Free Insurance Regulation Practice Questions
South Dakota Life, Accident & Health exam — 206 practice questions.
Subtopics: Transacting insurance, Commission sharing, Continuing education, Appointment process, Replacement notice, Misrepresentation, Authorized insurer, Penalties, License denial, Policy delivery, Annuity best interest, Premium fund handling, Guaranty association limits, Churning, Information authorization, Application accuracy, Temporary license, Director appointment, Director qualifications, Examination of producers, Examination of insurers, Cease and desist order, Monetary penalty, Penalty factors, License suspension, Notice of hearing, Grounds for discipline, Denial of license, Revocation, Effect on other licenses, License ownership, Discipline after lapse, Insurer types, Certificate of authority, Admission of foreign insurers, Fraternal benefit society, Unauthorized insurer, Minimum age, Business entity, Exam exemption, Exam rules, Lines of authority, License exemptions, Consultant, Change of address, Moving out of state, Nonresident license, Assumed name, Reinstatement, Military waiver, Appointments, Termination of appointment, Reporting actions, Division inquiries, Influencing witnesses, Records, Fiduciary duty, Commingling, Referral fees, Renewal commissions, Loans from clients, Unlicensed issuance, Guaranty association, Unfair practices, Misleading policy name, Defamation, Twisting, Boycott, Rebating, Promotional gifts, Illegal inducement, Premium charges, Premium for no coverage, Unfair discrimination, False application, Insurance fraud, Insurance fraud unit, Insurance fraud penalties, Fraud reporting immunity, Fraud reporting, Unfair claims practices, Cease and desist, Advertising, Refund of unearned premium, Replacement, Buyer's guide, Illustrations, Military sales, Credited interest, Guaranty limits, Privacy, Federal fraud statute, Fair Credit Reporting Act, Do Not Call, Disclosure, McCarran-Ferguson Act, NAIC, CAN-SPAM Act, State regulation, HIPAA privacy, Anti-money laundering, Unfair trade practices, Producer licensing, Insurer authorization, Senior designations, HIV testing
Read the Insurance Regulation study guide
Sample questions & answers
1. A South Dakota individual who solicits applications and negotiates life and health coverage for compensation is 'transacting insurance' and therefore must:
Hold an appropriate producer license
Soliciting, negotiating, or selling insurance for compensation is transacting insurance, which requires a producer license.
2. A South Dakota producer may lawfully share a commission earned on a life policy only with:
A producer licensed for that line
SDCL 58-30-174 allows a licensed and appointed producer to share commissions only with producers licensed in the line of business for which the commission was received.
3. For South Dakota continuing education, courses a resident producer completes must generally be:
Approved by the Director for credit
SDCL 58-30-118 directs the Director to certify approved continuing education activities and the hours awarded for each.
4. When an insurer wishes to authorize a licensed South Dakota producer to represent it, the appointment is generally initiated by:
The insurer filing a notice of appointment
SDCL 58-30-176 requires the appointing insurer to file a notice of appointment within fifteen days after the agency contract is executed or the first application is submitted.
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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.
