Wa state life insurance Correct Questions & Answers!!EXAM BUNDLEWa state life insurance Correct Questions & Answers!!EXAM BUNDLEWa state life insurance Correct Questions & Answers!!EXAM BUNDLEWa state life insurance Correct Questions & Answers!!EXAM BUNDLEWa state life insurance Correct Questions &...
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Fair credit reporting act - ANSWER A federal law that regulates consumer reporting agency's in the use of consumer reports Fair credit reporting act requirement - ANSWER The insurer must inform the applicant of the name and address of the investigation agency so the applicant is able to obtain a...
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Add to cartFair credit reporting act - ANSWER A federal law that regulates consumer reporting agency's in the use of consumer reports Fair credit reporting act requirement - ANSWER The insurer must inform the applicant of the name and address of the investigation agency so the applicant is able to obtain a...
The Insurance Commissioner - ANSWER The enforcer of the Revised Code of Washington (RCW) Revised Code of Washington (RCW) - ANSWER State laws passed by state legislator that govern insurance activities in the state When is the commissioner elected - ANSWER Every 4 years by the voters of the st...
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Add to cartThe Insurance Commissioner - ANSWER The enforcer of the Revised Code of Washington (RCW) Revised Code of Washington (RCW) - ANSWER State laws passed by state legislator that govern insurance activities in the state When is the commissioner elected - ANSWER Every 4 years by the voters of the st...
$300,000 - ANSWER What is the maximum amount that the Property and Casualty Insurance Guaranty Association will pay for covered claims? Without receiving written consent from an insurance regulatory authority. - ANSWER Federal law makes it illegal for any individual convicted of a crime involving...
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Add to cart$300,000 - ANSWER What is the maximum amount that the Property and Casualty Insurance Guaranty Association will pay for covered claims? Without receiving written consent from an insurance regulatory authority. - ANSWER Federal law makes it illegal for any individual convicted of a crime involving...
Insurance Commissioner - ANSWER Head of Office of Insurance Commissioner, is in charge of company supervision, consumer protection, and rates and forms. -Elected on a 4 year term -Pays 25k bond -Must examine records at least every 5 years Has Power to: -Issue rules to carryout or enforce the...
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Add to cartInsurance Commissioner - ANSWER Head of Office of Insurance Commissioner, is in charge of company supervision, consumer protection, and rates and forms. -Elected on a 4 year term -Pays 25k bond -Must examine records at least every 5 years Has Power to: -Issue rules to carryout or enforce the...
Punitive damages are intended to do all of the following EXCEPT 1. compensate for actual financial losses. 2. discourage others from doing wrong. 3. discipline the insured. 4. make an example of bad behavior. - ANSWER compensate for actual financial losses When an insured selects symb...
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Add to cartPunitive damages are intended to do all of the following EXCEPT 1. compensate for actual financial losses. 2. discourage others from doing wrong. 3. discipline the insured. 4. make an example of bad behavior. - ANSWER compensate for actual financial losses When an insured selects symb...
30 days - ANSWER Most insurance rates must be filed with the commisioner how many days prior to use? Larceny by Embezzlement - ANSWER To misuse a clients money is... Certificate of Authority - ANSWER An insurer must hold a ________ in the state of Washington in order to do business in this sta...
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Add to cart30 days - ANSWER Most insurance rates must be filed with the commisioner how many days prior to use? Larceny by Embezzlement - ANSWER To misuse a clients money is... Certificate of Authority - ANSWER An insurer must hold a ________ in the state of Washington in order to do business in this sta...
What is the Insurance Commissioner's primary duty? - ANSWER Administer and enforce the Insurance Code. T / F: The Insurance Commissioner prosecutes code violations. - ANSWER False: The IC may issue orders or bring court actions, but state attorneys prosecute. T / F: The Insurance Commissioner...
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Add to cartWhat is the Insurance Commissioner's primary duty? - ANSWER Administer and enforce the Insurance Code. T / F: The Insurance Commissioner prosecutes code violations. - ANSWER False: The IC may issue orders or bring court actions, but state attorneys prosecute. T / F: The Insurance Commissioner...
Every 2 year renewal period, a Producer must complete: - ANSWER 24 hrs of continuing education The Commissioner may suspend or revoke a Producer's license for any of the following: - ANSWER Guaranteeing dividends Rebating Twisting The Commissioner may: - ANSWER approve premium rates Jasm...
