WA Surplus Lines Broker Exam Correct Questions & Answers(GRADED A)

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 active affiliation with a business entity are required to file a premium tax return, even if no business was transacted? - ANSWERSTRUE Which office assigns the bonds rating? - ANSWERSSVO (Securities Valuation Office) What is Combined Ratio? - ANSWERSLoss Incurred + Loss Expense / Earned Premium What are General Interrogatories? - ANSWERSGeneral questions about the Company. Financials: what is Schedule P include? - ANSWERSIncurred & open losses What does NAIC stand for? - ANSWERSNational Association WA Surplus Lines Broker Exam Correct Questions & Answers(GRADED A)