Wisconsin Insurance Laws and Rules Q & A 2024/2025 with Complete Solution

Wisconsin Insurance Laws and Rules Q & A 2024/2025 with Complete Solution Actuary - A person who calculates policy rates, reserves and dividends, and makes other applicable statistical studies and reports. Affirmative Warranty - An express or implied positive representation in the policy which guarantees an existence of a fact at the time the policy was entered into. Alien Insurance Company - A company that is chartered and organized in any country other than the United States. Anniversary Cancellations - A policy written for an indefinite term or for more than one year. Appointment - The authority given to an agent to transact business on behalf of the insurer. An insurer must report or list all of these as well as all terminations of these to the Office of the Commissioner. Business of Life Settlements - Any activity involving soliciting, negotiating, or advising a life settlement contract. Cancellation of Contracts in Wisconsin - Termination of a policy by an insurance company for any reason other than nonrenewal is not effective until 30 days after the company has given written notice to the insured. An exception is the court-ordered liquidation of an insurance company, whose contracts terminate a date specified in the court order. Certificate of Authority - No insurance company may transact business in Wisconsin without this, which acknowledges that the requirements of the insurance laws have been met and authorizes the company to transact insurance. Change Of Address/Telephone Number - Every intermediary licensed in Wisconsin must notify the Office of the Commissioner of Insurance in writing of changes to this within a maximum of 30 days. Cold Lead Advertising - Failing to disclose that the purpose of the marketing effort is insurance solicitation. Compensation of Agents - It is illegal for an insurer or intermediary to pay a person to receive compensation for services as an intermediary if not properly licensed.