1
WA SURPLUS LINES BROKER newest actual
2025/2026 EXAM with complete QUESTIONS &
ANSWERS.verifed/GRADED A
When are you required to file premium tax return for the previous calendar year
by? - (ANSWER)March 1st
What does statutory accounting mean? - (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. -
(ANSWER)1 & 2
What does IBNR stand for? - (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? - (ANSWER)TRUE
Which office assigns the bonds rating? - (ANSWER)SVO (Securities Valuation
Office)
What is Combined Ratio? - (ANSWER)Loss Incurred + Loss Expense / Earned
Premium
, 2
What are General Interrogatories? - (ANSWER)General questions about the
Company.
Financials: what is Schedule P include? - (ANSWER)Incurred & open losses
What does NAIC stand for? - (ANSWER)National Association of Insurance
Commissioners
What countries are included on AM Best report? - (ANSWER)US and Canada
Where can you find a list of alien companies and Lloyd syndicates with
city/country of domicile? - (ANSWER)International Insurers Department Plan of
Operation.
What does IRIS stand for? - (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 - (ANSWER)B, January 1, 2012
, 3
Where/when should the registry stamp be placed on documents to be delivered
to the insured? - (ANSWER)Every contract, including binder, on the face of the
policy. SLB required to initial next to statement.
WA Surplus Lines Stamp should read: - (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? - (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 - (ANSWER)
Max amount of time license can be suspended due to conviction of felony? -
(ANSWER)Not to exceed 12 months
When would WA State Insurance Commissioner waive the examination? -
(ANSWER)If nonresident person holds an equivalent surplus lines license in
another state.
, 4
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 - (ANSWER)
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 - (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 - (ANSWER)B) Insured/Claimant
WA SURPLUS LINES BROKER newest actual
2025/2026 EXAM with complete QUESTIONS &
ANSWERS.verifed/GRADED A
When are you required to file premium tax return for the previous calendar year
by? - (ANSWER)March 1st
What does statutory accounting mean? - (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. -
(ANSWER)1 & 2
What does IBNR stand for? - (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? - (ANSWER)TRUE
Which office assigns the bonds rating? - (ANSWER)SVO (Securities Valuation
Office)
What is Combined Ratio? - (ANSWER)Loss Incurred + Loss Expense / Earned
Premium
, 2
What are General Interrogatories? - (ANSWER)General questions about the
Company.
Financials: what is Schedule P include? - (ANSWER)Incurred & open losses
What does NAIC stand for? - (ANSWER)National Association of Insurance
Commissioners
What countries are included on AM Best report? - (ANSWER)US and Canada
Where can you find a list of alien companies and Lloyd syndicates with
city/country of domicile? - (ANSWER)International Insurers Department Plan of
Operation.
What does IRIS stand for? - (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 - (ANSWER)B, January 1, 2012
, 3
Where/when should the registry stamp be placed on documents to be delivered
to the insured? - (ANSWER)Every contract, including binder, on the face of the
policy. SLB required to initial next to statement.
WA Surplus Lines Stamp should read: - (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? - (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 - (ANSWER)
Max amount of time license can be suspended due to conviction of felony? -
(ANSWER)Not to exceed 12 months
When would WA State Insurance Commissioner waive the examination? -
(ANSWER)If nonresident person holds an equivalent surplus lines license in
another state.
, 4
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 - (ANSWER)
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 - (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 - (ANSWER)B) Insured/Claimant
