Washington Laws and Rules Pertinent to Insurance Accurate 100%.

Violations of US Code Title 18 section 1033, may result in - ANSWER Fine and/or imprisonment Charles is a producer who is licensed in Washington but resides in Oregon. Charles is considered to be a(n) - ANSWER Nonresident producer Before a producer may sell, solicit, or negotiate insurance from an insurer, the producer must have a(n) - ANSWER Appointment The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred to as - ANSWER Twisting An example of an unfair claims settlement practice is - ANSWER Turning down a claim without providing the basis of denial One role of the Commissioner is to - ANSWER Enforce state insurance laws Every producer licensed in Washington must notify the Commissioner within ___ days of any change of the address. - ANSWER 30 The identity of the _____ must be made clear in every health (disability) insurance advertisement. - ANSWER Insurer A life insurance policy becomes incontestable after it has been in force for - ANSWER 2 years Advertising regulations exist to - ANSWER Assure full and truthful disclosures to the public When a Medicare Supplement insurance policy is being replaced, who must sign the notice of replacement? - ANSWER The producer and the applicant What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? - ANSWER 12 months No legal action can be initiated after ___ years from the initial time written proof of loss has been provided. - ANSWER 3 When replacing a life insurance policy, a producer must provide the applicant with a - ANSWER Notice Regarding Replacement A Medicare Supplement policy can be cancelled by the insurer for - ANSWER Nonpayment A company that is chartered and organized of the state in which its home office is located is called a(n) - ANSWER Domestic insurer An insurance company may only pay commissions to a(n) - ANSWER Licensed producer appointed by the insurer An example of an Unfair Claims Settlement practice is - ANSWER Failing to promptly provide reasonable explanations for the denial of claims An insurance company that has qualified and received a Certificate of Authority from the Insurance Department to sell insurance in this state is called a(n) - ANSWER Authorized insurer Replacement can be BEST described as - ANSWER Exchanging a new policy for one already in force An insurer may exclude preexisting conditions on a Medicare Supplement policy for ___ m