WA SURPLUS LINES BROKER REVIEW UPDATED
QUESTIONS AND ANSWERS SURE A+
✔✔Property- _________ is a type of home insurance that covers a person or property
that has specialist requirements.
- ex. property construction
There is a growing number of specialist risks that general insurance companies call
_______________ - ✔✔nonstandard (substandard lines or capacity problems)
✔✔established by law in some state to provide a fixed location- similar to Lloyds -
✔✔insurance exchange
Lloyd's is an exchange
✔✔is only after product is out of control of insured
- triggered when BI occurred vs product was made - ✔✔products liability
✔✔Products liability does not cover the cost of a recall or resulting in - ✔✔lost income
✔✔Does products liability include warranties? (and warnings, not vending machines
selling product - ✔✔yes- includes warranties and warnings
, ✔✔pro rata liability - ✔✔each insurer's share of the loss is based on the proportion that
its insurance bears to the total amount of insurance on the property
- multi carriers
✔✔Inland Marine Insurance - ✔✔Insurance that covers many different classes of
property that typically involve an element of transportation.
- valuable papers and records
- floaters*
✔✔Underinsured Motorist coverage - ✔✔
✔✔Garagekeepers insurance - ✔✔
✔✔Professional Liability - ✔✔
✔✔Errors and Omissions - ✔✔
✔✔Products and Completed Operations - ✔✔provides coverage for work after a project
is completed
✔✔Provides coverage for damage to building during construction - ✔✔Builders Risk
✔✔Powers and duties of the Insurance Commissioner- must be deemed competent and
trustworthy by IC. Licenses are issued on a ______ basis and shall expire on the last
day of birth month- Sept 30. - ✔✔biennial
(every other year)
✔✔Required bonds- must file a bond with IC _____________ - ✔✔50,000
✔✔If surplus lines license lapsed, one must - ✔✔take exam
✔✔Can't be licensed for within ___ years after suspension nor until penalties or taxes
have been paid
how many years for revoked? - ✔✔2 for suspension
5 for revoked
✔✔Unfair trade practices penalty for surplus lines carrier - ✔✔15 million
✔✔Unfair trade practices minimum penalty - ✔✔4.5 million
QUESTIONS AND ANSWERS SURE A+
✔✔Property- _________ is a type of home insurance that covers a person or property
that has specialist requirements.
- ex. property construction
There is a growing number of specialist risks that general insurance companies call
_______________ - ✔✔nonstandard (substandard lines or capacity problems)
✔✔established by law in some state to provide a fixed location- similar to Lloyds -
✔✔insurance exchange
Lloyd's is an exchange
✔✔is only after product is out of control of insured
- triggered when BI occurred vs product was made - ✔✔products liability
✔✔Products liability does not cover the cost of a recall or resulting in - ✔✔lost income
✔✔Does products liability include warranties? (and warnings, not vending machines
selling product - ✔✔yes- includes warranties and warnings
, ✔✔pro rata liability - ✔✔each insurer's share of the loss is based on the proportion that
its insurance bears to the total amount of insurance on the property
- multi carriers
✔✔Inland Marine Insurance - ✔✔Insurance that covers many different classes of
property that typically involve an element of transportation.
- valuable papers and records
- floaters*
✔✔Underinsured Motorist coverage - ✔✔
✔✔Garagekeepers insurance - ✔✔
✔✔Professional Liability - ✔✔
✔✔Errors and Omissions - ✔✔
✔✔Products and Completed Operations - ✔✔provides coverage for work after a project
is completed
✔✔Provides coverage for damage to building during construction - ✔✔Builders Risk
✔✔Powers and duties of the Insurance Commissioner- must be deemed competent and
trustworthy by IC. Licenses are issued on a ______ basis and shall expire on the last
day of birth month- Sept 30. - ✔✔biennial
(every other year)
✔✔Required bonds- must file a bond with IC _____________ - ✔✔50,000
✔✔If surplus lines license lapsed, one must - ✔✔take exam
✔✔Can't be licensed for within ___ years after suspension nor until penalties or taxes
have been paid
how many years for revoked? - ✔✔2 for suspension
5 for revoked
✔✔Unfair trade practices penalty for surplus lines carrier - ✔✔15 million
✔✔Unfair trade practices minimum penalty - ✔✔4.5 million
