QUESTIONS AND CORRECT ANSWERS WITH
DETAILED EXPLANATIONS|GUARANTEED
PASS,
INSURANCE
Prepare for the SOC 201 midterm Exam with practice questions
covering insurance principles, life insurance, health and accident
insurance, annuities, and New Mexico-specific regulations. This
study guide helps reinforce key course concepts and supports
effective review for classroom assessments. Designed to improve
understanding of foundational sociology topics and boost exam
confidence. Suitable for sociology and social science students.
Multiple choice.
Section 1: Insurance Regulation s Licensing (Questions 1–15)
1. In New Mexico, the Superintendent of Insurance is
appointed by the:
A) Governor
B) Public Regulation Commission
C) State Legislature
D) Insurance industry
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Answer: B. Public Regulation Commission
Explanation: In New Mexico, the Superintendent of
Insurance is appointed by the Public Regulation Commission
(PRC), not directly elected. This is a key state-specific fact
for the exam.
2. How many days in advance must policy forms be filed with
the Superintendent of Insurance in New Mexico?
A) 30 days
B) 45 days
C) 60 days
D) 90 days
Answer: C. 60 days
Explanation: New Mexico law requires that all insurance
policy forms be filed with the Superintendent at least 60
days before their intended use. This allows time for
regulatory review.
3. The books and records of domestic insurers in New
Mexico must be examined at least once every:
A) 2 years
B) 3 years
C) 5 years
D) 7 years
Answer: C. 5 years
Explanation: Domestic insurers are examined by the Office
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of Superintendent of Insurance at least once every five years
to verify financial solvency and compliance with state laws.
4. An agent or broker must notify the New Mexico Insurance
Department of a change of address within how many days?
A) 10 days
B) 20 days
C) 30 days
D) 60 days
Answer: B. 20 days
Explanation: New Mexico requires licensees to update their
address with the Insurance Department within 20 days of a
change to maintain accurate licensing records.
5. The maximum administrative penalty for each intentional
and willful violation of the New Mexico Insurance Code is:
A) 1,000B)1,000B)5,000
C) 10,000D)10,000D)25,000
Answer:
C. 10,000∗∗∗∗Explanation:TheInsuranceCodeallowstheSupe
rintendenttoimposeapenaltyofupto10,000∗∗∗∗Explanation:T
heInsuranceCodeallowstheSuperintendenttoimposeapenalt
yofupto10,000 for each intentional and willful violation,
which serves as a strong deterrent against misconduct.
6. A temporary insurance producer license may be issued for
up to how many days without an examination?
A) 90 days
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B) 180 days
C) 270 days
D) 365 days
Answer: B. 180 days
Explanation: The Superintendent may issue a temporary
license for up to 180 days, for example, upon the death or
disability of a licensed producer, to allow time for a
permanent replacement to become licensed.
7. Under New Mexico law, an insurer must provide an agent
with at least how many days’ notice before terminating an
appointment?
A) 30 days
B) 60 days
C) 90 days
D) 180 days
Answer: D. 180 days
Explanation: New Mexico requires 180 days’ advance notice
of appointment termination. This gives the agent ample time
to make other arrangements.
8. Which of the following is NOT a requirement for an
insurance producer license in New Mexico?
A) Be at least 18 years old
B) Be appointed by an insurer
C) Pass a licensing exam
D) Have a bachelor’s degree
NEW MEXICO LIFE, HEALTH s ACCIDENT
INSURANCE – 2026/27 MIDTERM EXAM
COMPLETE (100) CURRENT TESTING
QUESTIONS AND CORRECT ANSWERS WITH
DETAILED EXPLANATIONS|GUARANTEED
PASS,
INSURANCE
Prepare for the SOC 201 midterm Exam with practice questions
covering insurance principles, life insurance, health and accident
insurance, annuities, and New Mexico-specific regulations. This
study guide helps reinforce key course concepts and supports
effective review for classroom assessments. Designed to improve
understanding of foundational sociology topics and boost exam
confidence. Suitable for sociology and social science students.
Multiple choice.
Section 1: Insurance Regulation s Licensing (Questions 1–15)
1. In New Mexico, the Superintendent of Insurance is
appointed by the:
A) Governor
B) Public Regulation Commission
C) State Legislature
D) Insurance industry
, Page 2 of 50
Answer: B. Public Regulation Commission
Explanation: In New Mexico, the Superintendent of
Insurance is appointed by the Public Regulation Commission
(PRC), not directly elected. This is a key state-specific fact
for the exam.
2. How many days in advance must policy forms be filed with
the Superintendent of Insurance in New Mexico?
A) 30 days
B) 45 days
C) 60 days
D) 90 days
Answer: C. 60 days
Explanation: New Mexico law requires that all insurance
policy forms be filed with the Superintendent at least 60
days before their intended use. This allows time for
regulatory review.
3. The books and records of domestic insurers in New
Mexico must be examined at least once every:
A) 2 years
B) 3 years
C) 5 years
D) 7 years
Answer: C. 5 years
Explanation: Domestic insurers are examined by the Office
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of Superintendent of Insurance at least once every five years
to verify financial solvency and compliance with state laws.
4. An agent or broker must notify the New Mexico Insurance
Department of a change of address within how many days?
A) 10 days
B) 20 days
C) 30 days
D) 60 days
Answer: B. 20 days
Explanation: New Mexico requires licensees to update their
address with the Insurance Department within 20 days of a
change to maintain accurate licensing records.
5. The maximum administrative penalty for each intentional
and willful violation of the New Mexico Insurance Code is:
A) 1,000B)1,000B)5,000
C) 10,000D)10,000D)25,000
Answer:
C. 10,000∗∗∗∗Explanation:TheInsuranceCodeallowstheSupe
rintendenttoimposeapenaltyofupto10,000∗∗∗∗Explanation:T
heInsuranceCodeallowstheSuperintendenttoimposeapenalt
yofupto10,000 for each intentional and willful violation,
which serves as a strong deterrent against misconduct.
6. A temporary insurance producer license may be issued for
up to how many days without an examination?
A) 90 days
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B) 180 days
C) 270 days
D) 365 days
Answer: B. 180 days
Explanation: The Superintendent may issue a temporary
license for up to 180 days, for example, upon the death or
disability of a licensed producer, to allow time for a
permanent replacement to become licensed.
7. Under New Mexico law, an insurer must provide an agent
with at least how many days’ notice before terminating an
appointment?
A) 30 days
B) 60 days
C) 90 days
D) 180 days
Answer: D. 180 days
Explanation: New Mexico requires 180 days’ advance notice
of appointment termination. This gives the agent ample time
to make other arrangements.
8. Which of the following is NOT a requirement for an
insurance producer license in New Mexico?
A) Be at least 18 years old
B) Be appointed by an insurer
C) Pass a licensing exam
D) Have a bachelor’s degree
