October 21, 2022

Wisconsin Insurance License Exam

Written by: Ethan Peyton

Cartoon woman holding Wisconsin Insurance License Exam document

    Passing your Wisconsin insurance license exam is a pivotal part of becoming a licensed insurance agent in the state of Wisconsin.

    In this guide, we’ll break down the general information that you need to know in order to pass your exam, outline the differences between each examination line, and offer tips on both: how to prepare for your Wisconsin insurance licensing exam, and on what to do after you pass.

     

    Wisconsin Insurance Exam Basics

    General Information

    The state of Wisconsin uses PSI to administer its insurance agent licensing. This means you can register and book all of your licensing examinations through the PSI website. Your test can be carried out online or in person.

    Each major insurance line examination is made up of multiple-choice questions and includes both general and state-specific material.

    The general questions test your federal insurance product and agent knowledge, whereas the state-specific questions test you on the Wisconsin insurance regulations and laws that you will need to know in order to operate as an insurance agent.

    Score Explanation

    As soon as you finish your insurance exam, you will see a “pass” or “fail” score; a score report will also be emailed to you.

    If you failed your exam, your score report will include a diagnostic report that will show you how many questions you answered correctly. This can help you identify your weak points for any future re-examination attempts.

    You can request a duplicate score report by emailing PSI at scorereport@psionline.com. Keep in mind that you will need to include your full name, confirmation number, and examinee ID number.

    Note: You will need to obtain a score of 70% or higher in order to pass your insurance license exam(s) in Wisconsin.

     

    Cost

    Your Wisconsin insurance license exam cost will depend on the number of examinations that you take:

    Examination

    Cost 

    Time Allowed

    Life

    $75

    120 Minutes


    Accident & Health

    $75

    120 Minutes


    Property

    $75

    120 Minutes


    Casualty

    $75

    120 Minutes

    Note: You should focus on one exam at a time. This will likely increase the amount of time and effort you can allocate to each examination and should allow you to feel more prepared when you sit your exam.

    Recommended Pre-License Course

    Before taking your insurance exam, we recommend completing a pre-license education course. This is a requirement for most lines of authority in Wisconsin, but it can also go a long way in helping you learn all of the information that you will need to know during your exam.
    4.7 out of 5 starsKaplan Education Company

     

    Wisconsin Life and Health Insurance Exam

    Below you can find the content outline offered by PSI.

    We recommend using it as a checklist when working through your pre-license education course. This way, you’ll be absolutely sure that you haven’t missed any topic that you will be tested on later on.

    Wisconsin Life General and State Exam Content Outline

    100 questions

    I. Insurance Regulation

    1. Licensing
    2. State Regulation
    3. Federal Regulation
    4. Wisconsin statutes, rules, and regulations pertinent to life insurance and annuities

     

    II. General Insurance

    1. Concepts
    2. Insurers
    3. Producers and general rules of the agency
    4. Contracts

     

    III. Life Insurance Basics

    1. Insurable Interest
    2. Personal uses of life insurance
    3. Life settlements (including stranger originated life insurance)
    4. Determining amount of personal life insurance
    5. Business uses of life insurance
    6. Classes of life insurance policies
    7. Premiums
    8. Licensee responsibilities
    9. Individual underwriting by the insurer

     

    IV. Life Insurance Policies

    1. Term life insurance
    2. Whole life insurance
    3. Flexible premium policies
    4. Specialized policies
    5. Group life insurance

     

    V. Life Insurance Policy Provisions, Options and Riders

    1. Standard provisions
    2. Beneficiaries
    3. Settlement options
    4. Nonforfeiture options
    5. Policy loan and withdrawal options
    6. Dividend options
    7. Disability riders
    8. Accelerated (living) benefit provision/rider
    9. Riders covering additional insureds
    10. Riders affecting the death benefit amount

     

    VI. Annuities

    1. Annuity principles and concepts
    2. Immediate versus deferred annuities
    3. Annuity (benefit) payment options
    4. Annuity products
    5. Uses of annuities

     

    VII. Federal Tax Considerations for Life Insurance and Annuities

    1. Taxation of personal life insurance
    2. Modified endowment contracts (MECs)
    3. Taxation of non-qualified annuities
    4. Taxation of individual retirement accounts (IRAs)
    5. Rollovers and transfers (IRAs and qualified plans)

     

    VIII. Qualified Plans

    1. General requirements
    2. Federal tax considerations
    3. Plan types, characteristics, and purchasers

     

    Wisconsin Accident and Health General and State Exam Content Outline

    100 questions 

    I. Insurance Regulation

    1. Licensing
    2. State Regulation
    3. Federal Regulation
    4. Wisconsin statutes, rules, and regulations pertinent to disability (A&H) insurance

