DC life insurance, DC Life Law, DC
Insurance Licensing Exam (2) ACTUAL
QUESTIONS AND CORRECT ANSWERS
Commissioner - Correct answers✔✔commissioner of the department of insurance, securities,
and banking
DISB - Correct answers✔✔Department of isurance securities and banking
District - Correct answers✔✔District of Columbia
FEGLI - Correct answers✔✔federal employee group life insurance
Mayor - Correct answers✔✔mayor of District of Columbia
Commissioner's Appointment - Correct answers✔✔appointed by the mayor to head the DISB.
May be removed for incompetence, malfeasance, or failure to perform required duties
Commissioner's Broad Powers and Duties - Correct answers✔✔examine records, hold hearings,
and conduct investigations
Commissioner's Powers with Certificates of Authority - Correct answers✔✔issues, refuses,
suspends or revokes. must examine the business condition of each insurer, rating organization
and HMO when applying and at least every 5 years.
,Notice of hearings - Correct answers✔✔commissioner may hold a hearing within 30 days of
receiving a written request stating the grounds on which relief to be sought. must give 10 days
warning.
appeal of a hearing - Correct answers✔✔within 30 days to appropriate district circuit court
Foreign or alien company in the district - Correct answers✔✔must be organized as a stock,
mutual, or reciprocal company or a Lloyd's organziation to be admitted.
Domestic stock insurance company - Correct answers✔✔organized and incorporated under
district laws
Domestic or Fraternal becoming mutual - Correct answers✔✔change has to be approved by
commissioner and a majority of the directors, stockholders or members, and policyholders
domestic mutual company limitation - Correct answers✔✔may not transact any business until at
least 200 persons have subscribed in the aggregate for at least $200,000 of insurance and have
paid in full one annual premium in money on the subscribed insurance.
Certificate of authority - Correct answers✔✔the commissioner may not revoke or suspend until
the company has been given at least 30 days notice of the proposed revocation or suspension and
the grounds.
Admission of a Lloyd's organization - Correct answers✔✔subject to the same terms, conditions,
and provisions as foreign stock insurance companies. May not exceed, for any one risk, 10% of
funds deposited in trust. Must maintain minimum surpluses established by District law. Must
provide the Commissioner with copies of required documents, including annual financial
statements
, Licensing requirement - Correct answers✔✔a person may not sell solicit or negotiate without
obtaining.
License expiration - Correct answers✔✔April 30 of odd numbered years unless you pay
continuation fees (annually) , fulfill continuting education, and it is not revoked or suspended
Change in legal name or address - Correct answers✔✔30 days to notify the commissioner in
writing
Insurers in DC - Correct answers✔✔must be authorized in DC, notify the commissioner of agent
appointments and maintain a list of all appointments.
non-resident producer license - Correct answers✔✔must be currently licensed and in good
standing in home state, and the home state must award nonresident licenses to residents of DC
Temporary Producer License - Correct answers✔✔issued by commissioner regardless of
licensing requirements for up to 180 days to spouse of a deceased producer, spouse or employee
of a disabled producer, employee of a business if producer dies, or designated representative of a
producer who is entering the armed forces.
Penalities for violating licensing requirements - Correct answers✔✔fined up to $1000 per
offense, imprisoned for up to 1 year, or both.
Termination of license - Correct answers✔✔individual producer's license expires on the last day
of the birth month of the producer that falls not less than 18 and no more than 29 months after
effective date.
a business entity producer's license expires may 31 that falls not less than 18 and no more than
29 months after effective date
Insurance Licensing Exam (2) ACTUAL
QUESTIONS AND CORRECT ANSWERS
Commissioner - Correct answers✔✔commissioner of the department of insurance, securities,
and banking
DISB - Correct answers✔✔Department of isurance securities and banking
District - Correct answers✔✔District of Columbia
FEGLI - Correct answers✔✔federal employee group life insurance
Mayor - Correct answers✔✔mayor of District of Columbia
Commissioner's Appointment - Correct answers✔✔appointed by the mayor to head the DISB.
May be removed for incompetence, malfeasance, or failure to perform required duties
Commissioner's Broad Powers and Duties - Correct answers✔✔examine records, hold hearings,
and conduct investigations
Commissioner's Powers with Certificates of Authority - Correct answers✔✔issues, refuses,
suspends or revokes. must examine the business condition of each insurer, rating organization
and HMO when applying and at least every 5 years.
,Notice of hearings - Correct answers✔✔commissioner may hold a hearing within 30 days of
receiving a written request stating the grounds on which relief to be sought. must give 10 days
warning.
appeal of a hearing - Correct answers✔✔within 30 days to appropriate district circuit court
Foreign or alien company in the district - Correct answers✔✔must be organized as a stock,
mutual, or reciprocal company or a Lloyd's organziation to be admitted.
Domestic stock insurance company - Correct answers✔✔organized and incorporated under
district laws
Domestic or Fraternal becoming mutual - Correct answers✔✔change has to be approved by
commissioner and a majority of the directors, stockholders or members, and policyholders
domestic mutual company limitation - Correct answers✔✔may not transact any business until at
least 200 persons have subscribed in the aggregate for at least $200,000 of insurance and have
paid in full one annual premium in money on the subscribed insurance.
Certificate of authority - Correct answers✔✔the commissioner may not revoke or suspend until
the company has been given at least 30 days notice of the proposed revocation or suspension and
the grounds.
Admission of a Lloyd's organization - Correct answers✔✔subject to the same terms, conditions,
and provisions as foreign stock insurance companies. May not exceed, for any one risk, 10% of
funds deposited in trust. Must maintain minimum surpluses established by District law. Must
provide the Commissioner with copies of required documents, including annual financial
statements
, Licensing requirement - Correct answers✔✔a person may not sell solicit or negotiate without
obtaining.
License expiration - Correct answers✔✔April 30 of odd numbered years unless you pay
continuation fees (annually) , fulfill continuting education, and it is not revoked or suspended
Change in legal name or address - Correct answers✔✔30 days to notify the commissioner in
writing
Insurers in DC - Correct answers✔✔must be authorized in DC, notify the commissioner of agent
appointments and maintain a list of all appointments.
non-resident producer license - Correct answers✔✔must be currently licensed and in good
standing in home state, and the home state must award nonresident licenses to residents of DC
Temporary Producer License - Correct answers✔✔issued by commissioner regardless of
licensing requirements for up to 180 days to spouse of a deceased producer, spouse or employee
of a disabled producer, employee of a business if producer dies, or designated representative of a
producer who is entering the armed forces.
Penalities for violating licensing requirements - Correct answers✔✔fined up to $1000 per
offense, imprisoned for up to 1 year, or both.
Termination of license - Correct answers✔✔individual producer's license expires on the last day
of the birth month of the producer that falls not less than 18 and no more than 29 months after
effective date.
a business entity producer's license expires may 31 that falls not less than 18 and no more than
29 months after effective date
