Exam (elaborations)
WA SURPLUS LINES BROKER EXAM LATEST UPDATED QUESTIONS WITH CORRECT ANSWERS.
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WA SURPLUS LINES BROKER EXAM LATEST UPDATED QUESTIONS WITH CORRECT ANSWERS.
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ASCORERS STUVIAWA rSURPLUS rLINES rBROKER rEXAM rLATEST
r UPDATED rQUESTIONS rWITH rCORRECT rANSWERS
When rare ryou rrequired rto rfile rpremium rtax rreturn rfor rthe rprevious rcalendar
r year rby? r r...ANSWER... r rMarch r1st
What rdoes rstatutory raccounting rmean? r r...ANSWER... r rRules rstate rthat rcertain
r assets rare rnon-admitted r(don't rcount) ras ryou rcan't rpay rclaims rwith rthem.
Bonds rrated r___________ rand rhigher rare rconsidered rinvestment rgrade. r
r ...ANSWER... r r1 r& r2
What rdoes rIBNR rstand rfor? r r...ANSWER... r rIncurred rbut rnot rreported
True ror rfalse, rindividuals rwhose rSurplus rLine rBrokers rlicense rwas ractive rand
r did rnot rhave ran ractive raffiliation rwith ra rbusiness rentity rare rrequired rto rfile ra
r premium rtax rreturn, reven rif rno rbusiness rwas rtransacted? r r...ANSWER... r
r TRUE
,ASCORERS STUVIA
Which roffice rassigns rthe rbonds rrating? r r...ANSWER... r rSVO r(Securities
r Valuation rOffice)
What ris rCombined rRatio? r r...ANSWER... r rLoss rIncurred r+ rLoss rExpense r/
r Earned rPremium
What rare rGeneral rInterrogatories? r r...ANSWER... r rGeneral rquestions rabout
r the rCompany.
Financials: rwhat ris rSchedule rP rinclude? r r...ANSWER... r rIncurred r& ropen
r losses
What rdoes rNAIC rstand rfor? r r...ANSWER... r rNational rAssociation rof
r Insurance rCommissioners
What rcountries rare rincluded ron rAM rBest rreport? r r...ANSWER... r rUS rand
r Canada
,ASCORERS STUVIA
Where rcan ryou rfind ra rlist rof ralien rcompanies rand rLloyd rsyndicates rwith
r city/country rof rdomicile? r r...ANSWER... r rInternational rInsurers rDepartment
r Plan rof rOperation.
What rdoes rIRIS rstand rfor? r r...ANSWER... r rInsurance rRegulatory rInformation
r System r( rExceptional rvalue ris rBAD ror runusual)
When rwas rthe rWA rState rregulatory rstamp rchanged?
A. rJanuary r30, r1975
B. rJanuary r1, r2012
C. rMarch r31, r2000
D. rMarch r1, r2011 r r...ANSWER... r rB, rJanuary r1, r2012
Where/when rshould rthe rregistry rstamp rbe rplaced ron rdocuments rto rbe
r delivered rto rthe rinsured? r r...ANSWER... r rEvery rcontract, rincluding rbinder, ron
r the rface rof rthe rpolicy. rSLB rrequired rto rinitial rnext rto rstatement.
, ASCORERS STUVIA
WA rSurplus rLines rStamp rshould rread: r r...ANSWER... r r"This rcontract ris
r registered rand rdelivered ras ra rsurplus rline rcoverage runder rthe rinsurance rcode
r of rthe rstate rof rWashington, rTitle r48 rRCW. rIt ris rnot rprotected rby rany
r Washington rstate rguaranty rassociation rlaw."
How rlong rmust ra rsurplus rline rbroker rkeep rfinancial rrecords rof ra rforeign
r unauthorized rinsurer? r r...ANSWER... r r5 ryears
RE: r48.18.180 r'Stated rPremium' rwhich rstatements rare rTRUE:
A. rPremium rshall rbe rinclusive rof rall rfees, rcharges, rpremium.
B. rEach rviolation rof rthis rstatute ris ra rgross rmisdemeanor r
C. rIf rpremium ron rpolicy rdiffers rfrom rbinder rby rless rthan r$10, rinsurer rnot
r required rto rnotify rinsured.
D. rAll rof rthe rabove r r...ANSWER... r r
Max ramount rof rtime rlicense rcan rbe rsuspended rdue rto rconviction rof rfelony? r
r ...ANSWER... r rNot rto rexceed r12 rmonths
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