Washington insurance regulations questions and answers rated A+

Washington insurance regulations questions and answers rated A+ borrowing more than __% of the loan value of a life insurance policy to purchase a new policy is considered replacement 25% Period of time with receiving an application that the replacing insurer must notify any other existing insurer 3 days length of time replacing insurer must keep copies of the replacement notice records at least 3 years Free look for life insurance replacements 20 days WA life insurance policy illustrations rules do not apply to life insurance policies with death benefits equal to or less than $__ $10,000 In order to sell annuities, producers must complete a __ hour training course 4 hours Annuity insurers and producers must maintain consumer records for __ years 5 years individual life insurance policy grace period 1 month (30 days) maximum policy loan annual fixed interest rate 8% free look for life insurance (except replacement) 10 days the insurer may limit its liability in the event of death occurring as the result of suicide within __ years from date of issue 2 years an employee group must include at least __ employees (group life) 2 employees an insurer must pay the proceeds under a group life insurance policy within __ days after receiving proof of death 30 days group life grace period 31 days (incontestability) the validity of the policy shall not be contested after it has been in force for __ years from its date of issue 2 years group life death benefits may be reduced to $__ upon attainment of age 65 $1,000 If a Medicare Supplement policy replaces another that had been in effect for at least __ months, the replacing policy may not have a pre existing conditions exclusion 3 months (medicare) there is a period of open enrollment when the person is at least age __, and has enrolled in medicare part B within the last __ months 65 years old/6 months guaranteed issue may be available to a person changing from medicare advantage to a medicare supplement policy if they have been enrolled in a medicare advantage plan for less than __ months 12 months free look for medicare supplements 30 days (LTC continuing education) producers must complete a one time __ hour LTC training course 8 hour Every 24 months the producer must complete at least __ hours of LTC CE 4 hours Long term care insurance is designed to provide coverage for at least __ months 12 months Number of eligible full time employees for small group health plan 1 to 50 Coverage for the newly born child must be no less than __ weeks. Coverage starts from the moment of birth 3 weeks incontestability period is __ years 2 years Health care service plans must offer the option of covering any child under the age of __ 26 years old the commissioner must execute a bond in the amount of $__ $25,000 insurers must be examined at least every __ years 5 years __ days notice required for the commissioner