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Add to cartEvery 2 year renewal period, a Producer must complete: - ANSWER 24 hrs of continuing education The Commissioner may suspend or revoke a Producer's license for any of the following: - ANSWER Guaranteeing dividends Rebating Twisting The Commissioner may: - ANSWER approve premium rates Jasm...
Violations of US Code Title 18 section 1033, may result in - ANSWER Fine and/or imprisonment Charles is a producer who is licensed in Washington but resides in Oregon. Charles is considered to be a(n) - ANSWER Nonresident producer Before a producer may sell, solicit, or negotiate insurance fro...
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Add to cartViolations of US Code Title 18 section 1033, may result in - ANSWER Fine and/or imprisonment Charles is a producer who is licensed in Washington but resides in Oregon. Charles is considered to be a(n) - ANSWER Nonresident producer Before a producer may sell, solicit, or negotiate insurance fro...
uthorized Insurer - ANSWER An insurer that has qualified and received a Certificate of Authority from the Department of Insurance to transact insurance in the state. Contact adhesion - ANSWER the accepter of the contract must "adhere" to the written contract inducement - ANSWER An action aim...
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Add to cartuthorized Insurer - ANSWER An insurer that has qualified and received a Certificate of Authority from the Department of Insurance to transact insurance in the state. Contact adhesion - ANSWER the accepter of the contract must "adhere" to the written contract inducement - ANSWER An action aim...
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Health contracts are prepared by insurers and must be accepted by the insured on an 'as is' basis. This described what aspect of a health insurance contract? - ANSWER Contract of Adhesion If an insurer decides to obtain medical information from different sources in order to determine the insura...
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Add to cartHealth contracts are prepared by insurers and must be accepted by the insured on an 'as is' basis. This described what aspect of a health insurance contract? - ANSWER Contract of Adhesion If an insurer decides to obtain medical information from different sources in order to determine the insura...
Person Required to be Licensed - ANSWER Cannot sell, solicit, or negotiate insurance unliess licensed for the appropriate line of authority Producer - ANSWER The person required to be licensed under state law to transact insurance. -At least 18 years of age -Has not committed any act that is g...
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Add to cartPerson Required to be Licensed - ANSWER Cannot sell, solicit, or negotiate insurance unliess licensed for the appropriate line of authority Producer - ANSWER The person required to be licensed under state law to transact insurance. -At least 18 years of age -Has not committed any act that is g...
A producer's fiduciary responsibility includes which of the following activities? - Recording the receipt and distribution of premiums due to an insurer - Properly remunerating persons who furnish leads on prospects - Providing needed insurance to prospective insureds through any sources that...
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Add to cartA producer's fiduciary responsibility includes which of the following activities? - Recording the receipt and distribution of premiums due to an insurer - Properly remunerating persons who furnish leads on prospects - Providing needed insurance to prospective insureds through any sources that...
What disciplinary action will occur if a Washington broker disregards a child support order? - ANSWER License suspension When may a licensee receive compensation in Washington based on an appraisal result at or above a specific prearranged price? - ANSWER It's illegal in all circumstances. Ho...
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Add to cartWhat disciplinary action will occur if a Washington broker disregards a child support order? - ANSWER License suspension When may a licensee receive compensation in Washington based on an appraisal result at or above a specific prearranged price? - ANSWER It's illegal in all circumstances. Ho...
Functions of the Licensing Board - ANSWER 1. Adopt the rules that the legislature passes and apply them 2. Require that you can't practice without malpractice insurance 3. Mandate: to protect the public 4. Review credentials: course work, hours 5. Administer jurisdiction exam 6. Organize and o...
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Add to cartFunctions of the Licensing Board - ANSWER 1. Adopt the rules that the legislature passes and apply them 2. Require that you can't practice without malpractice insurance 3. Mandate: to protect the public 4. Review credentials: course work, hours 5. Administer jurisdiction exam 6. Organize and o...
How often is the commissioner elected - ANSWER Every 4 years The commissioner may supply how much of a surety bond? - ANSWER $25,000 Who is the commissioner - ANSWER Mike Kreidler The commissioner duties - ANSWER -Administrate and enforce the provisions of the insurance code -Make reasona...
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Add to cartHow often is the commissioner elected - ANSWER Every 4 years The commissioner may supply how much of a surety bond? - ANSWER $25,000 Who is the commissioner - ANSWER Mike Kreidler The commissioner duties - ANSWER -Administrate and enforce the provisions of the insurance code -Make reasona...
Assignment - ANSWER The transfer of a policy to another party. Often done when commercial property is sold to a new owner. Building & Personal Property (BPP) - ANSWER The commercial property policy for larger businesses. Business Income Policy - ANSWER A commercial policy covering the indirect...
