Washington State Insurance Exam
Basis provision for all real property. In the event of a loss to real property, payment will be made to the
insured and the mortgagee as their insurable interest appears. - Standard Mortgage Clause (loss-
payable clause)
An individual who is domiciled and licensed as a resident producer in a state other than Washington. All
that is needed is to provide proof to commissioner that the producer is licensed in his/her state of
residence and they will wave the licensing attainment requirement. - Nonresident Producer
A property policy with provisions agreed upon by the insurer and insured as to the amounts of insurance
that represents a fair valuation for the property at the time the insurance is written. The amount is paid
in a loss, regardless of the insured property's appreciation or depreciation. - Agreed Value
a binder issued on a policy in this state may last for a maximum of... - 90 days
A factor in determining the premium charged in the amount of insurance required - Loss Valuation
A golfer slices a tee shot and the ball goes through the window of a house beside the Fairway. The
broken glass is paid for by... - The golfers homeowner liability coverage
A method of dealing with risk for a group of individual persons or businesses with the same or similar
exposure to loss to share the losses that occur within that group. A RECIPROCAL insurance exchange is a
form of risk-sharing arrangement. - Sharing
A property insurance policy that covers a specific kind or unit of property for a specific amount of
insurance - Specific insurance
A self-rating plan under which the actual losses during the policy period Determine the final premium
subject to minimum and maximum premium - Retrospective Rating
, all advertisements, regardless of their source of creation, are the responsibility of... - Insurer
All coverage forms include a basic deductible of how much? - $250 deductible
Allowed value for prizes, goods or merchandise not to be considered rebating. - $100
Allows the plaintiff which is the party who brings the lawsuit to recover the damages, as long as he or
she is not 100% negligent - Pure comparative neglegence
Also known as an indirect loss, is a second financial loss caused by a covered direct loss. -
Consequential loss
An agent whose contract has been terminated by the insurer will receive commissions at what rate? -
The rate of commission for any renewed policies must be the same as the agent would have
received if the agency agreement has not been terminated.
An individual applies for a life policy. Two years ago he suffered a head injury from an accident, so he
cannot remember parts of his past, but is otherwise competent. He has also been hospitalized for drug
abuse, but does not remember this when applying for insurance. The insurer issues the policy and learns
of his history one year later. What will probably happen? - The policy will not be affected
applies if property under coverage a, b, or c becomes damaged or destroyed by apparel covered in the
policy. key points of this coverage include the following the policy will pay the fair rental value of the
described premises but will deduct expenses that discontinue all the premises on fit for use such as heat
and electricity, coverage continues until repairs are complete but only for the shortest time required, the
expiration of the policy will not and the payment of an existing covered claim, if a civil Authority
prohibits use of the insured property because of direct damage to a neighboring property that would
have been covered by the insurance policy payment for the loss will be covered for up to 2 weeks,
coverage does not apply to any loss or expense associated with the cancellation of a lease -
Coverage D
At the time of loss, the insurer's loss payment options, or claim settlement options, include paying the
least of the following: - -The Value of the lost or damaged property
-The cost of repairing or replacing the lost or damaged property
Basis provision for all real property. In the event of a loss to real property, payment will be made to the
insured and the mortgagee as their insurable interest appears. - Standard Mortgage Clause (loss-
payable clause)
An individual who is domiciled and licensed as a resident producer in a state other than Washington. All
that is needed is to provide proof to commissioner that the producer is licensed in his/her state of
residence and they will wave the licensing attainment requirement. - Nonresident Producer
A property policy with provisions agreed upon by the insurer and insured as to the amounts of insurance
that represents a fair valuation for the property at the time the insurance is written. The amount is paid
in a loss, regardless of the insured property's appreciation or depreciation. - Agreed Value
a binder issued on a policy in this state may last for a maximum of... - 90 days
A factor in determining the premium charged in the amount of insurance required - Loss Valuation
A golfer slices a tee shot and the ball goes through the window of a house beside the Fairway. The
broken glass is paid for by... - The golfers homeowner liability coverage
A method of dealing with risk for a group of individual persons or businesses with the same or similar
exposure to loss to share the losses that occur within that group. A RECIPROCAL insurance exchange is a
form of risk-sharing arrangement. - Sharing
A property insurance policy that covers a specific kind or unit of property for a specific amount of
insurance - Specific insurance
A self-rating plan under which the actual losses during the policy period Determine the final premium
subject to minimum and maximum premium - Retrospective Rating
, all advertisements, regardless of their source of creation, are the responsibility of... - Insurer
All coverage forms include a basic deductible of how much? - $250 deductible
Allowed value for prizes, goods or merchandise not to be considered rebating. - $100
Allows the plaintiff which is the party who brings the lawsuit to recover the damages, as long as he or
she is not 100% negligent - Pure comparative neglegence
Also known as an indirect loss, is a second financial loss caused by a covered direct loss. -
Consequential loss
An agent whose contract has been terminated by the insurer will receive commissions at what rate? -
The rate of commission for any renewed policies must be the same as the agent would have
received if the agency agreement has not been terminated.
An individual applies for a life policy. Two years ago he suffered a head injury from an accident, so he
cannot remember parts of his past, but is otherwise competent. He has also been hospitalized for drug
abuse, but does not remember this when applying for insurance. The insurer issues the policy and learns
of his history one year later. What will probably happen? - The policy will not be affected
applies if property under coverage a, b, or c becomes damaged or destroyed by apparel covered in the
policy. key points of this coverage include the following the policy will pay the fair rental value of the
described premises but will deduct expenses that discontinue all the premises on fit for use such as heat
and electricity, coverage continues until repairs are complete but only for the shortest time required, the
expiration of the policy will not and the payment of an existing covered claim, if a civil Authority
prohibits use of the insured property because of direct damage to a neighboring property that would
have been covered by the insurance policy payment for the loss will be covered for up to 2 weeks,
coverage does not apply to any loss or expense associated with the cancellation of a lease -
Coverage D
At the time of loss, the insurer's loss payment options, or claim settlement options, include paying the
least of the following: - -The Value of the lost or damaged property
-The cost of repairing or replacing the lost or damaged property
