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Washington State Property & Casualty Insurance Exam 2024/2025 $12.99   Add to cart

Exam (elaborations)

Washington State Property & Casualty Insurance Exam 2024/2025

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Washington State Property & Casualty Insurance Exam 2024/2025

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  • November 1, 2024
  • 30
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Washington State Property & Casualty Insurance
  • Washington State Property & Casualty Insurance
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CLOUND
Washington State Property & Casualty
Insurance Exam 2024/2025
"unsured" portion of premium - ANSWER-money must be returned to the insured no
later then 45 days after date of cancelation.

(DRPL) Designated Responsible Licensed Person - ANSWER-Responsible for insurers
compliance with insurance laws/ rules

(NFIP)
National Flood Insurance Program - ANSWER-Identifies floodplains and maps thru
FEMA. the community must meet the federal requirements and must purchase within 1
year after becoming available.

*- structures must have two solid walls and a roof. be partially above ground, and not
entirely over water.

(WYO) Write Your Own insurance program - ANSWER-the same insurance you would
receive in the NFIP...non risk baring though the FIA

1033 waiver - ANSWER-a personal convicted of a felony may apply for a ____ to
transact insurance business. cannot be 50k+ for each violation.

3 Elements of insurable risk - ANSWER-1. Financial (a monetary interest)
2. Blood (a relative)
3. Business (a business partner)

5 basic individual rate-making approaches - ANSWER-1. Judgment rating
2. Schedule Rating
3. Experience Rating
4. Retrospective Rating
5. Merit Rating

Abandonment - ANSWER-The relinquishing of insurance legal right or interest in an
insurance policy. In property and casualty insurance, assignments of polices are valid

Acceptance - ANSWER-when underwriting approves the application and approves a
policy

Accident - ANSWER-An unexpected happening that may result in injury, loss, or
damage.

,According to the state regulations pertaining to claim settlements, after receiving a
notification of claim from an individual policyholder, the insured must acknowledge the
notice within how many days? - ANSWER-10 working days (business days)

Actual Cash Value (ACV) - ANSWER-The required amount to pay damages or for
property loss, which is calculated based on the property's current replacement value
minus depreciation.

Additional/Supplementary Coverage - ANSWER-A provision in an insurance policy that
provides an additional amount of coverage for specific loss expense, at no additional
premium.

Additionally Insured - ANSWER-Individuals or businesses that are not named as
insured on the declarations page, but are produced by the policy, usually in regard to a
specific interest. Additionally insured are added though endorsements.

Admitted Insurer - ANSWER-An insurer to which a state insurance department has
granted a license to do business within that state.

After insurer termination of independent agent they must: - ANSWER-permit renewal of
all polices in insurance book for 1 year.
- rate of commissions transfers
- must assign policy to nearest located insurer

Aggregate Limit - ANSWER-The maximum amount an insurer will pay for all covered
losses during the covered policy year.

Agreed Value - ANSWER-the accepted value of a non-cash asset at the time of its
contribution by the owner

Alien Insurer - ANSWER-An insurance company that is incorporated outside the United
States and does business within.

An insured has a personal auto policy with both comprehensive (other-than-collision)
and collision coverage. His car is stolen and recovered five days later. If the insured
claims transportation expenses of $20 per day, how much will his policy pay?

a)$45
b)$60
c)$75
d)$100

The policy will pay $20 per day after 48 hours, not to exceed 30 days in total. -
ANSWER-b)$60.

The policy will pay $20 per day after 48 hours, not to exceed 30 days in total.

, Apparent Authority - ANSWER-The appearance or the assumption of authority based
on the actions, words, or deeds of the principal or because of circumstances the
principal created.

Appointing a insurance producer - ANSWER-- notice of appointment within 15 days
- Commissioner will verify within 15 days
- if deemed ineligible commissioner will notify within 10 days

If approved it must e renewed every 2 years, and will receive notice within 60 days of
the renewal date.

Assignment - ANSWER-transfer if legal tight or interest in an insurance policy. only valid
with the prior written consent of the insurance

Authorized Insurer - ANSWER-An insurer that has qualified and received a Certificate of
Authority from the Department of Insurance to transact insurance in the state.

Auto Symbol 1 - ANSWER-any auto - any auto covered for liability arising out of
maintenance, use or ownership of

Auto symbol 2 - ANSWER-owned only - owned by the insured

auto symbol 3 - ANSWER-owned private passenger - only owned private passenger
autos covered

Auto symbol 4 - ANSWER-owned other than private passenger - only owned nonprivate
passenger autos covered

Auto symbol 5 - ANSWER-owned autos subject to no fault - select personal injury
protection coverage, applies only to those owned vehicles subject to no fault laws

auto symbol 6 - ANSWER-owned subject to compulsory uninsured motorist law - covers
designed vehicles subject to a compulsory uninsured motorist law to ensure there will
be some degree of protection for victim of uninsured motorist

auto symbol 7 - ANSWER-specifically described auto - limits coverage to autos owned
by the insured that are listed & described in the policy declaration

auto symbol 8 - ANSWER-hired auto only - protection for vechiles hired, leased, rented
or borrowed

auto symbol 9 - ANSWER-non owned autos only - covers designed non owned vehicles
used on the insured's behalf in the course of the insured's business

Avoidance - ANSWER-eliminating or avoiding the risk by discontinuing the activity

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