Alaska Life & Health Insurance Exam — All Questions

Which agency issues resident life and health insurance producer licenses in Alaska?

• a.Alaska Division of Insurance✓
• b.Alaska Department of Insurance
• c.Alaska Insurance Commission
• d.Alaska Department of Financial Services

In Alaska, insurance is regulated by the Division of Insurance, a unit of the Department of Commerce, Community, and Economic Development, led by an appointed Director of Insurance rather than a standalone department. It issues producer licenses and enforces the state insurance code.

After a producer is licensed in Alaska, what must happen before he or she can transact business for a particular insurer?

• a.Nothing further is required once the license is issued
• b.The insurer must appoint the producer and file that appointment with the Alaska Division of Insurance✓
• c.The producer must post a personal surety bond with the state treasurer
• d.The producer must become a resident of the insurer's home state

A license lets a person act as a producer, but to represent a specific company the insurer must appoint the producer and file the appointment with the department. A producer may hold appointments from more than one insurer at the same time.

Which statement best describes Alaska's continuing education (CE) requirement for resident life and health producers?

• a.No continuing education is required to renew the license
• b.CE is required only in the first year of licensure and never again
• c.Producers must complete state-approved CE each renewal period, including an ethics component, to keep the license active✓
• d.CE may be satisfied only by re-taking the state licensing examination

Like other states following the NAIC model, Alaska requires resident producers to complete approved continuing education each renewal cycle, including a required ethics portion, and to pay the renewal fee. The exact hour totals are set by the department; the tested concept is that ongoing, ethics-inclusive CE is mandatory to renew. Always confirm current hour requirements with the department before renewal.

A producer already licensed and residing in another state wants to sell life and health insurance in Alaska. Under standard producer-licensing rules, that producer would generally apply for:

• a.A second resident license, which requires moving to Alaska
• b.A nonresident producer license in Alaska, typically issued on a reciprocal basis without retaking prelicensing exams✓
• c.No license at all, because an out-of-state license is automatically valid everywhere
• d.A temporary permit that can never be renewed

Under the NAIC Producer Licensing Model Act, states issue nonresident licenses on a reciprocal basis: a producer who holds a license in good standing in a home state can usually obtain a Alaska nonresident license without repeating prelicensing coursework or exams, subject to the application and fee.