Wisconsin Life Insurance Exam Questions with
verified Answers 2026/2027 Updated.
$10,000 - ANS-Any person who violates an insurance statute or rule of Wisconsin can be fined
up to:
$10,000 - ANS-The Commissioner obtains a restraining order against a person who has
violated an insurance law, they are required to pay a fine of $
$10,000 - ANS-What is the maximum life insurance coverage available to the state residents
through WI State Life Insurance Fund?
A) $10,000
B) $50,000
C) $5,000
$1000 - ANS-If a person violates an order specifically issued to him or her, that person may be
required to pay a fine of:
$35 every two years - ANS-Resident insurance intermediaries must pay regulation fees of
$5,000 or imprisoned for 12 months or both - ANS-In Wisconsin, a person who knowingly and
willingly obtains information about an individual from an insurer or insurance organization under
false pretenses may be fined up to $50,000, $25,000 or imprisoned for 9 months, or both,
$10,000 or imprisoned for 3 months or both, $5,000 or imprisoned for 12 months or both
$50,000 - ANS-An insured owns a $50,000 whole life policy. At age 47, the insured decides to
cancel his policy and exercise the extended term option for the policy's cash value, which is
currently $20,000. What would be the face amount of the new term policy?
10 years - ANS-Any licensed person whose activities affect interstate commerce and who
knowingly makes false material statements related to the business of insurance may be
imprisoned for up to
20 - ANS-A person may request a rehearing if he or she believes there is material error, law of
fact, or discovery of new material that was not previously available. How many days do they
have to request a rehearing after the final order is entered?
90 20 45 30
20 - ANS-A petition for rehearing may be submitted within how many days after the
Commissioner's order has been issued? 45 20 30 10
,20 - ANS-How many hours of prelicensing education must be completed by a first-time applicant
for a Wisconsin agent's license who wants to sell life, accident, and health insurance 32 20 24
40
20 days - ANS-After the original hearing and final order is issued, an aggrieved person may
request a rehearing within
A) 30 days
B) 20 days
24 - ANS-An intermediary holding a Wisconsin insurance license in any major line of insurance
must complete how many hours of continuing education?
24 hours every 2 years - ANS-All licensed producers, public adjusters, and consultants must
complete how many hours of continuing education courses? 24 hours every 2 years 32 hours
every 2 years 30 hours every 2 years 24 hours every year
3 - ANS-All licensed producers, public adjusters, and consultants must complete 24 hours of
approved continuing education course every 2 years. How many of those ethics must be an
approved ethics course? 3 6 2 5
3 - ANS-Intermediaries must maintain all financial records for how many years? 5 3 1 7
3 days - ANS-Within how many days of requesting an investigative consumer report must an
insurer notify the consumer in writing that the report will be obtained?
3 years - ANS-Intermediaries are required to maintain records related to insurance transactions
for what period of time?
3.5 years - ANS-Any person who violates an insurance statute or rule of Wisconsin can be
imprisoned up to:
30 - ANS-When the appointment of an individual agent is terminated, the insurer must notify the
Office of the Commissioner within how many days after the termination date?
30 - ANS-When the appointment of an individual agent is terminated, the insurer must notify the
Office of the Commissioner within how many days of the termination date?
30 days - ANS-During a life insurance policy replacement, the insurer is required to provide the
policyowner a free-lock period of at least:
30 days - ANS-How long are oral contracts valid in Wisconsin?
30 days - ANS-Life settlements sold in Wisconsin allow for the rescission of the contract within
, 30 days - ANS-Life settlements sold in Wisconsin must allow for the rescission of the contract
for at least
30 days - ANS-Life settlements sold in Wisconsin must allow for the rescission of the contract
within:
31 - ANS-Every life insurance policy must include a grace period of: 90 15 31 60
5 days - ANS-If a consumer requests additional information concerning an investigative
consumer report, how long does the insurer or reporting agency have to comply?
5 years - ANS-How long must records of a replacement notice be kept by the replacing insurer?
2 years 3 years 5 years 10 years
5 years - ANS-The replacing insurers' duties in replacement are to maintain copies of the
replacement notice for 2 years 3 years 4 years 5 years
5 years - ANS-When replacing a policy an insurer must maintain a file containing copies of
statements for:
5000 - ANS-The court-ordered fine per day for violating a Wisconsin insurance law and failing to
comply with the Commissioner's order is 5500 7500 1000 5000
6 credits - ANS-To attain currently insured status under social security, a worker must have
earned at least how many credit hours?
6 months - ANS-For how long is an insurance company allowed to defer policy loan requests?
6 months - ANS-For how long is an insurance company allowed to defer policy loan requests?
60 - ANS-The Commissioner must inform the applicant for an insurance agent's license whether
the application has been approved within how many days after receiving the appropriate fee,
application, and certificate? 60 30 15 45
60 days - ANS-A policy may be issued for a term longer than one year or for an indefinite term
as long as there is a clause in the policy providing for cancellation by giving how much notice
prior to the anniversary date?
A) 30 days
B) 60 days
7.5% - ANS-Payment on an insurance claim is not considered overdue if it is made within 30
days. If a claim goes beyond 30 days, it is subject to bear simple interest at what rate per year?
