Exam (elaborations)
WASHINGTON LAWS AND RULES PERTINENT TO INSURANCE EXAM 2024/2025
- Course
- Institution
WASHINGTON LAWS AND RULES PERTINENT TO INSURANCE EXAM 2024/2025
[Show more]
Content preview
WASHINGTON LAWS AND RULESPERTINENT TO INSURANCE EXAM
2024/2025
Violations of US Code Title 18 section 1033, may result in - -Fine and/or
imprisonment
- Charles is a producer who is licensed in Washington but resides in Oregon.
Charles is considered to be a(n) - -Nonresident producer
- Before a producer may sell, solicit, or negotiate insurance from an insurer,
the producer must have a(n) - -Appointment
- The act of using misrepresentation to induce an insured person to
terminate an existing policy and purchase a new policy is referred to as - -
Twisting
- An example of an unfair claims settlement practice is - -Turning down a
claim without providing the basis of denial
- One role of the Commissioner is to - -Enforce state insurance laws
- Every producer licensed in Washington must notify the Commissioner
within ___ days of any change of the address. - -30
- The identity of the _____ must be made clear in every health (disability)
insurance advertisement. - -Insurer
- A life insurance policy becomes incontestable after it has been in force for -
-2 years
- Advertising regulations exist to - -Assure full and truthful disclosures to the
public
- When a Medicare Supplement insurance policy is being replaced, who must
sign the notice of replacement? - -The producer and the applicant
- What is the MINIMUM benefit period that must be offered by a Long-Term
Care policy? - -12 months
- No legal action can be initiated after ___ years from the initial time written
proof of loss has been provided. - -3
, - When replacing a life insurance policy, a producer must provide the
applicant with a - -Notice Regarding Replacement
- A Medicare Supplement policy can be cancelled by the insurer for - -
Nonpayment
- A company that is chartered and organized of the state in which its home
office is located is called a(n) - -Domestic insurer
- An insurance company may only pay commissions to a(n) - -Licensed
producer appointed by the insurer
- An example of an Unfair Claims Settlement practice is - -Failing to
promptly provide reasonable explanations for the denial of claims
- An insurance company that has qualified and received a Certificate of
Authority from the Insurance Department to sell insurance in this state is
called a(n) - -Authorized insurer
- Replacement can be BEST described as - -Exchanging a new policy for one
already in force
- An insurer may exclude preexisting conditions on a Medicare Supplement
policy for ___ months. - -6
- What is the purpose of the Washington Life and Disability Insurance
Guaranty Association? - -Ensures that claims filed against insolvent
insurance companies will be paid
- An example of rebating is - -A producer who shares commissions with a
client
- The required grace period for life insurance policies sold in Washington is -
-30 days
- Kiara filled out a life insurance application and was given a policy
illustration that showed future premiums being paid out of nonguaranteed
values. This illustration MUST disclose that - -She may need to resume
premium payments, depending on actual results
- Which of the following is required for an insurer to conduct business in this
state? - -Certificate of Authority
- Which of the following is an example of a producer's fiduciary duty? - -
Recording receipt and remittance of premiums due to the insurance
company
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Nursephil2023. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now