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WA Surplus Lines Broker Exam Questions And Answers All Verified

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WA Surplus Lines Broker Exam Questions And Answers All Verified When are you required to file a premium tax return for the previous calendar year? - ANS March 1st What does statutory accounting mean? - ANS Rules state that certain assets are non-admitted (don't count) as you can't pay claims with them. Bonds rated ___________ and higher are considered investment grade. - ANS 1 & 2 What does IBNR stand for? - ANS Incurred but not reported True or false, individuals whose Surplus Line Brokers license was active and did not have an active affiliation with a business entity are required to file a premium tax return, even if no business was transacted? - ANS TRUE Which office assigns the bonds rating? - ANS SVO (Securities Valuation Office) What is Combined Ratio? - ANS Loss Incurred + Loss Expense / Earned Premium What are General Interrogatories? - ANS General questions about the Company. Financials: what is Schedule P include? - ANS Incurred & open losses What does NAIC stand for? - ANS National Association of Insurance Commissioners What countries are included on AM Best report? - ANS US and Canada Where can you find a list of alien companies and Lloyd syndicates with city/country of domicile? - ANS International Insurers Department Plan of Operation. What does IRIS stand for? - ANS Insurance Regulatory Information System ( Exceptional value is BAD or unusual)

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