PSI Life Exam Practice Test

Wisconsin insurance law requires intermediaries to keep policyholder records for at least how many years after termination or lapse of the policy?

1. 1 year

2. 2 years

3. 3 years

4. 5 years

The correct answer is: 3 years

Wisconsin insurance law mandates that intermediaries retain policyholder records for at least three years following the termination or lapse of the policy. This requirement is in place to ensure that both the insurance providers and policyholders have access to vital information that may be needed for audit, verification, or dispute resolution purposes after a policy ends. Keeping records for this duration helps maintain transparency and accountability within the insurance industry, as it allows relevant parties to access the details of the policy when needed. The other options, while they provide a range of possible time frames, do not meet the statutory requirement set forth in Wisconsin law, which clearly specifies three years as the minimum retention period.