1|Page
WASHINGTON STATE PROPERTY AND CASUALTY
INSURANCE EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL DEFINED
ANSWERS LATEST ALREADY GRADED A+
Authorized Insurer - (answers)An insurer that has qualified and received a
Certificate of Authority from the Department of Insurance to transact insurance in
the state.
Contact adhesion - (answers)the accepter of the contract must "adhere" to the
written contract
inducement - (answers)An action aimed at persuading
insolvent - (answers)Bankrupt; unable to pay debts.
Transacting Insurance - (answers)Conducting insurance business, such as soliciting
or negotiating to buy or sell an insurance policy.
Unauthorized Insurer - (answers)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? - (answers)When a
unauthorized insurer improperly placed a policy. Would be replaced by a policy
with a legal insurer.
,2|Page
Surplus Lines - (answers)Insurance that is not available or offered in the regular
marketplace from admitted insurers.
Insurance Commissioner (IOC) - (answers)State elected term of 4 years.
insurance Commissioner duties - (answers)-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? - (answers)As
often as deemed necessary, but MUST be done every 5 years
Receiving Written Notice from Commissioner - (answers)the person must respond
within 90 days. if not made the request is considered waved.
Notice of Hearing - (answers)- must state grounds of hearing (can be written
demand by aggrieved person)
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- Right to request administrative law judge
Licence Suspension Hearing - (answers)Commissioner must hold a hearing within
90 days.
Insurance Producer - (answers)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)
- Fingerprinted/ background check
FINRA (Financial Industry Regulatory Authority) - (answers)solicits licences for
variable life and variable annuity
Temporary Insurance Producers Licence - (answers)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 - (answers)a producer who lives (domicile) and conducts
business from another state other than Washington. Will receive a non resident
producers license.
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When is a insurance license exempt? - (answers)When they work at a company or
themself but do not conduct the solicitation, sale, negotiation of insurance.
Appointing a insurance producer - (answers)- notice of appointment within 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 - (answers)A business must have AT LEAST 1 affiliated
individual licence to transact insurance
If business Entity Affiliate is terminated - (answers)The commissioner must
receive notice within 30 days of termination.
Renewal - (answers)The initial licenses are valid from the date that they are issued
until the last day of the licensee's birth month.
Renewal Fees for Licences - (answers)(Every 2 years)
Producer- $55
Limited insurance- $20
Surplus lines broker- $20
WASHINGTON STATE PROPERTY AND CASUALTY
INSURANCE EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL DEFINED
ANSWERS LATEST ALREADY GRADED A+
Authorized Insurer - (answers)An insurer that has qualified and received a
Certificate of Authority from the Department of Insurance to transact insurance in
the state.
Contact adhesion - (answers)the accepter of the contract must "adhere" to the
written contract
inducement - (answers)An action aimed at persuading
insolvent - (answers)Bankrupt; unable to pay debts.
Transacting Insurance - (answers)Conducting insurance business, such as soliciting
or negotiating to buy or sell an insurance policy.
Unauthorized Insurer - (answers)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? - (answers)When a
unauthorized insurer improperly placed a policy. Would be replaced by a policy
with a legal insurer.
,2|Page
Surplus Lines - (answers)Insurance that is not available or offered in the regular
marketplace from admitted insurers.
Insurance Commissioner (IOC) - (answers)State elected term of 4 years.
insurance Commissioner duties - (answers)-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? - (answers)As
often as deemed necessary, but MUST be done every 5 years
Receiving Written Notice from Commissioner - (answers)the person must respond
within 90 days. if not made the request is considered waved.
Notice of Hearing - (answers)- must state grounds of hearing (can be written
demand by aggrieved person)
,3|Page
- Right to request administrative law judge
Licence Suspension Hearing - (answers)Commissioner must hold a hearing within
90 days.
Insurance Producer - (answers)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)
- Fingerprinted/ background check
FINRA (Financial Industry Regulatory Authority) - (answers)solicits licences for
variable life and variable annuity
Temporary Insurance Producers Licence - (answers)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 - (answers)a producer who lives (domicile) and conducts
business from another state other than Washington. Will receive a non resident
producers license.
, 4|Page
When is a insurance license exempt? - (answers)When they work at a company or
themself but do not conduct the solicitation, sale, negotiation of insurance.
Appointing a insurance producer - (answers)- notice of appointment within 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 - (answers)A business must have AT LEAST 1 affiliated
individual licence to transact insurance
If business Entity Affiliate is terminated - (answers)The commissioner must
receive notice within 30 days of termination.
Renewal - (answers)The initial licenses are valid from the date that they are issued
until the last day of the licensee's birth month.
Renewal Fees for Licences - (answers)(Every 2 years)
Producer- $55
Limited insurance- $20
Surplus lines broker- $20
