WA Law Rules and Regulations Test |

WALAWRULESAND s s s




REGULATIONSTESTWITH
s s s




VERIFEDSOLUTIONS s s




scope nof ncode n- ncorrect nanswer-All ninsurance nand ninsurance ntransactions nin nthis
s s s s s s s s s s s




nstate.
s




Public nInterest n- ncorrect nanswer-The nbusiness nof ninsurance nis none naffected nby
s s s s s s s s s s s




npublic ninterest. nAll nperson nshould nact nin ngood nfaith nand nabstain nfrom ndeception.
s s s s s s s s s s s s s




Examine nof nRecords n- ncorrect nanswer-IC nshall nexamine neach ninsurer nholding na
s s s s s s s s s s s




ncertificate,rating norganizations nand nexamining nbureaus nat nleast nevery n5 nyears. n
s s s s s s s s s s s




IC nmay naccept nan naudit nof nout nof nstate ninsurers nfrom ntheir nstate nof ndomicile nor
s s s s s s s s s s s s s s s




nport-of-entry nstate.
s s




IC nmay nexamine ninsurance nproducers, nadjusters nor ntitle ninsurance nagents nor na
s s s s s s s s s s s




nperson nholding nshares nor nproxies nof ndomestic ninsurers nfor nthe npurpose nof ncontrol
s s s s s s s s s s s s s




nof nits nmanagement.
s s s




IC nshall nmaintain nrecords nfor npublic ninspection. n(Trade nsecrets nare nexcepted.)
s s s s s s s s s s




Unlicensed nactivities n- ncorrect nanswer-Unlicensed nactivities nare na nClass nB nfelony n-
s s s s s s s s s s s




na nfine nof nup nto n$20,000 nand n10 nyears nimprisonment.
s s s s s s s s s s




Civil nPenalties n- nIssue na ncease nand ndesist, nsuspend nor nrevoke, nor nfine
s s s s s s s s s s s s




n$25,000/violation.
s




Rates n& nForms n- ncorrect nanswer-Most npolicies nmust nbe nfiled nat nleast n30 ndays
s s s s s s s s s s s s s




nbefore nuse nwith nthe nIC. n
s s s s s s




If nno naction nhas nbeen ntaken nby nthe nIC, nthe npolicy nwill nbe ndeemed napproved.
s s s s s s s s s s s s s s




Insurance nTransaction n- ncorrect nanswer-Solicitation s s s s




Negotiations
executions
transactions
insuring

, Scope nof nCode npenalties n- ncorrect nanswer-person nviolating nany nprovision nof nthis
s s s s s s s s s s s




ncode nguilty nof na nmisdemeanor nand nupon nconviction nbe nfined nno nless nthan n$10-
s s s s s s s s s s s s s s




$1000, nimprisonment nnor nmore nthe n364 ndays, nor nboth
s s s s s s s s




Authorized nInsurer n- ncorrect nanswer-must nhave na ncertificate nstating: s s s s s s s s




Insurer nname s




Location nof nprincipal noffice s s s




Kinds nof ninsurance nauthorized nto ntransact nin nthis nstate
s s s s s s s s




Unauthorized nInsuer n- ncorrect nanswer-is nnot nconsidered nan ninsurance ntransaction. s s s s s s s s s




sn


Doing nbusiness nas nan nunauthorized ninsurer nmy nresult nin na nfine nof n$25,000.
s s s s s s s s s s s s




The nIC nmay nenforce nthe nlaw neven nif: n- ncorrect nanswer-the nlicensed nhas nlapsed:
s s s s s s s s s s s s s




A nrevoked/suspended nlicense nmust nbe nsurrendered.
s s s s s




The nIC nmay nplace nprovisions non: n- ncorrect nanswer-regular nreports
s s s s s s s s s




the npractice nto nbe nlimited
s s s s




Renewal nof nCE ncredits s s s




What nwill nhappen nif nmangers ndon't nreport nviolations? n- ncorrect nanswer-license nmy
s s s s s s s s s s s




nbe nrevoked
s s




A nlicense nshall nbe nsuspended: n- ncorrect nanswer-for nnon-compliance nof na nDSHS
s s s s s s s s s s s




norder
s




Suspension npenalities n- ncorrect nanswer-May nnot nexceed n12 nmonths n& nfine nshall s s s s s s s s s s s




nbe nno nmore nthan n$1000 nper nviolation. nMust nbe npaid nwithin n30 ndays.
s s s s s s s s s s s s s




What nis nInsurance, nInsurer, n& nIssuer? n- ncorrect nanswer-Insurance: none nthat
s s s s s s s s s s




nindemnify's nanother nor npays nan namount nfor na nfuture nincident.
s s s s s s s s s s




Insurer: nevery nperson nthat ncreates ninsurance ncontracts.
s s s s s s




Issuer- ninsurer nissuing npolicies. s s s




Insurance nContract n- ncorrect nanswer-Solicitation, nNegotiation, nExecution, s s s s s s




nTransaction, nand nInsuring
s s s




What nis nDomestic, nForeign, n& nAlien ninsurance n- ncorrect nanswer-Formed nunder nthe
s s s s s s s s s s s




nlaws nof:
s s




the nstate n(domestic)
s s




another nState n(foreign) s s




another ncountry n(alien) s s




Who nis nrequired nto nbe nlicensed? n- ncorrect nanswer-Anyone nwanting nto nsell,
s s s s s s s s s s s




nsolicitate, nor nnegotiate ninsurance. nA nperson nmust nbe n18 nyears nold nto nbe
s s s s s s s s s s s s s




nlicensed.
s