Washington State Insurance Regulations (Property & Casualty)Correct 100%(GRADED A+)

$300,000 - ANSWER What is the maximum amount that the Property and Casualty Insurance Guaranty Association will pay for covered claims? Without receiving written consent from an insurance regulatory authority. - ANSWER Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce: National Association of Insurance Commissioners - ANSWER At least once every 5 years, the Commissioner must fully examine each of the following organizations or persons EXCEPT 90 Days - ANSWER How long does any person receiving written notification of the Commissioner's order have to respond and request a hearing? Certificate of Authority - ANSWER Which of the following is issued by the state department of insurance to show that the insurer has power to write insurance contracts in that state? The insolvent insurance company - ANSWER If an insurance company makes a payment to the insured because the at-fault motorist's insurance company is insolvent, the insured's insurance company must have the subrogation rights against ___________________. Must be informed of the source of the report. - ANSWER Under the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report Disputes regarding consumer report information - ANSWER According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer EXCEPT Stacking - ANSWER The application of 2 or more coverages to the same loss in order to increase the amount of coverage available is called Misrepresentation - ANSWER A producer is selling a client a Variable Life Insurance policy and as an inducement shows the client a projection based upon shares or dividends paid on a similar policy. This is _______________. 5 years after the transaction has been completed. - ANSWER Required records of insurance transactions of an agent, broker, or adjuster, must be kept for a period of 15 business days - ANSWER Every licensed person in this state must reply to an inquiry by the Commissioner regarding the business of insurance within what time period? 72 Hours - ANSWER In order for property damage caused by a phantom vehicle to be covered under Underinsured Motorist property damage, the accident must be reported to the appropriate law enforcement agency within Within 30 days of the license effective date. - ANSWER If a licensee whose license had been temporarily suspended demands a hearing, the Commissioner must hold the hearing EXCEPT T