Free Insurance Regulation Practice Questions
South Dakota Life exam — 180 practice questions.
Subtopics: Director of Insurance, Division placement, Governing statute, Certificate of authority, Producer licensing, Rebating, Twisting, Cease and desist, Reporting actions, Fiduciary funds, CE hours, Appointment, Unlicensed compensation, Free look, Guaranty association, Privacy, Replacement, Nonresident license, License reinstatement, False advertising, Director appointment, Director qualifications, Examination of producers, Investigations, Cease and desist order, Monetary penalty, License suspension, Notice of hearing, Grounds for discipline, Denial of license, Revocation, Effect on other licenses, Insurer types, Fraternal benefit society, Minimum age, License requirements, Exam exemption, Exam rules, Lines of authority, License exemptions, Consultant, Change of address, Moving out of state, Assumed name, Temporary license, Reinstatement, Military waiver, Continuing education, Appointments, Termination of appointment, Division inquiries, Influencing witnesses, Records, Fiduciary duty, Commingling, Commission sharing, Unlicensed persons, Renewal commissions, Loans from clients, Unfair practices, Defamation, Boycott, Promotional gifts, Illegal inducement, Premium charges, Unfair discrimination, False application, Insurance fraud, Insurance fraud unit, Insurance fraud penalties, Fraud reporting immunity, Unfair claims practices, Policy delivery, Advertising, Refund of unearned premium, Financed purchase, Buyer's guide, Illustrations, Military sales, Credited interest, Refund on death, Guaranty limits, 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, Commissioner powers, Misrepresentation, Boycott coercion intimidation, License revocation causes, Nonresident licensing, 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. The official who heads the South Dakota Division of Insurance is:
A director appointed by the Secretary of Labor and Regulation
SDCL 58-2-2.1 provides that the Director of the Division of Insurance is appointed by the Secretary of Labor and Regulation and may be removed at the Secretary's pleasure; the office is not elected.
2. The South Dakota Division of Insurance operates within which larger state agency?
The Department of Labor and Regulation
SDCL 58-2-1.1 places the Division of Insurance under the direction and supervision of the Department of Labor and Regulation, while the Division keeps its quasi-judicial and quasi-legislative functions.
3. The body of statutes that primarily governs the business of insurance in South Dakota is found in:
S.D. Codified Laws Title 58
South Dakota's insurance laws are codified in Title 58 of the South Dakota Codified Laws.
4. Before an insurer may transact insurance business in South Dakota, it generally must first obtain a:
Certificate of authority from the Director
SDCL 58-6-1 bars any insurer from transacting insurance in South Dakota except as authorized by a subsisting certificate of authority issued by the Director.
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.
