Free Insurance Regulation Practice Questions
South Dakota Casualty exam — 217 practice questions.
Subtopics: Director examinations, Insurer examinations, Cease and desist orders, Monetary penalties, Hearing notice, License suspension, Grounds for discipline, License denial, License nonrenewal, Director authority, Record keeping, Domestic, foreign, alien, Certificate of authority, Unauthorized insurers, Admission of insurers, Stock and mutual insurers, Reciprocal insurers, Fraternal benefit societies, Insurance business defined, Insurance defined, Regulator, Solicit defined, Negotiate defined, License qualifications, License application, Licensing exam, Exam exemptions, Lines of authority, License required, License exemptions, Consultants, Nonresident license, Change of address, Temporary license, Assumed name, Business entity license, Continuing education, CE extension, CE exemptions, Reinstatement, License lapse, Extenuating circumstances, Military service, Revocation, License property, Appointment, Unappointed P&C producer, Appointment termination, Agency contract termination, Post-termination rights, Renewal commissions, Referral fees, Misappropriation, Trust accounts, Reporting actions, Reporting crimes, Influencing witnesses, Division inquiries, Loans from clients, Guaranty association, Misrepresentation, False advertising, Defamation, Twisting, Boycott and coercion, Coercion by lenders, Rebating, Promotional gifts, Value-added services, Advertising, Illegal inducement, Unfair discrimination, Prohibited charges, False claims, Private remedies, Cease and desist, Unfair claims practices, Aftermarket parts, Insurance fraud, Fraud penalties, Fraud prevention unit, Reporting fraud, Policy delivery, Application copy, Representations, Form filing, Rating restrictions, Cancellation notice, Cancellation reasons, Improper cancellation, Nonrenewal notice, Surplus lines, Surplus lines tax, Independently procured, Fair Credit Reporting Act, Fraud and false statements, Gramm-Leach-Bliley, Terrorism Risk Insurance Act, Motor Carrier Act, Do Not Call, McCarran-Ferguson Act, NAIC role, CAN-SPAM Act, Federal Insurance Office, Risk retention groups, Purchasing groups, Surplus lines (NRRA), Surplus lines insurers, Rate regulation, Rating laws, Advisory organizations, Unfair trade practices, Misappropriation of premiums, Fraud reporting, Motor carrier financial responsibility, ERISA bonding, Producer licensing concepts, Agent vs broker, Gap insurance licensing, Federal regulation
Read the Insurance Regulation study guide
Sample questions & answers
1. Which persons may the South Dakota Director examine to check compliance with the insurance code?
Producers, surplus line brokers, and general agents
The Director may examine the records of any insurance producer, surplus line broker, or general agent, as well as persons who control or promote insurers (SDCL 58-3-5).
2. A South Dakota producer asks whether the Division can review the agency's files without advance scheduling. Under state law, the Director may examine a producer's records:
Whenever the Director deems it advisable
SDCL 58-3-5 gives the Director authority to examine producer accounts, records, and transactions as often as the Director deems advisable.
3. A South Dakota-domiciled property insurer was last examined by the Division four years ago. Under SDCL 58-3-1, the next examination must begin no later than:
Five years after the prior examination
Domestic insurers must be examined not less frequently than every five years (SDCL 58-3-1).
4. South Dakota law requires the Director to examine each domestic insurer at least once every:
Five years
Under SDCL 58-3-1 the Director must examine each domestic insurer not less frequently than every five years, and may examine any insurer as often as deemed advisable.
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.
