Page |1
WA Surplus Lines Broker Exam/WA
Surplus Lines Broker Exam 2025,
Washington insurance exam, surplus lines
licensing, broker compliance WA,
underwriting and placement, WA broker
test, verified answers Questions and
Correct Answers/ Latest Update / Already
Graded
When are you required to file premium tax return for the previous
calendar year by?
Ans: March 1st
What does statutory accounting mean?
Ans: 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.
Ans: 1 & 2
What does IBNR stand for?
All rights reserved © 2025/ 2026 |
, Page |2
Ans: 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?
Ans: TRUE
Which office assigns the bonds rating?
Ans: SVO (Securities Valuation Office)
What is Combined Ratio?
Ans: Loss Incurred + Loss Expense / Earned Premium
What are General Interrogatories?
Ans: General questions about the Company.
Financials: what is Schedule P include?
Ans: Incurred & open losses
What does NAIC stand for?
All rights reserved © 2025/ 2026 |
, Page |3
Ans: National Association of Insurance Commissioners
What countries are included on AM Best report?
Ans: US and Canada
Where can you find a list of alien companies and Lloyd syndicates with
city/country of domicile?
Ans: International Insurers Department Plan of Operation.
What does IRIS stand for?
Ans: 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
Ans: B, January 1, 2012
All rights reserved © 2025/ 2026 |
, Page |4
Where/when should the registry stamp be placed on documents to be
delivered to the insured?
Ans: Every contract, including binder, on the face of the policy.
SLB required to initial next to statement.
WA Surplus Lines Stamp should read:
Ans: "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?
Ans: 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
All rights reserved © 2025/ 2026 |
WA Surplus Lines Broker Exam/WA
Surplus Lines Broker Exam 2025,
Washington insurance exam, surplus lines
licensing, broker compliance WA,
underwriting and placement, WA broker
test, verified answers Questions and
Correct Answers/ Latest Update / Already
Graded
When are you required to file premium tax return for the previous
calendar year by?
Ans: March 1st
What does statutory accounting mean?
Ans: 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.
Ans: 1 & 2
What does IBNR stand for?
All rights reserved © 2025/ 2026 |
, Page |2
Ans: 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?
Ans: TRUE
Which office assigns the bonds rating?
Ans: SVO (Securities Valuation Office)
What is Combined Ratio?
Ans: Loss Incurred + Loss Expense / Earned Premium
What are General Interrogatories?
Ans: General questions about the Company.
Financials: what is Schedule P include?
Ans: Incurred & open losses
What does NAIC stand for?
All rights reserved © 2025/ 2026 |
, Page |3
Ans: National Association of Insurance Commissioners
What countries are included on AM Best report?
Ans: US and Canada
Where can you find a list of alien companies and Lloyd syndicates with
city/country of domicile?
Ans: International Insurers Department Plan of Operation.
What does IRIS stand for?
Ans: 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
Ans: B, January 1, 2012
All rights reserved © 2025/ 2026 |
, Page |4
Where/when should the registry stamp be placed on documents to be
delivered to the insured?
Ans: Every contract, including binder, on the face of the policy.
SLB required to initial next to statement.
WA Surplus Lines Stamp should read:
Ans: "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?
Ans: 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
All rights reserved © 2025/ 2026 |
