Washington Property & Casualty Insurance Exam
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Correct| Newest 2025
FINRA (Financial Industry Regulatory Authority) - ✔✔solicits licences for variable life
and variable annuity
Temporary Insurance Producers Licence - ✔✔Commissioner may issue temp. license
for a max of 180 days. usually in event of producers recovery, sale of a business, training
and licencing of new personal to operate a business.
Non-Resident Producer - ✔✔a producer who lives (domicile) and conducts business
from another state other than Washington. Will receive a non resident producers
license.
When is a insurance license exempt? - ✔✔When they work at a company or themself
but do not conduct the solicitation, sale, negotiation of insurance.
Appointing a insurance producer - ✔✔- notice of appointment within 15 days
- Commissioner will verify within 15 days
- if deemed ineligible commissioner will notify within 10 days
If approved it must e renewed every 2 years, and will receive notice within 60 days of
the renewal date.
Business Entity Affiliates - ✔✔A business must have AT LEAST 1 affiliated individual
licence to transact insurance
,If business Entity Affiliate is terminated - ✔✔The commissioner must receive notice
within 30 days of termination.
Renewal - ✔✔The initial licenses are valid from the date that they are issued until the
last day of the licensee's birth month.
Renewal Fees for Licences - ✔✔(Every 2 years)
Producer- $55
Limited insurance- $20
Surplus lines broker- $20
Ajuster- $50
Late Fees:
30 days: 50% of renewal
31-60 days: 100%
61-12 months 200% (12+ months must restart licensing process)
Continuing Education (CE) - ✔✔Every 2 years. 24 hours total, 3 hours in ethics.
must hold on to certificate for 3 years
Change of Address - ✔✔Must contact commissioner within 30 days. this includes a
change of residence, mailing, business, or email
Reporting of Actions - ✔✔You must report to the commissioner within 30 days of any
administrative action taken on them by another jurisdiction or governmental agency
,Convicted of a felony - ✔✔Commissioner may revoke or refuse insurers licenses
immediately. Within 15 days may revoke a ordered licence or by ordering a hearing
within 10 days.
Suspended license period - ✔✔up to 12 months
Guilty of violations - ✔✔each fine of up to $1,000, must be paid within 15-30 days
Place of Business Requirements - ✔✔Must be accessible to the public. Does not apply
to life and disability insurance.
Record Retention - ✔✔Requires insurer to maintain records for 5 years.
(DRPL) Designated Responsible Licensed Person - ✔✔Responsible for insurers
compliance with insurance laws/ rules
Misrepresentation - ✔✔Materials that are false, misleading, or deceptive of policy
benefits, terms, payment of dividends. Also includes oral statements.
Knowingly committing this is considered a gross misdemeanor, and licences can be
revoked
False Advertising - ✔✔Advertising that is misleading, deceptive, and untrue.
Ex: newspaper add with untrue statements about terms and benefits of a policy.
, Rebating - ✔✔the practice of giving an individual a premium reduction or some other
financial advantage not stated in the policy as an inducement to purchase the policy.
It May not exceed $100 per person in a 12 month period.
Inducement - ✔✔illegal action. referring to rebating to have someone purchase a
policy for a reward.
Twisting - ✔✔Misrepresentation for the purpose of inducing a person to purchase,
lapse, forfeit, surrender or change an insurance policy. Twisting is an unfair trade
practice.
Deformation - ✔✔An oral or written statement of insurance policies that persuades a
person to engage in insurance. including financial conditions of people or another
company.
Excess Charge - ✔✔allowing insurers to charge a reduction fee, overall charges must
be reasonable to the value of work.
Claimant - ✔✔either the first party, third party or both. can include immediate family
members designated by client
First Party Claimant - ✔✔The insured is the first party claimant.
Ex: Making a claim to your own insurance company
Third Party Claimant - ✔✔the opposite party of the first party claimant.
Questions and Complete Answers| Verified 100%
Correct| Newest 2025
FINRA (Financial Industry Regulatory Authority) - ✔✔solicits licences for variable life
and variable annuity
Temporary Insurance Producers Licence - ✔✔Commissioner may issue temp. license
for a max of 180 days. usually in event of producers recovery, sale of a business, training
and licencing of new personal to operate a business.
Non-Resident Producer - ✔✔a producer who lives (domicile) and conducts business
from another state other than Washington. Will receive a non resident producers
license.
When is a insurance license exempt? - ✔✔When they work at a company or themself
but do not conduct the solicitation, sale, negotiation of insurance.
Appointing a insurance producer - ✔✔- notice of appointment within 15 days
- Commissioner will verify within 15 days
- if deemed ineligible commissioner will notify within 10 days
If approved it must e renewed every 2 years, and will receive notice within 60 days of
the renewal date.
Business Entity Affiliates - ✔✔A business must have AT LEAST 1 affiliated individual
licence to transact insurance
,If business Entity Affiliate is terminated - ✔✔The commissioner must receive notice
within 30 days of termination.
Renewal - ✔✔The initial licenses are valid from the date that they are issued until the
last day of the licensee's birth month.
Renewal Fees for Licences - ✔✔(Every 2 years)
Producer- $55
Limited insurance- $20
Surplus lines broker- $20
Ajuster- $50
Late Fees:
30 days: 50% of renewal
31-60 days: 100%
61-12 months 200% (12+ months must restart licensing process)
Continuing Education (CE) - ✔✔Every 2 years. 24 hours total, 3 hours in ethics.
must hold on to certificate for 3 years
Change of Address - ✔✔Must contact commissioner within 30 days. this includes a
change of residence, mailing, business, or email
Reporting of Actions - ✔✔You must report to the commissioner within 30 days of any
administrative action taken on them by another jurisdiction or governmental agency
,Convicted of a felony - ✔✔Commissioner may revoke or refuse insurers licenses
immediately. Within 15 days may revoke a ordered licence or by ordering a hearing
within 10 days.
Suspended license period - ✔✔up to 12 months
Guilty of violations - ✔✔each fine of up to $1,000, must be paid within 15-30 days
Place of Business Requirements - ✔✔Must be accessible to the public. Does not apply
to life and disability insurance.
Record Retention - ✔✔Requires insurer to maintain records for 5 years.
(DRPL) Designated Responsible Licensed Person - ✔✔Responsible for insurers
compliance with insurance laws/ rules
Misrepresentation - ✔✔Materials that are false, misleading, or deceptive of policy
benefits, terms, payment of dividends. Also includes oral statements.
Knowingly committing this is considered a gross misdemeanor, and licences can be
revoked
False Advertising - ✔✔Advertising that is misleading, deceptive, and untrue.
Ex: newspaper add with untrue statements about terms and benefits of a policy.
, Rebating - ✔✔the practice of giving an individual a premium reduction or some other
financial advantage not stated in the policy as an inducement to purchase the policy.
It May not exceed $100 per person in a 12 month period.
Inducement - ✔✔illegal action. referring to rebating to have someone purchase a
policy for a reward.
Twisting - ✔✔Misrepresentation for the purpose of inducing a person to purchase,
lapse, forfeit, surrender or change an insurance policy. Twisting is an unfair trade
practice.
Deformation - ✔✔An oral or written statement of insurance policies that persuades a
person to engage in insurance. including financial conditions of people or another
company.
Excess Charge - ✔✔allowing insurers to charge a reduction fee, overall charges must
be reasonable to the value of work.
Claimant - ✔✔either the first party, third party or both. can include immediate family
members designated by client
First Party Claimant - ✔✔The insured is the first party claimant.
Ex: Making a claim to your own insurance company
Third Party Claimant - ✔✔the opposite party of the first party claimant.
