Free Insurance Regulation Practice Questions
Vermont Casualty exam (series 14-42) — 157 practice questions.
Subtopics: Insurance code, Commissioner, Captive insurer, Captive restrictions, Risk retention group, Examinations, Certificate of authority, Admitted insurers, License denial, Twisting, Boycott and coercion, Complaint records, Premium tax, Reporting criminal actions, Commissioner appointment, Department conflicts, Commissioner investigations, Trade practice penalties, Cease and desist, Civil penalties, Criminal referral, False statements, Minimum age, Application after exam, Applicant character, Resident status, Resident election, Nonresident license, Service of process, Moving to Vermont, Exam exemption, Business entity, Effect of license, Solicit vs negotiate, Lines of authority, Temporary license, License expiration, Other license expiration, Appointment renewal, Address change, Assumed names, Reporting actions, CE extension, CE noncompliance, Nonresident CE, CE vendor, Denial notice, Hearing on denial, Grounds for discipline, Administrative penalty, Business entity discipline, Notice of discipline, Form filing, Form filing exemptions, Examination of records, Unauthorized insurers, Anti-fraud plans, Appointment filing, Appointment by line, When appointment needed, Termination notice, Termination copy, Producer response, Failure to report, Acting without a license, Whom producer represents, Shared commissions, Renewal commissions, Assigning commissions, Controlled business, Consultants, Public adjusters, Appraisers, Workers comp adjusters, Misrepresentation, False advertising, Defamation, False financial statements, Illegal inducements, Unfair discrimination, Rebating, Value-added services, Fictitious grouping, Application misrepresentation, Fiduciary duty, Fees, Suitability, Financed premiums, Supervision, Unfair claim practices, Discrimination and rebates, Captive types, 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, Guaranty association, Federal Insurance Office, Risk retention groups, Purchasing groups, Surplus lines (NRRA), Surplus lines insurers, Rate regulation, Rating laws, Advisory organizations, Unfair claims practices, 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. Vermont's insurance laws are found primarily in:
Title 8 of the Vermont Statutes
Vermont insurance law is codified in Title 8 (Banking and Insurance), chapters 101-147. Title 23 holds motor vehicle law and Title 32 holds taxation, but the insurance code itself is Title 8.
2. Day-to-day regulation of Vermont insurers is carried out under the direction of the:
Commissioner of Financial Regulation
The Department of Financial Regulation, which supervises insurers and agents, is administered by the Commissioner of Financial Regulation, appointed by the Governor with the advice and consent of the Senate.
3. A large Vermont manufacturer that forms its own insurer to cover its product liability risks has created a:
Captive insurance company
A pure captive insures the risks of its parent and affiliated companies (or controlled unaffiliated business). Vermont regulates captives under 8 V.S.A. chapter 141.
4. Under Vermont's captive insurance law, which coverage may a captive insurance company NOT provide?
Personal auto or homeowners coverage
8 V.S.A. § 6002 bars every captive insurance company from providing personal motor vehicle or homeowner's coverage or any component of it. Captives may insure their parent's and affiliates' commercial risks, and the same section expressly permits excess workers compensation.
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.