7.5% 6% 10% 5%
verified Answers 2026/2027 Updated.
$10,000 - ANS-Any person who violates an insurance statute or rule of Wisconsin can be fined
up to:
$10,000 - ANS-The Commissioner obtains a restraining order against a person who has
violated an insurance law, they are required to pay a fine of $
$10,000 - ANS-What is the maximum life insurance coverage available to the state residents
through WI State Life Insurance Fund?
A) $10,000
B) $50,000
C) $5,000
$1000 - ANS-If a person violates an order specifically issued to him or her, that person may be
required to pay a fine of:
$35 every two years - ANS-Resident insurance intermediaries must pay regulation fees of
$5,000 or imprisoned for 12 months or both - ANS-In Wisconsin, a person who knowingly and
willingly obtains information about an individual from an insurer or insurance organization under
false pretenses may be fined up to $50,000, $25,000 or imprisoned for 9 months, or both,
$10,000 or imprisoned for 3 months or both, $5,000 or imprisoned for 12 months or both
$50,000 - ANS-An insured owns a $50,000 whole life policy. At age 47, the insured decides to
cancel his policy and exercise the extended term option for the policy's cash value, which is
currently $20,000. What would be the face amount of the new term policy?
10 years - ANS-Any licensed person whose activities affect interstate commerce and who
knowingly makes false material statements related to the business of insurance may be
imprisoned for up to
20 - ANS-A person may request a rehearing if he or she believes there is material error, law of
fact, or discovery of new material that was not previously available. How many days do they
have to request a rehearing after the final order is entered?
90 20 45 30
20 - ANS-A petition for rehearing may be submitted within how many days after the
Commissioner's order has been issued? 45 20 30 10
,20 - ANS-How many hours of prelicensing education must be completed by a first-time applicant
for a Wisconsin agent's license who wants to sell life, accident, and health insurance 32 20 24
40
20 days - ANS-After the original hearing and final order is issued, an aggrieved person may
request a rehearing within
A) 30 days
B) 20 days
24 - ANS-An intermediary holding a Wisconsin insurance license in any major line of insurance
must complete how many hours of continuing education?
24 hours every 2 years - ANS-All licensed producers, public adjusters, and consultants must
complete how many hours of continuing education courses? 24 hours every 2 years 32 hours
every 2 years 30 hours every 2 years 24 hours every year
3 - ANS-All licensed producers, public adjusters, and consultants must complete 24 hours of
approved continuing education course every 2 years. How many of those ethics must be an
approved ethics course? 3 6 2 5
3 - ANS-Intermediaries must maintain all financial records for how many years? 5 3 1 7
3 days - ANS-Within how many days of requesting an investigative consumer report must an
insurer notify the consumer in writing that the report will be obtained?
3 years - ANS-Intermediaries are required to maintain records related to insurance transactions
for what period of time?
3.5 years - ANS-Any person who violates an insurance statute or rule of Wisconsin can be
imprisoned up to:
30 - ANS-When the appointment of an individual agent is terminated, the insurer must notify the
Office of the Commissioner within how many days after the termination date?
30 - ANS-When the appointment of an individual agent is terminated, the insurer must notify the
Office of the Commissioner within how many days of the termination date?
30 days - ANS-During a life insurance policy replacement, the insurer is required to provide the
policyowner a free-lock period of at least:
30 days - ANS-How long are oral contracts valid in Wisconsin?
30 days - ANS-Life settlements sold in Wisconsin allow for the rescission of the contract within
, 30 days - ANS-Life settlements sold in Wisconsin must allow for the rescission of the contract
for at least
30 days - ANS-Life settlements sold in Wisconsin must allow for the rescission of the contract
within:
31 - ANS-Every life insurance policy must include a grace period of: 90 15 31 60
5 days - ANS-If a consumer requests additional information concerning an investigative
consumer report, how long does the insurer or reporting agency have to comply?
5 years - ANS-How long must records of a replacement notice be kept by the replacing insurer?
2 years 3 years 5 years 10 years
5 years - ANS-The replacing insurers' duties in replacement are to maintain copies of the
replacement notice for 2 years 3 years 4 years 5 years
5 years - ANS-When replacing a policy an insurer must maintain a file containing copies of
statements for:
5000 - ANS-The court-ordered fine per day for violating a Wisconsin insurance law and failing to
comply with the Commissioner's order is 5500 7500 1000 5000
6 credits - ANS-To attain currently insured status under social security, a worker must have
earned at least how many credit hours?
6 months - ANS-For how long is an insurance company allowed to defer policy loan requests?
6 months - ANS-For how long is an insurance company allowed to defer policy loan requests?
60 - ANS-The Commissioner must inform the applicant for an insurance agent's license whether
the application has been approved within how many days after receiving the appropriate fee,
application, and certificate? 60 30 15 45
60 days - ANS-A policy may be issued for a term longer than one year or for an indefinite term
as long as there is a clause in the policy providing for cancellation by giving how much notice
prior to the anniversary date?
A) 30 days
B) 60 days
7.5% - ANS-Payment on an insurance claim is not considered overdue if it is made within 30
days. If a claim goes beyond 30 days, it is subject to bear simple interest at what rate per year?
7.5% 6% 10% 5%
