Washington Laws Chapter 12 Questions and Answers Graded A+

Washington Laws Chapter 12 Questions and Answers Graded A+ A producer's fiduciary responsibility includes which of the following activities? - Recording the receipt and distribution of premiums due to an insurer - Properly remunerating persons who furnish leads on prospects - Providing needed insurance to prospective insureds through any sources that are available - Guaranteeing payment to insureds for losses covered by policies that the producer sold Recording the receipt and distribution of premiums due to an insurer Group life insurance policies must include a provision entitling policyholders to grace period of - 10 days - 31 days - 90 days - 1 year 31 days Replacing an insurance policy from one insurer to another based on misrepresentation is called - Unfair discrimination - Misrepresentation - Twisting - Rebating Twisting Barry offers Chris his mountain cabin for the weekend to secure his order for his insurance business. This is an example of - Bartering - Rebating - Reduction - Twisting Rebating A producer found to have engaged in an unfair method of competition may be - Charged 30% of the claim as punitive damages - Barred from seeking an appeal - Imprisoned for a max of 90 days - Subject to license suspension or revocation Subject to license suspension or revocation A temporary license is valid for a maximum of __ days. - 30 - 60 - 90 - 180 180 Lapsed individual life insurance may be reinstated at any time within - 2 years - 3 years - 4 years - 5 years 3 years The renewal period for a producer's license is a - One-year term - Two-year term - Three-year term - Four-year term Two-year term XYZ Life Insurance company's home office located in Ohio and is incorporated in Ohio. In Washington, they are considered to be - Assessment Mutual Company - Non-Admitted - Foreign - Domestic Foreign Replacing an existing life insurance policy with a new one may result in - Capital gains taxation - Small business taxation - An illegal transaction - A surrender charge A surrender charge The PRIMARY purpose of the Fair Credit Reporting Act is to - Forewarn an insurer about an applicant's recent bankruptcy - Protect consumers from insurers who have filed