Chapter 12 - Washington laws Complete Questions & Answers!

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 - ANSWER 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 - ANSWER 31 days Replacing an insurance policy from one insurer to another based on misrepresentation is called - Unfair discrimination - Misrepresentation - Twisting - Rebating - ANSWER 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 - ANSWER 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 - ANSWER Subject to license suspension or revocation A temporary license is valid for a maximum of __ days.