Free Insurance Regulation Practice Questions
Oregon Life exam (series 12-01) — 170 practice questions.
Subtopics: Regulatory body, Commissioner, Insurance code, Producer definition, License requirement, Nonresident licensing, Appointment, Continuing education limits, License discipline, Rebating, Twisting, Unfair trade practices, Commingling, Fiduciary duty, Guaranty association, Defamation, Policy replacement, License renewal, Temporary license, Fraud reporting, Licensing process, Business locations, Advertising, Financial examination, Cost comparisons, Producer definitions, License qualifications, Prelicensing education, Prelicensing waiver, Examination, Fingerprints, Relocating producers, License reinstatement, Continuing education, Change of address, Assumed business name, Records, Business entity, Reporting actions, Cease and desist, Civil penalty, Director powers, Insurer examinations, Agency relationship, Appointment termination, Commissions, Commissions and fees, Insurance consultants, Transacting insurance, Nonresidents, Premium trust account, Controlled business, Illegal inducement, Misrepresentation, Defamation of insurer, False statements, Unfair discrimination, Free competition, Unfair claim practices, Privacy, Adverse underwriting, Fair Credit Reporting Act, Fraud and false statements, Privacy and Do Not Call, USA PATRIOT Act AML, McCarran-Ferguson Act, Telephone Consumer Protection Act, Investigative report notice, Investigative report disclosure, Obsolete information, FCRA purpose, Consumer rights, False pretenses penalty, 18 USC 1033 consent, 18 USC 1033 penalties, Embezzlement by insurance persons, False statements to regulators, AML covered products, Suspicious activity reports, Cash reporting, AML program elements, Money laundering red flags, Do Not Call hours, Established business relationship, GLBA opt-out, GLBA initial notice, Nonpublic personal information, McCarran-Ferguson, South-Eastern Underwriters, Boycott exception, NAIC role, Federal securities regulation, Prospectus delivery, Producer license required, Certificate of authority, Commissioner powers, False advertising, Boycott coercion intimidation, License revocation causes, National Producer Number, Replacement definition, Replacement notice, Replacing insurer duty, Replacement free look, Annuity best interest, Best interest obligations, Consumer profile information, Annuity training, Insurer supervision, Illustration signatures, Illustration prohibitions, Buyer's guide timing, Viatical settlement, Viatical broker duty, Settlement provider, Settlement vs surrender
Read the Insurance Regulation study guide
Sample questions & answers
1. Which state entity is primarily responsible for regulating the business of insurance in Oregon?
The Division of Financial Regulation of the Department of Consumer and Business Services
Insurance in Oregon is regulated by the Director of the Department of Consumer and Business Services (DCBS), acting through its Division of Financial Regulation (DFR). The NAIC is a standard-setting organization, not a regulator.
2. Under the Oregon Insurance Code, the official who may institute proceedings to enforce the code and may suspend or revoke a producer's license is the:
Director of the Department of Consumer and Business Services
The Oregon Insurance Code vests enforcement and licensing authority in the Director of DCBS (ORS 731.256, 744.074); the Director refers criminal matters to the Attorney General or district attorney.
3. Oregon's insurance laws are codified primarily in:
The Insurance Code, ORS chapters 731 to 750
ORS 731.004 provides that ORS chapters 731, 732, 733, 734, 735, 737, 742, 743, 743A, 743B, 744, 746, 748 and 750 may be cited as the Insurance Code.
4. Under Oregon law, an insurance producer is a person who is:
Required to be licensed to sell, solicit or negotiate insurance
ORS 731.104 defines an insurance producer as a person required to be licensed under Oregon law to sell, solicit or negotiate insurance.
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.
