Wa state life insurance - Study guides, Class notes & Summaries

uthorized Insurer - ANSWER An insurer that has qualified and received a Certificate of Authority from the Department of Insurance to transact insurance in the state. Contact adhesion - ANSWER the accepter of the contract must "adhere" to the written contract inducement - ANSWER An action aimed at persuading insolvent - ANSWER Bankrupt; unable to pay debts. Transacting Insurance - ANSWER Conducting insurance business, such as soliciting or negotiating to buy or sell an insurance pol...

Punitive damages are intended to do all of the following EXCEPT 1. compensate for actual financial losses. 2. discourage others from doing wrong. 3. discipline the insured. 4. make an example of bad behavior. - ANSWER compensate for actual financial losses When an insured selects symbol 2 on the automobile declarations, indicating coverage for any auto titled to the insured, which of the following automobile types will be covered? 1. any auto 2. mobile equipment 3. owned ...

WA State Laws and Regulations for Life and Disability Insurance Already Passed The comissioner serves a term of __ years. 4 The Commissioner must execute a bond of $_____ per year. 25,000 The commissioner must examine each insurer at least every ___ years. 5 ___ day's notice required for the Commissioner to suspend or revoke a license. 15 Suspension or revocation is effective no less than ___ days after a hearing. 10 ___ days' notice to temporarily suspend a license, if emer...

Federal Taxation of Business Health Insurance - -Self employed people can deduct the cost of their personal health insurance -Self employed may deduct all LTC premiums -Disability buy out premiums not tax deductible -BOE insurance premiums are deductible LTC riders - -To sell LTC riders must complete 8 hour inital training -And 4 hours in addition to 24 month CE -Every march 31 businesses must affirm all their employees have this shit done Appointing a producer - -Insurance company lets ...

WA State Laws and Regulations for Life and Disability Insurance Exam 2024

Violations of US Code Title 18 section 1033, may result in - ANSWER Fine and/or imprisonment Charles is a producer who is licensed in Washington but resides in Oregon. Charles is considered to be a(n) - ANSWER Nonresident producer Before a producer may sell, solicit, or negotiate insurance from an insurer, the producer must have a(n) - ANSWER Appointment The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred t...

Person Required to be Licensed - ANSWER Cannot sell, solicit, or negotiate insurance unliess licensed for the appropriate line of authority Producer - ANSWER The person required to be licensed under state law to transact insurance. -At least 18 years of age -Has not committed any act that is ground for license denial, suspension, or revocation -Has completed a prelicensing course of study -Has paid the appropriate fees -Has passed the examinations for the appropriate line(s) of authorit...

Assignment - ANSWER The transfer of a policy to another party. Often done when commercial property is sold to a new owner. Building & Personal Property (BPP) - ANSWER The commercial property policy for larger businesses. Business Income Policy - ANSWER A commercial policy covering the indirect loss of income following a loss. Cancellation - ANSWER Termination of a policy during the policy period. Casualty Insurance - ANSWER A broad term which includes all of the policy types that may...

For an insurance company to write insurance in our state, it must _______ - ANSWER File for a Certificate of Authority. Insurance Companies' licenses are Certificates of Authority. Insurance Producers licenses are Producer Licenses. Producer Clancy Wiggum, whose birthday is January 10th, does not send in his renewal application to the State to renew his producer license. The last day in which he can sell insurance is __________. - ANSWER January 31st Licenses expire every two years at mid...