Oregon Life & Health Insurance Exam — All Questions

Which body is responsible for licensing life and health insurance producers in Oregon?

• a.A private national producer association
• b.The Oregon Division of Financial Regulation (part of the Department of Consumer and Business Services)✓
• c.A federal department of insurance
• d.The Oregon attorney general's consumer bureau

Producers in Oregon are licensed and disciplined by the Oregon Division of Financial Regulation (part of the Department of Consumer and Business Services). Licensing is a state function; there is no federal insurance-licensing department, and private associations do not issue government licenses.

The Oregon Division of Financial Regulation is headed by which official?

• a.A board of insurance company executives
• b.A federal insurance commissioner
• c.An Insurance Commissioner within the Department of Consumer and Business Services✓
• d.A judge of the state supreme court

The regulator is led by an Insurance Commissioner within the Department of Consumer and Business Services. Knowing how the state's top insurance official is chosen -- elected or appointed -- is a common Oregon exam point.

In Oregon, what is the effect of an insurer 'appointing' a licensed producer?

• a.It authorizes the producer to represent and transact business for that insurer✓
• b.It replaces the need to hold a producer license
• c.It guarantees the producer a minimum commission set by the state
• d.It exempts the producer from continuing education

An appointment is the insurer's authorization for a licensed producer to represent it, filed with the regulator. It does not replace the license itself, set commissions, or waive continuing education.

How does a Oregon resident producer generally keep a life and health license in force?

• a.By selling a minimum dollar amount of policies each year
• b.By renewing on schedule and completing required continuing education, including ethics✓
• c.By re-taking the full state licensing exam every year
• d.By obtaining a new appointment from the guaranty association

Oregon conditions license renewal on timely renewal plus continuing education that includes an ethics component. There is no sales quota, no annual re-examination, and the guaranty association does not appoint producers.