3/12/25, 11:35 AM WA Surplus Lines Broker Exam (2025) comprehensive questions and verified answers ( detailed & elaborated) ACTUAL EXA…
WA Surplus Lines Broker Exam (2025)
comprehensive questions and verified answers (
detailed & elaborated) ACTUAL EXAM 2025
TEST!!
Save
Terms in this set (179)
When are you required to March 1st
file premium tax return
for the previous calendar
year by?
What does statutory Rules state that certain assets are non-admitted
accounting mean? (don't count) as you can't pay claims with them.
Bonds rated ___________ and 1&2
higher are considered
investment grade.
What does IBNR stand Incurred but not reported
for?
True or false, individuals TRUE
whose Surplus Line
Brokers license was
active and did not have
an active affiliation with a
business entity are
required to file a
premium tax return, even
if no business was
transacted?
https://quizlet.com/1017239405/wa-surplus-lines-broker-exam-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 1/32
,3/12/25, 11:35 AM WA Surplus Lines Broker Exam (2025) comprehensive questions and verified answers ( detailed & elaborated) ACTUAL EXA…
Which office assigns the SVO (Securities Valuation Office)
bonds rating?
What is Combined Ratio? Loss Incurred + Loss Expense / Earned Premium
What are General General questions about the Company.
Interrogatories?
Financials: what is Incurred & open losses
Schedule P include?
What does NAIC stand National Association of Insurance Commissioners
for?
What countries are US and Canada
included on AM Best
report?
Where can you find a list International Insurers Department Plan of
of alien companies and Operation.
Lloyd syndicates with
city/country of domicile?
What does IRIS stand Insurance Regulatory Information System (
for? Exceptional value is BAD or unusual)
When was the WA State B, January 1, 2012
regulatory stamp
changed?
A. January 30, 1975
B. January 1, 2012
C. March 31, 2000
D. March 1, 2011
Where/when should the Every contract, including binder, on the face of the
registry stamp be placed policy. SLB required to initial next to statement.
on documents to be
delivered to the insured?
"This contract is registered and delivered as a
surplus line coverage under the insurance code of
WA Surplus Lines Stamp
the state of Washington, Title 48 RCW. It is not
should read:
protected by any Washington state guaranty
association law."
https://quizlet.com/1017239405/wa-surplus-lines-broker-exam-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 2/32
,3/12/25, 11:35 AM WA Surplus Lines Broker Exam (2025) comprehensive questions and verified answers ( detailed & elaborated) ACTUAL EXA…
How long must a surplus 5 years
line broker keep financial
records of a foreign
unauthorized insurer?
RE: 48.18.180 'Stated
Premium' which
statements are TRUE:
A. Premium shall be
inclusive of all fees,
charges, premium.
B. Each violation of this
statute is a gross
misdemeanor
C. If premium on policy
differs from binder by
less than $10, insurer not
required to notify insured.
D. All of the above
Max amount of time Not to exceed 12 months
license can be
suspended due to
conviction of felony?
When would WA State If nonresident person holds an equivalent surplus
Insurance Commissioner lines license in another state.
waive the examination?
https://quizlet.com/1017239405/wa-surplus-lines-broker-exam-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 3/32
, 3/12/25, 11:35 AM WA Surplus Lines Broker Exam (2025) comprehensive questions and verified answers ( detailed & elaborated) ACTUAL EXA…
Which of the following
statements are true
regarding WAC 284-15
'Solvent Insurer'?
A. Brokers responsibility
to substantiate financial
condition of foreign
unauthorized insurer
B. Evidence of financial
condition must be
retained for 5 years
C. Any unauthorized
insurer listed on quarterly
listing of alien insurers
(NAIC) is deemed
adequately documented
D. All of the above
As specified in RCW C - Commissioner
48.15.150, each policy
issued to an
unauthorized insurer as a
surplus line contract must
designate _______ as the
person upon whom
service of process may
be made.
