WA SURPLUS LINES BROKER EXAM PRACTICE
EXAM 2025 NEW!!! QUESTIONS AND 100%
CORRECT VERIFIED ANSWERS //GRADED A+
What does IBNR stand for? - CORRECT ANSWERS-Incurred but not reported
True or false, individuals 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? - CORRECT ANSWERS-TRUE
When are you required to file premium tax return for the previous calendar year by? -
CORRECT ANSWERS-March 1st
What does statutory accounting mean? - CORRECT ANSWERS-Rules state that
certain assets are non-admitted (don't count) as you can't pay claims with them.
Bonds rated ___________ and higher are considered investment grade. - CORRECT
ANSWERS-1 & 2
,Which office assigns the bonds rating? - CORRECT ANSWERS-SVO (Securities
Valuation Office)
What is Combined Ratio? - CORRECT ANSWERS-Loss Incurred + Loss Expense /
Earned Premium
What are General Interrogatories? - CORRECT ANSWERS-General questions about
the Company.
Financials: what is Schedule P include? - CORRECT ANSWERS-Incurred & open
losses
What does NAIC stand for? - CORRECT ANSWERS-National Association of Insurance
Commissioners
What countries are included on AM Best report? - CORRECT ANSWERS-US and
Canada
Where can you find a list of alien companies and Lloyd syndicates with city/country of
domicile? - CORRECT ANSWERS-International Insurers Department Plan of
Operation.
What does IRIS stand for? - CORRECT ANSWERS-Insurance Regulatory Information
System ( Exceptional value is BAD or unusual)
When was the WA State regulatory stamp changed?
A. January 30, 1975
B. January 1, 2012
, C. March 31, 2000
D. March 1, 2011 - CORRECT ANSWERS-B, January 1, 2012
Where/when should the registry stamp be placed on documents to be delivered to the
insured? - CORRECT ANSWERS-Every contract, including binder, on the face of the
policy. SLB required to initial next to statement.
WA Surplus Lines Stamp should read: - CORRECT ANSWERS-"This contract is
registered and delivered as a surplus line coverage under the insurance code of the
state of Washington, Title 48 RCW. It is not protected by any Washington state guaranty
association law."
How long must a surplus line broker keep financial records of a foreign unauthorized
insurer? - CORRECT ANSWERS-5 years
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 - CORRECT ANSWERS-
Max amount of time license can be suspended due to conviction of felony? - CORRECT
ANSWERS-Not to exceed 12 months
When would WA State Insurance Commissioner waive the examination? - CORRECT
ANSWERS-If nonresident person holds an equivalent surplus lines license in another
state.
EXAM 2025 NEW!!! QUESTIONS AND 100%
CORRECT VERIFIED ANSWERS //GRADED A+
What does IBNR stand for? - CORRECT ANSWERS-Incurred but not reported
True or false, individuals 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? - CORRECT ANSWERS-TRUE
When are you required to file premium tax return for the previous calendar year by? -
CORRECT ANSWERS-March 1st
What does statutory accounting mean? - CORRECT ANSWERS-Rules state that
certain assets are non-admitted (don't count) as you can't pay claims with them.
Bonds rated ___________ and higher are considered investment grade. - CORRECT
ANSWERS-1 & 2
,Which office assigns the bonds rating? - CORRECT ANSWERS-SVO (Securities
Valuation Office)
What is Combined Ratio? - CORRECT ANSWERS-Loss Incurred + Loss Expense /
Earned Premium
What are General Interrogatories? - CORRECT ANSWERS-General questions about
the Company.
Financials: what is Schedule P include? - CORRECT ANSWERS-Incurred & open
losses
What does NAIC stand for? - CORRECT ANSWERS-National Association of Insurance
Commissioners
What countries are included on AM Best report? - CORRECT ANSWERS-US and
Canada
Where can you find a list of alien companies and Lloyd syndicates with city/country of
domicile? - CORRECT ANSWERS-International Insurers Department Plan of
Operation.
What does IRIS stand for? - CORRECT ANSWERS-Insurance Regulatory Information
System ( Exceptional value is BAD or unusual)
When was the WA State regulatory stamp changed?
A. January 30, 1975
B. January 1, 2012
, C. March 31, 2000
D. March 1, 2011 - CORRECT ANSWERS-B, January 1, 2012
Where/when should the registry stamp be placed on documents to be delivered to the
insured? - CORRECT ANSWERS-Every contract, including binder, on the face of the
policy. SLB required to initial next to statement.
WA Surplus Lines Stamp should read: - CORRECT ANSWERS-"This contract is
registered and delivered as a surplus line coverage under the insurance code of the
state of Washington, Title 48 RCW. It is not protected by any Washington state guaranty
association law."
How long must a surplus line broker keep financial records of a foreign unauthorized
insurer? - CORRECT ANSWERS-5 years
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 - CORRECT ANSWERS-
Max amount of time license can be suspended due to conviction of felony? - CORRECT
ANSWERS-Not to exceed 12 months
When would WA State Insurance Commissioner waive the examination? - CORRECT
ANSWERS-If nonresident person holds an equivalent surplus lines license in another
state.
