WA Laws And Rules Questions And
Answers With Verified Solutions Already
Passed Latest Updated 2024
Insurance Producer - ANSWER✔✔A person required to be licensed under the
laws of this state to sell, solicit, or negotiate insurance.
How long must an insurance producer maintain insurance transaction records? -
ANSWER✔✔five years
Immediate revocation (without a hearing) of any insurance license is allowed upon
- ANSWER✔✔The sentencing of the licensee for conviction of a felony, but only
if the facts of the conviction demonstrate the licensee to be untrustworthy.
For a licensed producer to sell insurance contracts for an insurance company, the
producer must - ANSWER✔✔be appointed by that insurance company.
Which of the following is an INCORRECT statement regarding the Washington
Separate Account law? - ANSWER✔✔A producer may use the account for
personal funds.
A producer who knowingly over charges premiums to a consumer is guilty of -
ANSWER✔✔Illegal Dealings in Premiums
Insurance Producers are considered to have fiduciary responsibilities because they
- ANSWER✔✔have responsibilities for the money and financial affairs of others.
, Insurance companies must keep their transaction records for a period of
__________ years. - ANSWER✔✔3
commissioner in Washington responsible for - ANSWER✔✔-Approving rates
charged to the consumer
-Forms used by the insurance companies.
-Sets the rules and conduct which an agent must use when doing business with a
consumer
When a bonding company or insurance company issues a bond, it represents -
ANSWER✔✔acceptance by the issuing company.
The application submitted to a bonding company represents the - ANSWER✔✔an
offer for coverage or protection.
A life producer gives $50 back to the policy owner for life insurance after the
policy issues as a thank you for purchasing insurance. The life producer is guilty
of__________. - ANSWER✔✔Illegal Rebating
If an insurance license is renewed AFTER 60 days of the birth date of the licensee
__________ - ANSWER✔✔-the license must be reinstated.
-all associated appointments and affiliations are terminated.
-the individual must also complete an application for reinstatement and pay the
license fee and 200% surcharge.
If an individual tries to reinstate his insurance license OVER ONE YEAR from the
termination date of the license, the producer - ANSWER✔✔will have to begin the
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