Free Insurance Regulation Practice Questions
Maine Life, Accident & Health exam (series 12-ME-01) — 221 practice questions.
Subtopics: Coercion, Boycott, False advertising, Examination authority, Cease and desist, Certificate of authority, Domestic insurer, Foreign insurer, Temporary license, Fiduciary funds, Churning, Material misrepresentation, Annuity best interest, License continuation, Penalties, Privacy, Regulator title, Regulator appointment, Regulator term, Regulator department, Superintendent powers, Enforcement, Superintendent removal, Insurer examinations, Hearing requests, Notice of hearing, Appeals, Civil penalties, Criminal referral, Alien insurer, Transacting insurance, Mutual insurer, Guaranty association, Solicit defined, License authority, Minimum age, Exam results, Separate exams, Moving to Maine, Moving out, License term, Unpaid fees, CE biennium, CE first biennium, CE carryover, CE penalty, CE suspension, CE credit, CE content, CE nonresidents, Reporting actions, Reporting crimes, Relicensing, Appointment filing, Appointment, Termination notice, Termination comments, License discipline, Denial hearing, Business entity, Licensing exceptions, Scope of license, Revoked persons, Records, Return premiums, Commissions, Shared commissions, Insurer responsibility, Consultants, Twisting, Misrepresentation, Financial statements, Defamation, Gifts, Raffles, Rebate receipt, Rebating exceptions, Excess charges, Claims practices, Overdue claims, Fraud warning, Fraudulent acts, False applications, Fraud reports, Agent knowledge, Bad-faith claims, Buyer's guide, Policy summary, Cost disclosure scope, Cost indexes, Dividend references, Producer disclosure, Producer titles, Disclosure failure, Illustrations, HIV testing, HIV discrimination, Unfair discrimination, Life settlements, STOLI, Replacement, Licensing lines, Variable products, Apprentice license, Accident and health line, Federal fraud statute, Fair Credit Reporting Act, Do Not Call, Disclosure, McCarran-Ferguson Act, NAIC, Rebating, CAN-SPAM Act, Advertising, State regulation, HIPAA privacy, Anti-money laundering, Unfair trade practices, Fiduciary duty, Producer licensing, Insurer authorization, Senior designations
Read the Insurance Regulation study guide
Sample questions & answers
1. A producer who threatens to withhold an unrelated business benefit unless a client buys insurance through them is engaging in the prohibited practice of:
Coercion
Coercion is the use of physical or economic force to compel the purchase of insurance and is an unfair trade practice.
2. Two Maine insurers that agree to refuse to deal with a particular producer to force them out of the market may be committing:
An illegal boycott in restraint of trade
Section 2158 prohibits agreements or concerted action to commit boycott, coercion or intimidation that tends to unreasonably restrain or monopolize the business of insurance.
3. Distributing an advertisement that misrepresents the dividends or benefits of a Maine life policy is:
False or misleading advertising prohibited by law
Section 2153 prohibits statements or circulars misrepresenting policy benefits or the dividends or share of surplus to be received.
4. How often may the Maine Superintendent examine the affairs of an authorized insurer?
As often as the Superintendent considers advisable
Section 221 directs examinations as often as the Superintendent determines advisable, with domestic insurers examined at least every 3 years and no authorized insurer less often than every 5 years.
All Life, Accident & Health topics
Practice: Insurance Regulation
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
