Wyoming Property & Casualty Insurance License Exam — All Questions
3 questions
Which agency licenses resident property and casualty insurance producers in Wyoming?
- a.The Wyoming Secretary of State
- b.The Wyoming Department of Revenue
- c.The Wyoming Department of Transportation
- d.The Wyoming Department of Insurance✓
Wyoming regulates insurance and licenses producers through the Wyoming Department of Insurance, led by the Insurance Commissioner. The Department of Transportation handles vehicle matters, not producer licensing.
A Wyoming producer offers a prospective client part of his commission as an inducement to buy an auto policy. This is:
- a.Permitted for new customers only
- b.Permitted if disclosed to the insurer
- c.Required to be reported but otherwise lawful
- d.Prohibited rebating under Wyoming's unfair trade practices law✓
Rebating, giving any part of the premium or commission or other valuable consideration as an inducement to buy, is a prohibited unfair trade practice in Wyoming and can bring fines and license action by the Wyoming Department of Insurance.
After a Wyoming personal auto or homeowners policy is in force beyond its initial underwriting period, mid-term cancellation by the insurer is generally allowed only:
- a.Never under any circumstances
- b.For any reason, with no notice to the insured
- c.For specific statutory reasons such as nonpayment of premium, fraud or material misrepresentation, or a substantial increase in the hazard, with required advance written notice✓
- d.Only during the first month after issuance
Wyoming limits mid-term cancellation of seasoned personal-lines policies to defined grounds such as nonpayment, fraud or material misrepresentation, or a substantial increase in the hazard, and requires advance written notice. The exact notice day-counts are set by statute; verify current figures with the Wyoming Department of Insurance.