Alaska Property & Casualty Insurance Practice Exam
2023 Questions and Answers Complete
The Insurance Director is
Appointed by the commissioner of commerce and economic development
The Insurance Director may do all of the following EXCEPT
Rewrite insurance laws at any time
What is the maximum civil penalty that may be assessed for a willful violation of the
Insurance Code?
$25,000
An insurer formed under the laws of Alaska is known as
A domestic insurer
The consideration for insurance is called
The premium
AN authorized insurer may also be referred to as
An admitted insurer
Which of the following statements is TRUE with regard to license applicants
Applicants must pass a state licensing exam
A temporary license may be effective for up to
90 Days
A domestic incorporated insurer with capital divided into shares and owned by its
stockholders is known as
A stock insurer
Licenses are renewed
Biennially on a date set by the Director
The Director may require insurers to renew appointments
Annually
Every domestic insurer must be examined by the Insurance Director at least once every
3 years
After an examination of a person's insurance transactions and affairs has been
completed, the Director will record the findings in an examination report. The Director
will give a copy to the person examined and allow up to_____________ for that person
to submit a rebuttal.
30 days
Agent Mahoney offers to refund her client's first premium payment in exchange for the
purchase of a life insurance policy. Agent Mahoney is guilty of
Rebating
If cause exists, the Director may suspend a producer's license for
Up to 12 months
A binder of insurance may be issued for a maximum of how many days?
90
Which of the following statements is NOT an example of rebating?
Offering to take your top five clients to an en-of-the-year appreciation dinner
What is the purpose of the Alaska Insurance Guaranty Association?
To pay covered claims of insolvent insurers
2023 Questions and Answers Complete
The Insurance Director is
Appointed by the commissioner of commerce and economic development
The Insurance Director may do all of the following EXCEPT
Rewrite insurance laws at any time
What is the maximum civil penalty that may be assessed for a willful violation of the
Insurance Code?
$25,000
An insurer formed under the laws of Alaska is known as
A domestic insurer
The consideration for insurance is called
The premium
AN authorized insurer may also be referred to as
An admitted insurer
Which of the following statements is TRUE with regard to license applicants
Applicants must pass a state licensing exam
A temporary license may be effective for up to
90 Days
A domestic incorporated insurer with capital divided into shares and owned by its
stockholders is known as
A stock insurer
Licenses are renewed
Biennially on a date set by the Director
The Director may require insurers to renew appointments
Annually
Every domestic insurer must be examined by the Insurance Director at least once every
3 years
After an examination of a person's insurance transactions and affairs has been
completed, the Director will record the findings in an examination report. The Director
will give a copy to the person examined and allow up to_____________ for that person
to submit a rebuttal.
30 days
Agent Mahoney offers to refund her client's first premium payment in exchange for the
purchase of a life insurance policy. Agent Mahoney is guilty of
Rebating
If cause exists, the Director may suspend a producer's license for
Up to 12 months
A binder of insurance may be issued for a maximum of how many days?
90
Which of the following statements is NOT an example of rebating?
Offering to take your top five clients to an en-of-the-year appreciation dinner
What is the purpose of the Alaska Insurance Guaranty Association?
To pay covered claims of insolvent insurers
