Maine life and health practice exam

1. Which agency regulates the insurance industry in Maine?

1. Maine Insurance Commission
2. Maine Secretary of State
3. Maine Department of Revenue Services
4. Bureau of Insurance

2. A Maine licensee changes residence address. How soon must the change be reported to the Superintendent?

1. No later than 10 days after the change
2. No later than 60 days after the change
3. No later than 30 days after the change
4. At the next renewal

3. An insurer terminates a Maine producer's appointment. When must it notify the Superintendent?

1. Within 30 days following the effective date of the termination
2. Within 15 days
3. Within 10 days
4. Within 90 days

4. A Maine producer is the subject of an administrative action in another state. When must it be reported to the Superintendent?

1. Within 10 days of the complaint
2. Only at license renewal
3. Within 90 days of the hearing
4. Within 30 days of the final disposition of the matter

1. What is the minimum age for an individual resident insurance producer license in Maine?

1. 16
2. 18
3. 19
4. 21

2. How many continuing education credit hours must a Maine resident producer with a full lines license complete each biennium?

1. 12, with no ethics requirement
2. 30, including 5 hours of ethics
3. 24, including at least 3 hours of ethics
4. 24, with no ethics requirement

3. When is a Maine producer's continuing education due?

1. The last day of the birth month, in odd years for those born in odd years and even years for those born in even years
2. On the license issue anniversary
3. December 31 of every year
4. June 30 of every other year

4. A Maine producer misses the CE due date with credits outstanding. What penalty applies?

1. No penalty if completed within 30 days
2. Immediate license revocation
3. $500 flat fee
4. $25 per outstanding credit, up to $250

5. A Maine producer completes 30 CE credits in one biennium. How many may be carried over to the next?

1. 6
2. None
3. 12
4. 3

6. Maine's apprentice insurance producer license lets a sponsored employee work without first passing the exam. What is the maximum term of this license?

1. 90 days, renewable once
2. 180 days, nonrenewable
3. 1 year, renewable
4. 2 years

7. Which activity may a Maine apprentice insurance producer NOT perform?

1. Work for risks located in Maine
2. Act under a sponsoring licensed resident producer
3. Life insurance activities that would otherwise require a producer license
4. Activities the sponsor is authorized to perform

1. What grace period must a Maine life insurance policy provide for premiums after the first?

1. 10 days
2. 30 days, or at the insurer's option one month of not less than 30 days
3. 31 days only
4. 60 days

2. Under Maine law, a life policy must become incontestable, except for nonpayment of premium, within what period after its date of issue?

1. Not more than 1 year
2. Not more than 5 years
3. Not more than 3 years
4. Not more than 2 years

3. A Maine ordinary life policy lapsed and was not surrendered. Within what period after default may it be reinstated?

1. 1 year
2. 3 years
3. 2 years
4. 5 years

4. How long does a Maine individual life insurance policyholder have to return the policy for a premium refund?

1. 30 days from delivery
2. 20 days from delivery
3. 10 days from delivery
4. 60 days from delivery

5. A Maine life policy has been in force for over a year. Before it lapses for nonpayment, when must the insurer mail a notice to the policyholder and any designated third party?

1. At least 21 days prior to the expiration of the grace period
2. At least 5 days before the premium due date
3. On the last day of the grace period
4. Within 10 days after the lapse

1. A Maine resident buys an individual health insurance policy and is unhappy with it after reading it. Within what period may it be returned for a refund of premium?

1. There is no right to return
2. 15 days from delivery
3. 30 days from delivery
4. 10 days from delivery

2. What grace period must a Maine individual health policy with weekly premiums provide?

1. 10 days
2. 7 days
3. 31 days
4. None

3. Under the time limit on certain defenses provision in Maine individual health policies, non-fraudulent misstatements cannot void the policy after:

1. 3 years from the date of issue
2. 2 years from the date of issue
3. 1 year from the date of issue
4. 5 years from the date of issue