     

    II. General Insurance

    1. Concepts
    2. Insurers
    3. Producers and general rules of the agency
    4. Contracts

     

    III. Accident and Health Insurance Basics

    1. Definitions of perils
    2. Principal types of losses and benefits
    3. Classes of health insurance policies 
    4. Limited policies
    5. Common exclusions from coverage
    6. Licensee responsibilities in individual health insurance
    7. Individual underwriting by the insurer
    8. Considerations in replacing accident and health insurance
    9. Other required, uniform, and general provisions

     

    IV. Disability Income and Related Insurance

    1. Qualifying for disability benefits
    2. Individual disability income insurance
    3. Unique aspects of individual disability underwriting
    4. Group disability income insurance
    5. Social Security disability

     

    V. Medical Plans

    1. Medical plan concepts
    2. Types of providers and plans
    3. Cost containment in health care delivery
    4. State requirements (individual and group)
    5. HIPAA (Health Insurance Portability and Accountability Act) requirements
    6. Health Savings Accounts (HSAs) and Health Reimbursement Accounts (HRAs)
    7. Federal Health Care Reform (Affordable Care Act)
    8. Health Insurance Exchange

     

    VI. Group Accident and Health Insurance

    1. Characteristics of group insurance
    2. Types of eligible groups
    3. Marketing considerations
    4. Employer group health insurance
    5. Small employer medical plans
    6. Regulation of employer group insurance plans
    7. Types of funding and administration

     

    VII. Dental Insurance

    1. Categories of dental treatment
    2. Indemnity plans
    3. Employer group dental expense

     

    VIII. Medicare

    1. Medicare standard policies
    2. Medicare supplement
    3. Other options for individuals with Medicare
    4. Medicare Access and CHIP Reauthorization Act of 2015 (MACRA)

     

    IX. Long-Term Care Insurance

    1. Long-term care (LTC) policies

     

    X. Federal Tax Considerations for Accident and Health Insurance

    1. Personally-owned health insurance
    2. Employer group health insurance
    3. Medical expense coverage for sole proprietors and partners
    4. Business disability insurance
    5. Health Savings Accounts (HSAs) and Health Reimbursement Accounts (HRAs)

    We recommend reading our in-depth How to Pass the Life Insurance Exam guide for a better overview.

     

    Wisconsin Property and Casualty License Exam

    Below you can find the content outline offered by PSI.

    You should use this outline as a checklist when working through your pre-license education course in order to ensure that you haven’t missed any topic that you will be tested on later on.

    Wisconsin Property General and State Exam Content Outline

    100 questions

    I. Insurance Regulation

    1. Licensing
    2. State Regulation
    3. Federal Regulation
    4. Wisconsin statutes, rules, and regulations common to property insurance
    5. Wisconsin statutes, rules, and regulations pertinent to property insurance

     

    II. General Insurance

    1. Concepts
    2. Insurers
    3. Producers and general rules of the agency
    4. Contracts

     

    III. Property Insurance Basics

    1. Principles and concepts
    2. Policy structure
    3. Common policy provisions

     

    IV. Dwelling Policy

    1. Characteristics
    2. Coverage forms — Perils insured against
    3. Property coverages
    4. General exclusions
    5. Conditions
    6. Selected endorsements
    7. Personal liability supplement

     

    V. Homeowners Policy

    1. Coverage forms
    2. Definitions
    3. Section I — Property coverages
    4. Perils insured against
    5. Exclusions
    6. Conditions
    7. Selected endorsements

     

    VI. Commercial Package Policy (CPP)

    1. Components of a commercial policy
    2. Commercial property
    3. Commercial inland marine
    4. Equipment breakdown
    5. Farm coverage

     

    VII. Businessowners Policy

    1. Characteristics and purpose
    2. Businessowners Section I — Property
    3. Businessowners Section III — Common Policy Conditions
    4. Selected endorsements

     

    VIII. Other Coverages and Options

    1. Other policies

     

    Wisconsin Casualty General and State Exam Content Outline

    100 questions

    I. Insurance Regulation

    1. Licensing
    2. State Regulation
    3. Federal Regulation
    4. Wisconsin statutes, rules, and regulations common to casualty insurance
    5. Wisconsin statutes, rules, and regulations pertinent to casualty insurance

     

    II. General Insurance

    1. Concepts
    2. Insurers
    3. Producers and general rules of the agency
    4. Contracts

     

    III. Casualty Insurance Basics

    1. Principles and concepts
    2. Policy structure
    3. Common policy provisions

     

