Wyoming Property & Casualty Insurance License Exam — All Questions
3 questions
Which agency licenses resident property and casualty insurance producers in Wyoming?
- a.The Wyoming Department of Insurance✓
- b.The Wyoming Department of Transportation
- c.The Wyoming Department of Revenue
- d.The Wyoming Secretary of State
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 if disclosed to the insurer
- b.Permitted for new customers only
- c.Prohibited rebating under Wyoming's unfair trade practices law✓
- d.Required to be reported but otherwise lawful
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.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✓
- b.For any reason, with no notice to the insured
- c.Only during the first month after issuance
- d.Never under any circumstances
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.