WA SURPLUS LINES BROKER PRACTICE EXAM LATEST
2025 WITH ACTUAL QUESTIONS AND CORRECT
VERIFIED ANSWERS ALREADY GRADED A+ 100%
GUARANTEED PASS!
Where can you find a list of alien companies and Lloyd syndicates with
city/country of domicile? - CORRECT ANSWER-International Insurers
Department Plan of Operation.
What does IRIS stand for? - CORRECT ANSWER-Insurance Regulatory
Information System ( Exceptional value is BAD or unusual)
When was the WA State regulatory stamp changed?
A. January 30, 1975
B. January 1, 2012
C. March 31, 2000
D. March 1, 2011 - CORRECT ANSWER-B, January 1, 2012
Where/when should the registry stamp be placed on documents to be
delivered to the insured? - CORRECT ANSWER-Every contract, including
binder, on the face of the policy. SLB required to initial next to statement.
WA Surplus Lines Stamp should read: - CORRECT ANSWER-"This contract is
registered and delivered as a surplus line coverage under the insurance code of
,the state of Washington, Title 48 RCW. It is not protected by any Washington
state guaranty association law."
How long must a surplus line broker keep financial records of a foreign
unauthorized insurer? - CORRECT ANSWER-5 years
RE: 48.18.180 'Stated Premium' which statements are TRUE:
A. Premium shall be inclusive of all fees, charges, premium.
B. Each violation of this statute is a gross misdemeanor
C. If premium on policy differs from binder by less than $10, insurer not
required to notify insured.
D. All of the above - CORRECT ANSWER-
Max amount of time license can be suspended due to conviction of felony? -
CORRECT ANSWER-Not to exceed 12 months
When would WA State Insurance Commissioner waive the examination? -
CORRECT ANSWER-If nonresident person holds an equivalent surplus lines
license in another state.
Which of the following statements are true regarding WAC 284-15 'Solvent
Insurer'?
A. Brokers responsibility to substantiate financial condition of foreign
unauthorized insurer
B. Evidence of financial condition must be retained for 5 years
C. Any unauthorized insurer listed on quarterly listing of alien insurers (NAIC) is
deemed adequately documented
D. All of the above - CORRECT ANSWER-
,When are you required to file premium tax return for the previous calendar
year by? - CORRECT ANSWER-March 1st
What does statutory accounting mean? - CORRECT ANSWER-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. -
CORRECT ANSWER-1 & 2
What does IBNR stand for? - CORRECT ANSWER-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? - CORRECT
ANSWER-TRUE
Which office assigns the bonds rating? - CORRECT ANSWER-SVO (Securities
Valuation Office)
What is Combined Ratio? - CORRECT ANSWER-Loss Incurred + Loss Expense /
Earned Premium
What are General Interrogatories? - CORRECT ANSWER-General questions
about the Company.
Financials: what is Schedule P include? - CORRECT ANSWER-Incurred & open
losses
, What does NAIC stand for? - CORRECT ANSWER-National Association of
Insurance Commissioners
What countries are included on AM Best report? - CORRECT ANSWER-US and
Canada
As specified in RCW 48.15.150, each policy issued to an unauthorized insurer as
a surplus line contract must designate _______ as the person upon whom
service of process may be made.
A. CFO
B. SLB
C. Commissioner
D. Attorney - CORRECT ANSWER-C - Commissioner
Return premiums or claim payments will not be deemed to have been paid to
the insured or claimant until the payments are actually received by the
A) Insurance Producer
B) Insured/Claimant
C) SLB - CORRECT ANSWER-B) Insured/Claimant
How many days notice required for cancellation due to non-payment of
premium? - CORRECT ANSWER-10 days
How many days notice is required to cancel Surplus Line policy (other than
non-pay)? - CORRECT ANSWER-20 days
The certification form must be filed within ___ days of the effective date:
A) 30
2025 WITH ACTUAL QUESTIONS AND CORRECT
VERIFIED ANSWERS ALREADY GRADED A+ 100%
GUARANTEED PASS!
Where can you find a list of alien companies and Lloyd syndicates with
city/country of domicile? - CORRECT ANSWER-International Insurers
Department Plan of Operation.
What does IRIS stand for? - CORRECT ANSWER-Insurance Regulatory
Information System ( Exceptional value is BAD or unusual)
When was the WA State regulatory stamp changed?
A. January 30, 1975
B. January 1, 2012
C. March 31, 2000
D. March 1, 2011 - CORRECT ANSWER-B, January 1, 2012
Where/when should the registry stamp be placed on documents to be
delivered to the insured? - CORRECT ANSWER-Every contract, including
binder, on the face of the policy. SLB required to initial next to statement.
WA Surplus Lines Stamp should read: - CORRECT ANSWER-"This contract is
registered and delivered as a surplus line coverage under the insurance code of
,the state of Washington, Title 48 RCW. It is not protected by any Washington
state guaranty association law."
How long must a surplus line broker keep financial records of a foreign
unauthorized insurer? - CORRECT ANSWER-5 years
RE: 48.18.180 'Stated Premium' which statements are TRUE:
A. Premium shall be inclusive of all fees, charges, premium.
B. Each violation of this statute is a gross misdemeanor
C. If premium on policy differs from binder by less than $10, insurer not
required to notify insured.
D. All of the above - CORRECT ANSWER-
Max amount of time license can be suspended due to conviction of felony? -
CORRECT ANSWER-Not to exceed 12 months
When would WA State Insurance Commissioner waive the examination? -
CORRECT ANSWER-If nonresident person holds an equivalent surplus lines
license in another state.
Which of the following statements are true regarding WAC 284-15 'Solvent
Insurer'?
A. Brokers responsibility to substantiate financial condition of foreign
unauthorized insurer
B. Evidence of financial condition must be retained for 5 years
C. Any unauthorized insurer listed on quarterly listing of alien insurers (NAIC) is
deemed adequately documented
D. All of the above - CORRECT ANSWER-
,When are you required to file premium tax return for the previous calendar
year by? - CORRECT ANSWER-March 1st
What does statutory accounting mean? - CORRECT ANSWER-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. -
CORRECT ANSWER-1 & 2
What does IBNR stand for? - CORRECT ANSWER-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? - CORRECT
ANSWER-TRUE
Which office assigns the bonds rating? - CORRECT ANSWER-SVO (Securities
Valuation Office)
What is Combined Ratio? - CORRECT ANSWER-Loss Incurred + Loss Expense /
Earned Premium
What are General Interrogatories? - CORRECT ANSWER-General questions
about the Company.
Financials: what is Schedule P include? - CORRECT ANSWER-Incurred & open
losses
, What does NAIC stand for? - CORRECT ANSWER-National Association of
Insurance Commissioners
What countries are included on AM Best report? - CORRECT ANSWER-US and
Canada
As specified in RCW 48.15.150, each policy issued to an unauthorized insurer as
a surplus line contract must designate _______ as the person upon whom
service of process may be made.
A. CFO
B. SLB
C. Commissioner
D. Attorney - CORRECT ANSWER-C - Commissioner
Return premiums or claim payments will not be deemed to have been paid to
the insured or claimant until the payments are actually received by the
A) Insurance Producer
B) Insured/Claimant
C) SLB - CORRECT ANSWER-B) Insured/Claimant
How many days notice required for cancellation due to non-payment of
premium? - CORRECT ANSWER-10 days
How many days notice is required to cancel Surplus Line policy (other than
non-pay)? - CORRECT ANSWER-20 days
The certification form must be filed within ___ days of the effective date:
A) 30