A. CFO
B. SLB
C. Commissioner
D. Attorney
https://quizlet.com/1017239405/wa-surplus-lines-broker-exam-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 4/32
WA Surplus Lines Broker Exam (2025)
comprehensive questions and verified answers (
detailed & elaborated) ACTUAL EXAM 2025
TEST!!
Save
Terms in this set (179)
When are you required to March 1st
file premium tax return
for the previous calendar
year by?
What does statutory Rules state that certain assets are non-admitted
accounting mean? (don't count) as you can't pay claims with them.
Bonds rated ___________ and 1&2
higher are considered
investment grade.
What does IBNR stand Incurred but not reported
for?
True or false, individuals TRUE
whose Surplus Line
Brokers license was
active and did not have
an active affiliation with a
business entity are
required to file a
premium tax return, even
if no business was
transacted?
https://quizlet.com/1017239405/wa-surplus-lines-broker-exam-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 1/32
,3/12/25, 11:35 AM WA Surplus Lines Broker Exam (2025) comprehensive questions and verified answers ( detailed & elaborated) ACTUAL EXA…
Which office assigns the SVO (Securities Valuation Office)
bonds rating?
What is Combined Ratio? Loss Incurred + Loss Expense / Earned Premium
What are General General questions about the Company.
Interrogatories?
Financials: what is Incurred & open losses
Schedule P include?
What does NAIC stand National Association of Insurance Commissioners
for?
What countries are US and Canada
included on AM Best
report?
Where can you find a list International Insurers Department Plan of
of alien companies and Operation.
Lloyd syndicates with
city/country of domicile?
What does IRIS stand Insurance Regulatory Information System (
for? Exceptional value is BAD or unusual)
When was the WA State B, January 1, 2012
regulatory stamp
changed?
A. January 30, 1975
B. January 1, 2012
C. March 31, 2000
D. March 1, 2011
Where/when should the Every contract, including binder, on the face of the
registry stamp be placed policy. SLB required to initial next to statement.
on documents to be
delivered to the insured?
"This contract is registered and delivered as a
surplus line coverage under the insurance code of
WA Surplus Lines Stamp
the state of Washington, Title 48 RCW. It is not
should read:
protected by any Washington state guaranty
association law."
https://quizlet.com/1017239405/wa-surplus-lines-broker-exam-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 2/32
,3/12/25, 11:35 AM WA Surplus Lines Broker Exam (2025) comprehensive questions and verified answers ( detailed & elaborated) ACTUAL EXA…
How long must a surplus 5 years
line broker keep financial
records of a foreign
unauthorized insurer?
RE: 48.18.180 'Stated
Premium' which
statements are TRUE:
A. Premium shall be
inclusive of all fees,
charges, premium.
B. Each violation of this
statute is a gross
misdemeanor
C. If premium on policy
differs from binder by
less than $10, insurer not
required to notify insured.
D. All of the above
Max amount of time Not to exceed 12 months
license can be
suspended due to
conviction of felony?
When would WA State If nonresident person holds an equivalent surplus
Insurance Commissioner lines license in another state.
waive the examination?
https://quizlet.com/1017239405/wa-surplus-lines-broker-exam-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 3/32
, 3/12/25, 11:35 AM WA Surplus Lines Broker Exam (2025) comprehensive questions and verified answers ( detailed & elaborated) ACTUAL EXA…
Which of the following
statements are true
regarding WAC 284-15
'Solvent Insurer'?
A. Brokers responsibility
to substantiate financial
condition of foreign
unauthorized insurer
B. Evidence of financial
condition must be
retained for 5 years
C. Any unauthorized
insurer listed on quarterly
listing of alien insurers
(NAIC) is deemed
adequately documented
D. All of the above
As specified in RCW C - Commissioner
48.15.150, each policy
issued to an
unauthorized insurer as a
surplus line contract must
designate _______ as the
person upon whom
service of process may
be made.
A. CFO
B. SLB
C. Commissioner
D. Attorney
https://quizlet.com/1017239405/wa-surplus-lines-broker-exam-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 4/32