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Add to cartAssignment - ANSWER The transfer of a policy to another party. Often done when commercial property is sold to a new owner. Building & Personal Property (BPP) - ANSWER The commercial property policy for larger businesses. Business Income Policy - ANSWER A commercial policy covering the indirect...
If a building under a BPP has been vacant over 60 days, the BPP will cover? - ANSWER Fire, Wind, Explosion, and Volcano are all covered after 60 days of vacancy A CGL provides liability coverage for: - ANSWER A person whose reputation is harmed by the insured's innocent dissemination of informat...
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Add to cartIf a building under a BPP has been vacant over 60 days, the BPP will cover? - ANSWER Fire, Wind, Explosion, and Volcano are all covered after 60 days of vacancy A CGL provides liability coverage for: - ANSWER A person whose reputation is harmed by the insured's innocent dissemination of informat...
borrowing more than __% of the loan value of a life insurance policy to purchase a new policy is considered replacement - ANSWER 25% Period of time with receiving an application that the replacing insurer must notify any other existing insurer - ANSWER 3 days length of time replacing insurer m...
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Add to cartborrowing more than __% of the loan value of a life insurance policy to purchase a new policy is considered replacement - ANSWER 25% Period of time with receiving an application that the replacing insurer must notify any other existing insurer - ANSWER 3 days length of time replacing insurer m...
Insurance transactions are governed by - ANSWER the legislators Insurance code. the insurance Commissioners administrative rules and regulations Commissioners term of office - ANSWER commissioner is elected by the voters to a four-year term commissioner powers - ANSWER investigate Insurance tr...
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Add to cartInsurance transactions are governed by - ANSWER the legislators Insurance code. the insurance Commissioners administrative rules and regulations Commissioners term of office - ANSWER commissioner is elected by the voters to a four-year term commissioner powers - ANSWER investigate Insurance tr...
ANSWER Section 1 Commissioner How is he elected? - ANSWER Same way as other state officials When does he take office? - ANSWER Serves for four yerars. Starts wed after the second monday of January What must he do before taking officer? - ANSWER Execute a bond of $25000 payable to state W...
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Add to cartANSWER Section 1 Commissioner How is he elected? - ANSWER Same way as other state officials When does he take office? - ANSWER Serves for four yerars. Starts wed after the second monday of January What must he do before taking officer? - ANSWER Execute a bond of $25000 payable to state W...
The Grace Period for an accident and health (disability) policy where the premiums are paid monthly is - ANSWER 10 days Newborn coverage for an accident and health (disability) family policy begins - ANSWER at the moment of birth Misrepresentation - ANSWER A licensee who informs an insured of ...
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Add to cartThe Grace Period for an accident and health (disability) policy where the premiums are paid monthly is - ANSWER 10 days Newborn coverage for an accident and health (disability) family policy begins - ANSWER at the moment of birth Misrepresentation - ANSWER A licensee who informs an insured of ...
For an insurance company to write insurance in our state, it must _______ - ANSWER File for a Certificate of Authority. Insurance Companies' licenses are Certificates of Authority. Insurance Producers licenses are Producer Licenses. Producer Clancy Wiggum, whose birthday is January 10th, does ...
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Add to cartFor an insurance company to write insurance in our state, it must _______ - ANSWER File for a Certificate of Authority. Insurance Companies' licenses are Certificates of Authority. Insurance Producers licenses are Producer Licenses. Producer Clancy Wiggum, whose birthday is January 10th, does ...
Fair credit reporting act - ANSWER The fair credit reporting act is a federal law that regulates consumer reporting agency's and the use of consumer reports. The purpose of this law is to assure that the reporting of credit will be accurate and current. Insurers that use consumer reporting agency'...
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Add to cartFair credit reporting act - ANSWER The fair credit reporting act is a federal law that regulates consumer reporting agency's and the use of consumer reports. The purpose of this law is to assure that the reporting of credit will be accurate and current. Insurers that use consumer reporting agency'...
Commissioner - ANSWER this is the chief officer of the WA insurance Department. This is an elected position serving a term of 4 years. This person also makes rules and regulations to help carry out the provisions of the WA insurance code Hearing - ANSWER The commissioner may hold one of these whe...
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Add to cartCommissioner - ANSWER this is the chief officer of the WA insurance Department. This is an elected position serving a term of 4 years. This person also makes rules and regulations to help carry out the provisions of the WA insurance code Hearing - ANSWER The commissioner may hold one of these whe...
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