WASHINGTON STATE INSURANCE
EXAM (2025) QUESTIONS AND
CORRECT ANSWERS | VERIFIED 100%
CORRECT
Refers to other insurance written on the same risk, but not
on the same coverage basis. Correct Answer
Nonconcurrency
Four essential elements: Duty, breach, injury, and
unbroken chain. Correct Answer Negligence
The value of the insured property is determined at the time
the policy is written. In the event of a loss, that amount is
paid without regard to any COINSURANCE provision.
However, if the loss is less than total, the insurer has
salvage rights with the insured having first right of refusal
of the salvage. Correct Answer Stated Amount
Property that is moveable Correct Answer Personal
Property
Property that is non-moveable Correct Answer Real
Property
Factors that determine rates, including loss reserves, loss
adjusting expenses, operating expenses and profits.
Correct Answer Components
,Many states, by statute, require that damage be
apportioned based upon the degree of negligence of each
party in an accident. Correct Answer Comparative
Negligence
The transfer of a legal right or interest in an insurance
policy. In property and casualty insurance, assignments of
policies are usually valid only with the prior written consent
of the insurer. Example: transferring a policy to a friend
who will be taking over renters insurance when you move
out. Correct Answer Assignment
Provides an additional amount of coverage for specific
loss expense, at no additional premium. Correct Answer
Additional Coverage
Insurance that is not available in the regular market place
from admitted insurers. Usually involves insurance of high
risk individuals. Correct Answer Surplus Lines
Statements that are false as to the financial condition of
any insurer Correct Answer Defamation
The limit s expressed in an auto policy is the limit per
accident. After payment of a claim, the limits are restored
to the original amount for the next accident. Correct
Answer Per occurrence (accident) limit
Is an act or event that is the natural and reasonablely
forseeable cause of damage or an event that occurs and
, damages property or causes bodily harm. Correct Answer
Proximate cause
When must a binder be given Correct Answer When an
applicant remit premium money to the insurer
Unscheduled personal property damage, bodily injury to
others, personal liabilities Correct Answer Homeowner
coverage
Establishes a time limits in which recovery can be
daughter for certain kinds of injuries or damages. Correct
Answer Statute of limitations
Physical damage to buildings and/or personal property.
Correct Answer Direct loss
Single property insurance policy that provides coverage
for multiple classes of property at one location, or for one
or more classes of property at multiple locations Correct
Answer Blanket insurance
A property insurance policy that covers a specific kind or
unit of property for a specific amount of insurance Correct
Answer Specific insurance
A factor in determining the premium charged in the
amount of insurance required Correct Answer Loss
Valuation
EXAM (2025) QUESTIONS AND
CORRECT ANSWERS | VERIFIED 100%
CORRECT
Refers to other insurance written on the same risk, but not
on the same coverage basis. Correct Answer
Nonconcurrency
Four essential elements: Duty, breach, injury, and
unbroken chain. Correct Answer Negligence
The value of the insured property is determined at the time
the policy is written. In the event of a loss, that amount is
paid without regard to any COINSURANCE provision.
However, if the loss is less than total, the insurer has
salvage rights with the insured having first right of refusal
of the salvage. Correct Answer Stated Amount
Property that is moveable Correct Answer Personal
Property
Property that is non-moveable Correct Answer Real
Property
Factors that determine rates, including loss reserves, loss
adjusting expenses, operating expenses and profits.
Correct Answer Components
,Many states, by statute, require that damage be
apportioned based upon the degree of negligence of each
party in an accident. Correct Answer Comparative
Negligence
The transfer of a legal right or interest in an insurance
policy. In property and casualty insurance, assignments of
policies are usually valid only with the prior written consent
of the insurer. Example: transferring a policy to a friend
who will be taking over renters insurance when you move
out. Correct Answer Assignment
Provides an additional amount of coverage for specific
loss expense, at no additional premium. Correct Answer
Additional Coverage
Insurance that is not available in the regular market place
from admitted insurers. Usually involves insurance of high
risk individuals. Correct Answer Surplus Lines
Statements that are false as to the financial condition of
any insurer Correct Answer Defamation
The limit s expressed in an auto policy is the limit per
accident. After payment of a claim, the limits are restored
to the original amount for the next accident. Correct
Answer Per occurrence (accident) limit
Is an act or event that is the natural and reasonablely
forseeable cause of damage or an event that occurs and
, damages property or causes bodily harm. Correct Answer
Proximate cause
When must a binder be given Correct Answer When an
applicant remit premium money to the insurer
Unscheduled personal property damage, bodily injury to
others, personal liabilities Correct Answer Homeowner
coverage
Establishes a time limits in which recovery can be
daughter for certain kinds of injuries or damages. Correct
Answer Statute of limitations
Physical damage to buildings and/or personal property.
Correct Answer Direct loss
Single property insurance policy that provides coverage
for multiple classes of property at one location, or for one
or more classes of property at multiple locations Correct
Answer Blanket insurance
A property insurance policy that covers a specific kind or
unit of property for a specific amount of insurance Correct
Answer Specific insurance
A factor in determining the premium charged in the
amount of insurance required Correct Answer Loss
Valuation
