WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE EXAM 2024 WITH REAL EXAM QUESTIONS AND CORRECT ANSWERS GRADED A/ REAL WA STATE PROPERTY AND CASUALTY INSURANCE EXAM 2024/2025 (BRAND NEW!!)

WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE EXAM 202 4 WITH REAL EXAM QUESTIONS AND CORRECT ANSWERS GRADED A/ REAL WA STATE PROPERTY AND CASUALTY INSURANCE EXAM 2024 /2025 (BRAND NEW!!) Authorized Insurer - ANSWER : An insurer that has qualified and received a Certificate of Authority from the Department of Insurance to transact insurance in the state. Contact adhesion - ANSWER : the accepter of the contract must "adhere" to the written cont ract inducement - ANSWER : An action aimed at persuading insolvent - ANSWER : Bankrupt; unable to pay debts. Transacting Insurance - ANSWER : Conducting insurance business, such as soliciting or negotiating to buy or sell an insurance policy. Unauthorized Insurer - ANSWER : Is held personally liable. Each violation is separate and can result in suspension, revocation of license, and a min fine of $25,000. (Class B Felony) When would a commissioner order a replacement policy? - ANSWER : When a unau thorized insurer improperly placed a policy. Would be replaced by a policy with a legal insurer. Surplus Lines - ANSWER : Insurance that is not available or offered in the regular marketplace from admitted insurers. Insurance Commissioner (IOC) - ANSWER : State elected term of 4 years. insurance Commissioner duties - ANSWER : -Protects the Public from unfair trade practices - Examinations/investigations - Hearings - Cease and Desist orders - Public information - Appoints Dep. Chief Commissioner - How often must the Insurance Commissioner examine companies? - ANSWER : As often as deemed necessary, but MUST be done every 5 years Receiving Written Notice from Commissioner - ANSWER : the person must respond within 90 days. if not made the request is considered wave d. Notice of Hearing - ANSWER : - must state grounds of hearing (can be written demand by aggrieved person) - Right to request administrative law judge Licence Suspension Hearing - ANSWER : Commissioner must hold a hearing within 90 days. Insurance Producer - ANSWER : A person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. - Must be 18+ - has not had a license denied, suspended, or revoked - completed Pre -licensing/ exams - paid fee(s) - Fingerp rinted/ background check FINRA (Financial Industry Regulatory Authority) - ANSWER : solicits licences for variable life and variable annuity Temporary Insurance Producers Licence - ANSWER : Commissioner may issue temp. license for a max of 180 days. usually in event of producers recovery, sale of a business, training and licencing of new personal to operate a business. Non-Resident Producer - ANSWER : a producer who lives (domicile) and conducts business from another state other than Washington. Will receive a non resident producers license. When is a insurance license exempt? - ANSWER : When they work at a company or themself but do not conduct the solicitation, sale, negotiation of insurance. Appointing a insurance producer - ANSWER : - notice of appointment wi thin 15 days - Commissioner will verify within 15 days - if deemed ineligible commissioner will notify within 10 days If approved it must e renewed every 2 years, and will receive notice within 60 days of the renewal date. Business Entity Affiliates - ANSWER : A business must have AT LEAST 1 affiliated individual licence to transact insurance If business Entity Affiliate is terminated - ANSWER : The commissioner must receive notice within 30 days of termination. Renewal - ANSWER : The initial licenses are val id from the date that they are issued until the last day of the licensee's birth month. Renewal Fees for Licences - ANSWER : (Every 2 years) Producer - $55 Limited insurance - $20 Surplus lines broker - $20 Ajuster - $50 Late Fees: 30 days: 50% of renewal 31-60 days: 100% 61-12 months 200% (12+ months must restart licensing process) Continuing Education (CE) - ANSWER : Every 2 years. 24 hours total, 3 hours in ethics. must hold on to certificate for 3 years