Rplu - Study guides, Class notes & Summaries

WA Surplus Lines Broker Exam Real Questions And Correct Answers When are you required to file premium tax return for the previous calendar year by? - ANSWER March 1st What does statutory accounting mean? - ANSWER Rules state that certain assets are non-admitted (don't count) as you can't pay claims with them. Bonds rated ___________ and higher are considered investment grade. - ANSWER 1 & 2 What does IBNR stand for? - ANSWER Incurred but not reported True or false, individuals ...

Surplus exam 2.0 WA questions and answers

When are you required to file premium tax return for the previous calendar year by? - ANSWERSMarch 1st What does statutory accounting mean? - ANSWERSRules state that certain assets are non-admitted (don't count) as you can't pay claims with them. Bonds rated ___________ and higher are considered investment grade. - ANSWERS1 & 2 What does IBNR stand for? - ANSWERSIncurred but not reported True or false, individuals whose Surplus Line Brokers license was active and did not have an ac...

Washington State Surplus Exam Prep Questions And Answers Surplus Lines Insurance Insurance coverage provided by non-admitted insurers for risks that are not available in the admitted market due to their unique or high-risk nature. Admitted Insurer An insurance company that is licensed and regulated by the state, and its policies are protected by the state's guaranty fund. Non-admitted Insurer An insurance company that is not licensed in a particular state but is allowed to pro...

WA Surplus Lines Broker Exam Questions And Answers Graded A+

WA Surplus Lines Broker Exam Correct Questions & Answers!!

Michigan Surplus Lines Insurance Exam Prep questions and answers latest top score. (1)Surplus Lines premiums typically expand during: A) A soft Market B) A Hard Market - correct answers.A Hard Market. Surplus lines premiums typically expand during a hard market. (2) During the time of a hard market, insurers will: A) Tighten their underwriting standards B) Loosen their underwriting standards - correct answers.A) Tighten their underwriting standards. Tighten and ra...

Why can occurrence policies be difficult for insurers? - ️️open-ended nature of claim reporting makes it difficult to estimate the ultimate losses that will be made against the policy What influences led to the development of the 1st Standard General Liability Policy - ️️Policy Issues * Forms independently written by insurers * Inconsistent, complex & confusing * Ambiguous/complex legal language * Difficult for courts to interpret CGL covers damages arise out of - ️️1. Bodil...

How do you prove negligence for contractual liability? - ️️Plaintiff must prove: 1. That the contract existed 2. Contract was breached 3. Plaintiff suffered injury or damage 4. Damages were caused by breach of contract Directors and Officers Insurance - ️️-Provides coverage for directors and officers for liability that may arise fro claims/suits filed by shareholders, regulators, employees, and others. -In some instances, even the company they work for can sue the board for mism...

Some well-known lawsuits, which involved corporate malfeasance and alleged improper accounting practices, include - ️️Worldcom, Enron, and Cedant. Each of these cases resulted in tremendous costs for litigation, generating settlements of $6.2 billion, $7.2 billion, and $3.7 billion respectively Define reinsurance and describe its role in the insurance industry. - ️️Reinsurance is called insurance for insurance companies or a form of financial risk transfer. It is a mechanism insura...