Maine Insurance - Questions Frequently Missed
(Answered) Correctly 2024!!
How much time does a person who was a party to a hearing have to appeal the
order by the Superintendent?
30 days
As a prerequisite to maintaining a license, licensees must complete a continuing
education requirement every:
2 years
If Jerry's insurance producer's license expires, how much time does he have to
be reinstated without retaking the Maine insurance licensing examination?
2 years
What is the maximum life insurance death benefit liability to the Maine Life and
Health Guaranty Association for an individual?
300,000
If an insurance producer, changes their business address, how much time does
she have to inform the Superintendent?
30 days
What is the maximum prison sentence for someone who continues to be involved
in the insurance business after their insurance producer license has been
suspended?
6 months
How much time does an insurance licensee have to apply a received premium?
30 days
What is the minimum civil penalty for a corporation convicted of an insurance law
violation?
2000
If an insurance producer, changes their business telephone number, how much
time does she have to inform the Superintendent?
30 days
What is the maximum major medical insurance liability to the Maine Life and
Health Guaranty Association for an individual?
500,000
How much time does a person who was NOT a party to a hearing have to appeal
the order by the Superintendent?
40 days
What is the maximum civil penalty for a corporation convicted of an insurance
law violation?
15,000
How much time does a producer who fails to pay their licensing fee have to pay
before their license is suspended?
90 days
How many days does an insurer have to inform the Superintendent of a
producer's termination?
30 days
, If an insurance producer, changes their business telephone number, how much
time does she have to inform the Superintendent?
30 days
How much time does an insured normally have to file a notice of claim with their
insurer after a health occurrence?
20 days
If the Superintendent fails to act, how much time does someone have to file an
appeal?
6 months
Within how many days after informing the Superintendent of a producer's
termination does the insurer have to inform the producer?
15 days
The Superintendent may not issue a license to a person whose license has been
revoked for at least:
1 year
What is the maximum annuity benefit liability to the Maine Life and Health
Guaranty Association for an individual?
250k
A producer or business entity must keep a complete record of all transactions
completed under the license at the place of business for at least:
3 years
All of the following are contained in the policy summary, EXCEPT:
Beneficiary Designations
After a settlement contract is executed by all parties, the viator has the right to
rescind the contract before:
30 days
How much time does someone have to return a new life insurance policy for a full
refund?
10 days
What is the net payment index for a life insurance policy?
The cost of the policy based on amount of premium and frequency of payment
After a settlement contract payment is received, the viator has the right to rescind
the contract before
15 days
What is the surrender cost index for a life insurance policy?
The cash value of a life insurance policy at a given time
How many days does someone have to send funds to a viator after a beneficiary
has been changed due to a settlement contract?
3 business days
What is the maximum civil penalty for an individual convicted of an insurance law
violation?
5,000
How does an insurer verify the personal characteristics of an applicant?
Inspection report
How much time does an insurer have to pay a claim once a proof of loss is
verified?
(Answered) Correctly 2024!!
How much time does a person who was a party to a hearing have to appeal the
order by the Superintendent?
30 days
As a prerequisite to maintaining a license, licensees must complete a continuing
education requirement every:
2 years
If Jerry's insurance producer's license expires, how much time does he have to
be reinstated without retaking the Maine insurance licensing examination?
2 years
What is the maximum life insurance death benefit liability to the Maine Life and
Health Guaranty Association for an individual?
300,000
If an insurance producer, changes their business address, how much time does
she have to inform the Superintendent?
30 days
What is the maximum prison sentence for someone who continues to be involved
in the insurance business after their insurance producer license has been
suspended?
6 months
How much time does an insurance licensee have to apply a received premium?
30 days
What is the minimum civil penalty for a corporation convicted of an insurance law
violation?
2000
If an insurance producer, changes their business telephone number, how much
time does she have to inform the Superintendent?
30 days
What is the maximum major medical insurance liability to the Maine Life and
Health Guaranty Association for an individual?
500,000
How much time does a person who was NOT a party to a hearing have to appeal
the order by the Superintendent?
40 days
What is the maximum civil penalty for a corporation convicted of an insurance
law violation?
15,000
How much time does a producer who fails to pay their licensing fee have to pay
before their license is suspended?
90 days
How many days does an insurer have to inform the Superintendent of a
producer's termination?
30 days
, If an insurance producer, changes their business telephone number, how much
time does she have to inform the Superintendent?
30 days
How much time does an insured normally have to file a notice of claim with their
insurer after a health occurrence?
20 days
If the Superintendent fails to act, how much time does someone have to file an
appeal?
6 months
Within how many days after informing the Superintendent of a producer's
termination does the insurer have to inform the producer?
15 days
The Superintendent may not issue a license to a person whose license has been
revoked for at least:
1 year
What is the maximum annuity benefit liability to the Maine Life and Health
Guaranty Association for an individual?
250k
A producer or business entity must keep a complete record of all transactions
completed under the license at the place of business for at least:
3 years
All of the following are contained in the policy summary, EXCEPT:
Beneficiary Designations
After a settlement contract is executed by all parties, the viator has the right to
rescind the contract before:
30 days
How much time does someone have to return a new life insurance policy for a full
refund?
10 days
What is the net payment index for a life insurance policy?
The cost of the policy based on amount of premium and frequency of payment
After a settlement contract payment is received, the viator has the right to rescind
the contract before
15 days
What is the surrender cost index for a life insurance policy?
The cash value of a life insurance policy at a given time
How many days does someone have to send funds to a viator after a beneficiary
has been changed due to a settlement contract?
3 business days
What is the maximum civil penalty for an individual convicted of an insurance law
violation?
5,000
How does an insurer verify the personal characteristics of an applicant?
Inspection report
How much time does an insurer have to pay a claim once a proof of loss is
verified?
