Washington Laws And Rules Pertinent To Insurance Questions And Answers Latest Top Score.

Washington Laws And Rules Pertinent To Insurance Questions And Answers Latest Top Score. Violations of US Code Title 18 section 1033, may result in - correct 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) - correct answer. Nonresident producer Before a producer may sell, solicit, or negotiate insurance from an insurer, the producer must have a(n) - correct 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 - correct answer. Twisting An example of an unfair claims settlement practice is - correct answer. Turning down a claim without providing the basis of denial One role of the Commissioner is to - correct answer. Enforce state insurance laws Every producer licensed in Washington must notify the Commissioner within ___ days of any change of the address. - correct answer. 30 The identity of the _____ must be made clear in every health (disability) insurance advertisement. - correct answer. Insurer A life insurance policy becomes incontestable after it has been in force for - correct answer. 2 years Advertising regulations exist to - correct 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? - correct answer. The producer and the applicant What is the MINIMUM benefit period that must be offered by a Long-Term Care policy? - correct answer. 12 months No legal action can be initiated after ___ years from the initial time written proof of loss has been provided. - correct answer. 3 When replacing a life insurance policy, a producer must provide the applicant with a - correct answer. Notice Regarding Replacement A Medicare Supplement policy can be cancelled by the insurer for - correct answer. Nonpayment A company that is chartered and organized of the state in which its home office is located is called a(n) - correct answer. Domestic insurer An insurance company may only pay commissions to a(n) - correct answer. Licensed producer appointed by the insurer An example of an Unfair Claims Settlement practice is - correct 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) - correct answer. Authorized insurer Replacement can be BEST described as - correct answer. Exchanging a new policy for one already in force An insurer may exclude preexisting conditions on a Medicare Supplement policy for ___ months. - correct answer. 6 What is the purpose of the Washington Life and Disability Insurance Guaranty Association? - correct answer. Ensures that claims filed against insolvent insurance companies will be paid An example of rebating is - correct answer. A producer who shares commissions with a client The required grace period for life insurance policies sold in Washington is - correct answer. 30 days Kiara filled out a life insurance application and was given a policy illustration that showed future premiums being paid out of nonguaranteed values. This illustration MUST disclose that - correct answer. She may need to resume premium payments, depending on actual results Which of the following is required for an insurer to conduct business in this state? - correct answer. Certificate of Authority Which of the following is an example of a producer's fiduciary duty? - correct answer. Recording receipt and remittance of premiums due to the insurance company The _____ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant - correct answer. Producer Which of the following is NOT considered to be an act of "transacting insurance"? - correct answer. Gathering prospective buyer information In the event of a controversy between the insured and the company, the producer is considered to represent the - correct answer. Company Inducement is BEST defined as - correct answer. Offering to buy, sell, give, or allow a prospective insurance employment, stock or special favors in exchange for an insurance contract Which of these is NOT an Unfair Claims Settlement practice? - correct answer. Settling a claim by arbitration The Life and Disability Guaranty Association provides funds to carry out its powers and duties by assessing - correct answer. Member insurers Which of these is not a characteristic of a Fraternal Benefit Society - correct answer. Exists for profit What provision states that the policy and application shall constitute the entire contract between parties? - correct answer. Entire contract Which of the following unfair trade practices involves a producer who makes public, malicious statements about an insurer's financial condition? - correct answer. Defamation A foreign insurance company doing business in Washington - correct answer. Is a company that was formed under the laws of another state An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? - correct answer. Inflation protection