WA SURPLUS LINES BROKER EXAM - EXAMINATION COMPLETE QUESTIONS AND DETAILED SOLUTIONS LATEST UPDATE THIS YEAR JUST RELEASED

WA SURPLUS LINES BROKER EXAM - EXAMINATION
COMPLETE QUESTIONS AND DETAILED SOLUTIONS
LATEST UPDATE THIS YEAR JUST RELEASED


Question 1: Where is Certificate and supporting docs sent too?
Answer:

WA SL Association- they send to Commissioner- issue as 'registered'


Question 2: RE: 284.15 WAC - who has the authority to waive the
financial requirement ($15m) for an unauthorized insurer?
Answer:

Commissioner


Question 3: What are reasons the Commissioner would waive the
financial requirement for an unauthorized insurer?
Answer:

If insured can't otherwise procure coverage


Question 4: Letter to Commissioner must include reasons they are
seeking waiver, last year financial info, # of years co. has been
writing this particular coverage, signed acknowledgment from
buyer. If an insurers Capitol is less than ____, the Commissioner
cannot waive the financial requirement.
Answer:

$4,500,000

,Question 5: True/False- exempt commercial purchasers don't have
to complete a Due Diligence statement
Answer:

TRUE - but they still have to file statement


Question 6: It is a ________ if stated premium on policy is incorrect
Answer:

Gross Misdemeanor


Question 7: Premium should be inclusive of assessment,
membership, policy, survey, inspection, and service fees. Amount
of fine if your records are not available to the Commissioner
Answer:

$500


Question 8: Per 48.14.060 - last day you can pay annual taxes
before incurring penalty
Answer:

March 31


Question 9: RE: 48.14.060 'in addition to penalty, interest will be
applied on amount of unpaid tax - maximum legal rate of interest
permitted commencing ____ days after tax is due.
Answer:

61


Question 10: Percentage of penalty if taxes not paid after 3/31:

, A. 10%
B. 5%
C. 15%
D. 25%
Answer:

B- 5% penalty if taxes are paid after 3/31 (and less than 45 days)


Question 11: Percentage of penalty if taxes are not remitted within
45 days of 3/31:
A. 10%
B. 5%
C. 15%
D. 25%
Answer:

A- 10% penalty if not paid within 45 days of 3/31


Question 12: Percentage of penalty if taxes are not paid within 60
days of due date:
A. 10%
B. 5%
C. 15%
D. 20%
Answer:

D- 20%


Question 13: RE: 48.15 'Exemptions from Surplus Lines
requirements', which of the following statements are true:
A. Does not apply to Reinsurance

, B. Does not apply to Ocean Marine & Foreign Trade Investments
C. Does not apply to insurance on subjects located, resident, or to be
performed wholly outside of the state
D. Does not apply to vehicles or aircraft owned and principally
garages outside of State
E. all of the above
Answer:

All of the above - in addition to railroads engaged in Intrastate commerce,


Question 14: Aircraft owned/operated by manufacturers of aircraft
Or against liability (other than work comp & employers liability)
arising out of ownership, maintenance or use of such aircraft For
any cause of action, arising in this state, unauthorized insurer must
be sued in the:
A. State of Domicile
B. Superior Court of the County in which the cause of action arose
C. Superior Court of the States Capital
D. Municipal Court of the County in which the action arose
Answer:

B


Question 15: The insurer has ___ days from the date of service to
plead, answer or defend the action.
Answer:

40 Days


Question 16: True or False: for P&C insurance (other than
industrial) if state is home state, tax is computable on ENTIRE risk
(even if exposures in other states)