Chapter 12 - Washington laws (All Solved Correctly)

A producer's fiduciary responsibility includes which of the following activities? - Recording the receipt and distribution of premiums due to an insurer - Properly remunerating persons who furnish leads on prospects - Providing needed insurance to prospective insureds through any sources that are available - Guaranteeing payment to insureds for losses covered by policies that the producer sold correct answers Recording the receipt and distribution of premiums due to an insurer Group life insurance policies must include a provision entitling policyholders to grace period of - 10 days - 31 days - 90 days - 1 year correct answers 31 days Replacing an insurance policy from one insurer to another based on misrepresentation is called - Unfair discrimination - Misrepresentation - Twisting - Rebating correct answers Twisting Barry offers Chris his mountain cabin for the weekend to secure his order for his insurance business. This is an example of - Bartering - Rebating - Reduction - Twisting correct answers Rebating A producer found to have engaged in an unfair method of competition may be - Charged 30% of the claim as punitive damages - Barred from seeking an appeal - Imprisoned for a max of 90 days - Subject to license suspension or revocation correct answers Subject to license suspension or revocation A temporary license is valid for a maximum of __ days. - 30 - 60 - 90 - 180 correct answers 180