Washington State Laws & Rules (Slater)100% Accurate.

The Insurance Commissioner - ANSWER The enforcer of the Revised Code of Washington (RCW) Revised Code of Washington (RCW) - ANSWER State laws passed by state legislator that govern insurance activities in the state When is the commissioner elected - ANSWER Every 4 years by the voters of the state Who is the current WA state commissioner? - ANSWER Mike Kreidler What are the 7 general powers /duties of the Commissioner? - ANSWER 1. Administer and enforce the provisions of the Insurance Code 2. Make reasonable rules and regulations for effectuating any provisions of the Insurance code. 3. Conduct investigations to determine if provisions of the insurance code have been violated. 4. Take action against an insurance company or health care service contractor by revocation or suspension of it's Certificate of Authority. 5. Revoke or suspend any insurance license 6. Delegate authority 7. Before entering upon their duties they must execute a bond to the state in the sum of $25,000 to be approved by state treasurer. Insurance - ANSWER A contract whereby one undertakes to indemnify another or pay a specified amount upon determinable contingencies. Risk - ANSWER the uncertainty of a loss, specifically financial loss. Insurer - ANSWER Issuer, Insurance Company, Carrier, Principle Insurance Policy - ANSWER A contract, legal document which established the terms of the agreement between the insurer and the insured. Insurance Producer - ANSWER A person required to be licensed to sell, solicit, or negotiate insurance. Person - ANSWER Any individual, company, insurer, association organization what 5 things are included in an insurance transaction? - ANSWER 1. Solicitation 2. Negotiation 3. Execution 4. Transaction after the sale 5. Any at of insuring Certificate of Authority - ANSWER Issued by the Commissioner and authorizes a company to sell insurance insurance in our state. A Certificate of Authority must specify what? (three things) - ANSWER 1. Name of the insurer 2. The location of it's principal office 3. The kind(s) of insurance it is authorized to transact in this state What is a Binder? - ANSWER Issued by Property and casualty Agent and gives temporary guaranteed coverage prior to the delivery of a policy . What is a Broker? - ANSWER A producer who represents the insured and finds the best (authorized) company and insurance for the insured in the State of Washington Temporary License - ANSWER Granted by the Commissioner on an emergency basis for up to a maximum of 180 says without passing an exam