- Study guides, Class notes & Summaries

If a building under a BPP has been vacant over 60 days, the BPP will cover? - ANSWER Fire, Wind, Explosion, and Volcano are all covered after 60 days of vacancy A CGL provides liability coverage for: - ANSWER A person whose reputation is harmed by the insured's innocent dissemination of information. Law of Large Numbers - ANSWER A principle stating that the larger the number of similar exposure units considered, the more closely the losses reported will equal the underlying probability of...

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6 pages

Written in 2023/2024

Grade A+

papersmaster01

What is the Insurance Commissioner's primary duty? - ANSWER Administer and enforce the Insurance Code. T / F: The Insurance Commissioner prosecutes code violations. - ANSWER False: The IC may issue orders or bring court actions, but state attorneys prosecute. T / F: The Insurance Commissioner makes and interprets the Insurance Code. - ANSWER False: State legislature governs these laws. How often are Certificates of Authority examined? - ANSWER 5 years When must an insurer file a pol...

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2 pages

Written in 2023/2024

Grade A+

papersmaster01

30 days - ANSWER Most insurance rates must be filed with the commisioner how many days prior to use? Larceny by Embezzlement - ANSWER To misuse a clients money is... Certificate of Authority - ANSWER An insurer must hold a ________ in the state of Washington in order to do business in this state. Vicarious Liability - ANSWER Liability for the action of others is... 30 days - ANSWER When an insurer revokes a producer's appointment, they must notify the commisioner with how many days?...

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3 pages

Written in 2023/2024

Grade A+

papersmaster01

$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 Commissi...

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3 pages

Written in 2023/2024

Grade A+

papersmaster01

Apparent - ANSWER is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company - ANSWER Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing - ANSWER A method of dealing with risk for a group of individual persons or businesses with th...

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11 pages

Written in 2023/2024

Grade A+

papersmaster01

What is the Insurance Commissioner's primary duty? - ANSWER Administer and enforce the Insurance Code. T / F: The Insurance Commissioner prosecutes code violations. - ANSWER False: The IC may issue orders or bring court actions, but state attorneys prosecute. T / F: The Insurance Commissioner makes and interprets the Insurance Code. - ANSWER False: State legislature governs these laws. How often are Certificates of Authority examined? - ANSWER 5 years When must an insurer file a pol...

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2 pages

Written in 2023/2024

Grade A+

papersmaster01

ANSWER Section 1 Commissioner How is he elected? - ANSWER Same way as other state officials When does he take office? - ANSWER Serves for four yerars. Starts wed after the second monday of January What must he do before taking officer? - ANSWER Execute a bond of $25000 payable to state What are his broad Powers? - ANSWER 1) Responsible for examining insureres 2) issueing licenses 3) regulatings to help carry out provisions of the WA insurance code Commissioner has what authority? ...

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17 pages

Written in 2023/2024

Grade A+

shantelleG

Apparent - ANSWER is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company - ANSWER Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing - ANSWER A method of dealing with risk for a group of individual persons or businesses with th...

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11 pages

Written in 2023/2024

Grade A+

shantelleG

Commissioner's Term of Office - ANSWER Elected by the voters 4 years Commissioner Powers - ANSWER Investigate insurance transactions, Adopt rules to regular unfair or deceptive acts and implement the legislature's insurance code Issue a cease and desist order to force compliance with insurance laws Prosecute a legal action to enforce the commissioner's orders Obtain and publish for the use of courts and appraisers, tables showing the average life expectanccy Disseminate information c...

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10 pages

Written in 2023/2024

Grade A+

shantelleG

WASHINGTON STATE INSURANCE EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. Apparent - -is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company - -Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing - -A method of dea...

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13 pages

Written in 2023/2024

Grade A+

QuickPass

Washington State Insurance Property & Casualty Exam Questions with Correct Answers WA Property & Casualty Law section Questions with Answers Washington State Property & Casualty Insurance Exam Questions with Answers WA State Property & Casualty State Exam Questions with Correct Answers Property & Casualty Insurance WA Questions with Correct Answers

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5 items

ExamsGuru

If a building under a BPP has been vacant over 60 days, the BPP will cover? Correct Answer Fire, Wind, Explosion, and Volcano are all covered after 60 days of vacancy A CGL provides liability coverage for: Correct Answer A person whose reputation is harmed by the insured's innocent dissemination of information. Law of Large Numbers Correct Answer A principle stating that the larger the number of similar exposure units considered, the more closely the losses reported will equal the underly...

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6 pages

Written in 2023/2024

Grade A+

ExamsGuru

Washington Life and Health (Disability) Insurance Bundled Exams Questions and Answers Multiple Versions (2024/2025) (Complete and Accurate)

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16 items

StellarScores

Washington State Insurance Exam with Complete Solutions Apparent is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing A method of dealing with risk for a group of in...

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24 pages

Written in 2023/2024

Grade A+

StellarScores

Washington Life & Health Insurance Exam Package Deal Already Graded A+

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9 items

Brainarium

Section 1 Commissioner How is he elected? - Same way as other state officials When does he take office? - Serves for four yerars. Starts wed after the second monday of January What must he do before taking officer? - Execute a bond of $25000 payable to state What are his broad Powers? - 1) Responsible for examining insureres 2) issueing licenses 3) regulatings to help carry out provisions of the WA insurance code Commissioner has what authority? - The Commissioner has the authority to: con...

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21 pages

Written in 2023/2024

Grade A+

Brainarium

Apparent - is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company - Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing - A method of dealing with risk for a group of individual persons or businesses with the same or similar exp...

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14 pages

Written in 2023/2024

Grade A+

Brainarium

Apparent correct answers is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company correct answers Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing correct answers A method of dealing with risk for a group of individual persons ...

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11 pages

Written in 2022/2023

Grade A+

Quillan

Apparent correct answers is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company correct answers Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing correct answers A method of dealing with risk for a group of individual persons ...

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11 pages

Written in 2022/2023

Grade A+

SirAnton

Washington State Insurance Exam Already Graded A+

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11 pages

Written in 2022/2023

Grade A+

satamu