WA State General Laws exam Questions Solved
with Answers Verified 100% Correct |
Alex sold an insurance policy before his license lapsed and earned a commission on the sale. Is
he entitled to a commission if the policy is renewed? - ✔✔yes, because he was licensed
when the policy is sold.
Mary, an insurance producer, receives a premium payment from a client. Which of the
following statements is not correct? - ✔✔She must keep a separate account for every
appointing insurer.
Transacting Insurance - ✔✔The term insurance transaction includes any of the following
activities involving the business of insurance - solicitation or inducement, negotiations,
effectuation of a contract of insurance, advising an individual concerning coverage or claims,
collecting premiums, indirectly acting as an insurance producer.
Insurance is - ✔✔a contract in which one party (the insurer) agrees, for a consideration
(premiums), to pay the other (the insured) a specified amount upon determinable
contingencies.
Insurer - ✔✔An insurer is anyone in the business of making insurance contracts other than a
fraternal benefit society.
Premium - ✔✔A premium is a consideration or payment for insurance coverage. Premiums
are sometimes called assessments, policy fees, or service fees.
Policy - ✔✔A policy is a written contract for insurance, including all clauses, riders,
endorsements, and attached papers.
Insurance producer - ✔✔An individual who in any manner sells, solicits or negotiates
insurance on behalf of insurance companies for compensation.
, In Washington, an individual producer is considered to - ✔✔represent the insurance
company.
The Commissioner of Insurance is - ✔✔the chief officer of the Washington Insurance
Department. This is an elected position serving a term of 4 years.
The Commissioner may conduct a financial examination of any insurance company - ✔✔as
often as deemed appropriate and at the very at least once every 5 years.
During an examination, the Commissioner can - ✔✔Subpoena witnesses, Administer oaths,
Require the production of books and documents relating to the subject of the examination.
The Commissioner may hold a hearing whenever deemed necessary producers must reply in
writing within - ✔✔15 days
The Commissioner can impose a fine of up to - ✔✔$1,000 for each violation upon any person
who violates the Washington insurance code.
The Commissioner can issue - ✔✔a cease and desist order to anyone violating the
Washington insurance code.
All insurance policy forms, applications, riders, or endorsements must be filed with and
approved by - ✔✔the Commissioner before they can be used.
Fraternal benefit societies - ✔✔membership organization that is legally required to offer life,
health, and related insurance products to its members, be not-for-profit, and carry out
charitable and other programs for the benefit of its members and the public.
with Answers Verified 100% Correct |
Alex sold an insurance policy before his license lapsed and earned a commission on the sale. Is
he entitled to a commission if the policy is renewed? - ✔✔yes, because he was licensed
when the policy is sold.
Mary, an insurance producer, receives a premium payment from a client. Which of the
following statements is not correct? - ✔✔She must keep a separate account for every
appointing insurer.
Transacting Insurance - ✔✔The term insurance transaction includes any of the following
activities involving the business of insurance - solicitation or inducement, negotiations,
effectuation of a contract of insurance, advising an individual concerning coverage or claims,
collecting premiums, indirectly acting as an insurance producer.
Insurance is - ✔✔a contract in which one party (the insurer) agrees, for a consideration
(premiums), to pay the other (the insured) a specified amount upon determinable
contingencies.
Insurer - ✔✔An insurer is anyone in the business of making insurance contracts other than a
fraternal benefit society.
Premium - ✔✔A premium is a consideration or payment for insurance coverage. Premiums
are sometimes called assessments, policy fees, or service fees.
Policy - ✔✔A policy is a written contract for insurance, including all clauses, riders,
endorsements, and attached papers.
Insurance producer - ✔✔An individual who in any manner sells, solicits or negotiates
insurance on behalf of insurance companies for compensation.
, In Washington, an individual producer is considered to - ✔✔represent the insurance
company.
The Commissioner of Insurance is - ✔✔the chief officer of the Washington Insurance
Department. This is an elected position serving a term of 4 years.
The Commissioner may conduct a financial examination of any insurance company - ✔✔as
often as deemed appropriate and at the very at least once every 5 years.
During an examination, the Commissioner can - ✔✔Subpoena witnesses, Administer oaths,
Require the production of books and documents relating to the subject of the examination.
The Commissioner may hold a hearing whenever deemed necessary producers must reply in
writing within - ✔✔15 days
The Commissioner can impose a fine of up to - ✔✔$1,000 for each violation upon any person
who violates the Washington insurance code.
The Commissioner can issue - ✔✔a cease and desist order to anyone violating the
Washington insurance code.
All insurance policy forms, applications, riders, or endorsements must be filed with and
approved by - ✔✔the Commissioner before they can be used.
Fraternal benefit societies - ✔✔membership organization that is legally required to offer life,
health, and related insurance products to its members, be not-for-profit, and carry out
charitable and other programs for the benefit of its members and the public.