    IV. Auto Insurance

    1. Personal auto policy
    2. Commercial auto
    3. Wisconsin specific auto plan

     

    V. Commercial Package Policy (CPP)

    1. Components of a commercial policy
    2. Commercial general liability
    3. Commercial crime
    4. Farm coverage

     

    VI. Businessowners Policy

    1. Characteristics and purpose
    2. Businessowners Section II — Liability
    3. Businessowners Section III — Common Policy Conditions
    4. Selected endorsement

     

    VII. Worker’s Compensation Insurance

    1. Worker’s compensation laws
    2. Worker’s compensation and employers liability insurance policy
    3. Premium computations
    4. Rating organization
    5. Termination

     

    VIII. Other Coverages and Options

    1. Umbrella/excess liability policies
    2. Specialty liability insurance
    3. Surplus lines
    4. Surety bonds
    5. Other policies

    We recommend reading our Property and Casualty Insurance exam article for a more in-depth overview.

     

    How to Pass the Wisconsin Insurance Exam

    Passing your Wisconsin insurance exam ultimately comes down to your mindset and degree of preparation.

    We have composed a few helpful exam tips and tricks that should help you perform as well as you can during your exam day.

    Get a Pre-License Course

    Getting a pre-license course can go a long way in helping you get accustomed to the prolific amount of content that you will have to memorize. It is also a legal requirement in Wisconsin.

    We recommend Kaplan’s course because it offers a variety of helpful features, including:

    • Online exam simulations
    • Live online training
    • Printable study guides
    • End of chapter reviews

    For more information, we recommend reading our Kaplan Insurance Course Review.

     

    Make Enough Time to Study

    Not leaving enough time to prepare is one of the easiest ways to ensure that you do not pass your exam on your first attempt.

    Remember, there are zero questions on your exam that are based on common sense or critical thinking. All questions are purely factual, and so will relate to how well you understand and remember the content that you have learned.

    We recommend allocating around one to two weeks to prepare for your exam, as this should allow you to go through all of the material at least twice.

     

    Control Test Anxiety

    Even though you cannot control whether you get exam anxiety or not, you can take a few steps when preparing to limit its effect on your performance:

    • Establish a consistent pretest routine — Acclimate yourself to exam conditions by following a specific routine on each practice exam at home. This should help you feel less anxious during your exam day.
    • Get plenty of sleep — Lack of sleep can exacerbate your anxiety and increase your self-doubt. Make sure you are consistently getting a good night’s sleep in the week leading up to your exam.
    • Study effectively — This sounds obvious, but make sure you are actually tailoring your studying to the exam that you are taking. Remember, there are no critical thinking or common sense questions involved.
    • Arrive early — If you are planning to sit your exam in person, we recommend you arrive at least 30 minutes before it’s due to start in order to get used to your surroundings and have time to check in with your center’s administrator.

    For a more in-depth overview of how you can prepare for your Wisconsin insurance exam, we recommend reading our How to Pass the Insurance Exam article.

     

    Getting Your Wisconsin Insurance License

    Your next steps will depend on whether you actually passed your exam, as well as on whether you plan to get licensed for any additional lines.

    You can attempt passing additional insurance line exams before filing your licensing application, if that is something you are actually interested in.

    After you have passed your insurance licensing exam, you will need to:

    • Complete a fingerprint and background check
    • File your licensing application
    • Wait for your application to be reviewed

    Have a look at our How to Become an Insurance Agent in Wisconsin review for more information on all the steps that you will need to take after passing your insurance exam.




    Wisconsin Insurance Exams FAQ

    How often do I have to renew my Wisconsin insurance license?

    According to Wisconsin state law, resident and nonresident licenses expire every two years.

    For more information, see our guide on How to Renew Your Insurance License in Wisconsin.

     

    How long is the Wisconsin insurance exam?

    This will depend on the insurance exam in question.

    Generally speaking, insurance exams in Wisconsin can last anywhere between one and two hours.

     

    How many times can you take the Wisconsin insurance exam?

    There is no limit on the number of times you can resit an insurance license examination in Wisconsin.

    Having said that, you will need to wait at least 24 hours between each attempt.

     

    How many questions are on the Wisconsin insurance exam?

    The Life, Accident & Health, Property, and Casualty exams are all made up of 100 questions.

    Wisconsin Office of the Commissioner of Insurance Contact Information

    Mailing Address:

    125 South Webster Street
    Madison, Wisconsin 53703-3474

    Phone: (608) 266-8699

    Fax: (608) 267-9451

    Email: ociagentlicensing@wisconsin.gov

    Website: https://oci.wi.gov/

    License Search: Wisconsin Insurance License Search and Lookup




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