WA State Property & Casualty State exam Actual Questions and Answers 2024/2025 with complete solutions;100% verified
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Course
WA State Property & Casualty State
Institution
WA State Property & Casualty State
Auto Assigned Risk Plan - The Commissioner must develop a Assigned Risk Plan. Applicants who
are in good faith entitled to but are unable to procure auto insurance through the ordinary market. All
auto Insurers must subscribe to the Assigned Risk Plan.
Autos - Proof of Financial Responsibility -...
WA State Property & Casualty State
exam
Auto Assigned Risk Plan - The Commissioner must develop a Assigned Risk Plan. Applicants who
are in good faith entitled to but are unable to procure auto insurance through the ordinary market. All
auto Insurers must subscribe to the Assigned Risk Plan.
Autos - Proof of Financial Responsibility - Show proof of insurance requested by a police officer;
and at the time of of accident. Insurers must provide each policyholder with an Insur ID card, Personal
auto policies must be issued for a period of at least 6 months. The following are exempted from the
Proof of Financial Responsibility requirement is "horeseless carriages" at least 45 years old; antique cars,
and motorcycles, motor drive cyceles (Scooters) up to 5 horsepower, mopeds up to 2 horsepower or
government owned vehicles.
A Producers's Change of Address - must be made promplty (no later than 30 days)
Adhesion - A contract law concept which refers to the fact that some contracts are "Take it or
Leave it" contracts that give the consumer virtually no power to negotiate terms. The result is that any
ambiguity in a contract of adhesion will be interpreted in favor of the consumer.
Adverse Selection - The Insureds who are most likely to file claims are the ones most likely to
purchase insurance.
Aggregate - Amount of ALL accidents
Agreed Value - The value of insured property is agreed to in advance by the Insurer and the
Insured - often done with fine art and antiques.
Alien Insurer - One formed under the laws of another nation
Alleatory - Can collect more or less than we paid
,An applicant for a Producer's lincense - May be denied a license due to ethical issues, such as
felonies, must complete a prelicensing course and pass the exam, must be 18 yrs old, complete a license
application at the Commissioner's website, submit the score report from testing and get fingerprinted.
An Insured May Cancel A HO Policy - At anytime by sending written notice to the insurer prior to
the effective date of Cancellation.
An Insurer Cancels for Non-Payment of Premium - Any refund or unearned premium mus be
calculated on a "pro-rata" proportionate) basis.
An Insurer Terminate a Producer's Contract As An Independent Producer - They must give the
producer at least 120 day's advance written notice, unless the producer loses his license, sells or
abandons his agency, or is guilty of misdconduct, fraud or material misrepresentation.
An Insurer May Non-Renew A HO Policy - by sending the named insured at least 45 days advance
written notice along with the reasons for the non-renewal.
Appointed - Producers may represent only the insurers who appoint them.
Assignment - The transfer of a policy to another party. Often done when commercial property is
sold to a new owner.
Basic Form - Property insurance that insures against a list of 11 perils.
Binder - An agreement by a Producer to provided temporary property or liability coverage, usually
while waiting for the customer to complete an application form.
Binder Contentes - Must be dated, identify the Insurer; briefly describe the coverage bonds, state
the date and time of coverage is effective; and acknowledge receipt of any premiums. The applicant
must be mailed a copy of the application promptly following its execution; its execution no later than the
next business day. It must be replaced with an insurance policy within 90 days, unless the Commissioner
grants written approval for an extension.
, Bodily Injury + Property Damage - The auto Insurer must offer Underinsured Motorist limits at
least equal to the limits of the Insured's auo liability policy to cover the perils of Uninsured Motor
Vehicles, Underinsured Motor vehicles with less coverage than needed to cover the victim's injuries or
damages; hit-and-run vehicles; phantom vehicles (an accident casued by a vehicles that had no contact
with the Insured's vehicle); and an insured vehicle where the Insurer is insolvent.
Bonded Producers - Are not appointed becasue they don't represent the Insurers; must be paid by
either the client or the Insurer (requires written notification) and must post a bond of at least $2,500 but
not more than 5% of the premiums brokered in the previous calendar year.
Broker - Represents Insured
A Non-Resident Producer - May maintain a principal place of business in this state or in their
home state.
Building & Personal Property (BPP) - The commercial property policy for larger businesses.
Burglary - The illegal taking of property from a locked building after business hours.
Business Income Policy - A commercial policy covering the indirect loss of income following a loss.
Business Income Policy - A commercial policy covering the indirect loss of income following a loss.
Canceling A HO Policy - The insurer must send 45 days advance written notice to the mortagagee
and refund any unearned premium due on a pro-rata basis no later than 45 days after notice was sent.
Cancellation - Termination of a policy during the policy period.
Cancellation by Insured - Requires written notice
Cancellation by Insurer - Requires 10 days Notice prior to Cancellation
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