WA life and health State Insurance Laws Accurate 100%.

Every 2 year renewal period, a Producer must complete: - ANSWER 24 hrs of continuing education The Commissioner may suspend or revoke a Producer's license for any of the following: - ANSWER Guaranteeing dividends Rebating Twisting The Commissioner may: - ANSWER approve premium rates Jasmine knows that she must complete 24 hours of continuing education every two years to renew her life license. However, if she also obtains a casualty license, her total continuing education requirement every two years will be: - ANSWER 24 hours A Producer must keep transaction records for: - ANSWER 5 years Each of the following activities requiring a Washington insurance license is considered an illegal "unlicensed activity" - ANSWER Determining the appropriate policy to cover the applicant's risk Acting as an independent adjuster Explaining policy provision Unless a whole life policy's loan interest rate is determined by Moody's Corporate Bond Yield Average as approved by the Commissioner, the maximum loan interest rate will be: - ANSWER 8% Selling insurance in Washington without an insurance Producer license is a: - ANSWER Class B felony An Insurer formed in Wyoming is referred to as? - ANSWER a foreign Insurer An unlicensed office person working in a Washington insurance office may: - ANSWER Perform normal duties NOT involving selling insurance Every 5 years, the Washington Insurance Commissioner is required to examine the financial records of: - ANSWER Insurers An applicant for a Nonresident License must have: - ANSWER A corresponding license from the other state. The Commissioner has notified a Producer of a hearing regarding a licensing violation. The Producer is concerned that the Commissioner may be biased against her. She may choose to in effect disqualify the Commissioner and demand a hearing before: - ANSWER an administrative law judge Molly decided to drop the coverage under her policy partway through the policy period. She has notified the Insurer and has returned the policy. The Insurer must send Molly a: - ANSWER short rate refund of unearned premium. Assume that a Life or Disability Insurer is unable to pay a claim due to insolvency. The beneficiary knows that the Guaranty Fund has a $500,000 maximum. If the beneficiary was named a primary beneficiary by an Insured who had three $1,000,000 policies from the insolvent Insurer, the Guaranty Fund will pay: - ANSWER $500,000 because the $5