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WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE EXAM ACTUAL EXAM AND PRACTICE EXAM LATEST COMPLETE 350 QUESTIONS AND CORRECT ANSWERS ALREADY GRADED A+

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WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE EXAM ACTUAL EXAM AND PRACTICE EXAM LATEST COMPLETE 350 QUESTIONS AND CORRECT ANSWERS ALREADY GRADED A+

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WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE
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Institución
WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE
Grado
WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE

Información del documento

Subido en
16 de julio de 2024
Número de páginas
88
Escrito en
2023/2024
Tipo
Examen
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Page 1 of 88 1 WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE EXAM ACTUAL EXAM AND PRACTICE EXAM LATEST 2024 -2025 COMPLETE 350 QUESTIONS AND CORRECT ANSWERS ALREADY GRADED A+ WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE ACTUAL PRACTICE EXAM Authorized Insurer - ANSWER -An insurer that has qualified a nd received a Certificate of Authority from the Department of Insurance to transact insurance in the state. Contact adhesion - ANSWER -the accepter of the contract must "adhere" to the written contract inducement - ANSWER -An action aimed at persuading insolvent - ANSWER -Bankrupt; unable to pay debts. Transacting Insurance - ANSWER -Conducting insurance business, such as soliciting or negotiating to buy or sell an insurance policy. Unauthorized Insurer - ANSWER -Is held personally liable. Each violation is separate and can result in suspension, revocatio n of license, and a min fine of $25,000. (Class B Felony) When would a commissioner order a replacement policy? - ANSWER -When a unauthorized insurer improperly placed a policy. Would be replaced by a policy with a legal insurer. Page 2 of 88 2 Surplus Lines - ANSWER -Insurance that is not available or offered in the regular marketplace from admitted insurers. Insurance Commissioner (IOC) - ANSWER -State elected term of 4 years. insurance Commissioner duties - ANSWER --Protects the Public from unfair trade practices - Examinations/investigations - Hearings - Cease and Desist orders - Public information - Appoints Dep. Chief Commissioner - How often must the Insurance Commissioner examine companies? - ANSWER -As often as deemed necessary, but MUST be done every 5 years Receiving Written Notice from Commissioner - ANSWER -the person must respond within 90 days. if not made the request is considered waved. Notice of Hearing - ANSWER -- must state grounds of hearing (can be written demand by aggrieved person) Page 3 of 88 3 - Right to reque st administrative law judge Licence Suspension Hearing - ANSWER -Commissioner must hold a hearing within 90 days. Insurance Producer - ANSWER -A person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. - Must be 18+ - has not had a license denied, suspended, or revoked - completed Pre -licensing/ exams - paid fee(s) - Fingerprinted/ background check Fair Credit Act: Prohibited Info - ANSWER -- Bankruptcy more then 10 years - 150,000 or less in credit transactions - civil suits, records of arrest/convictions/crimes - any negative information older that 7 years Unlawful Insurance Fraud - ANSWER -May be fined, imprisoned for up to 10 years or both . if they endanger a accompanied insurer up to 15 years. * if the embezzlement amount is less then $5,000 prison time may be reduced to 1 year. Page 4 of 88 4 1033 waiver - ANSWER -a personal convicted of a felony may apply for a ____ to transact insurance business. cannot be 50k+ for each violation. Unilateral Contract - ANSWER -promise in exchange for an act (NFIP) National Flood Insurance Program - ANSWER -Identifies floodplains and maps thr u FEMA. the community must meet the federal requirements and must purchase within 1 year after becoming available. *- structures must have two solid walls and a roof. be partially above ground, and not entirely over water. (WYO) Write Your Own insurance program - ANSWER -the same insurance you would receive in the NFIP...non risk baring though the FIA NFIP National Flood Insurance Program Limits - ANSWER -Single Family: Building -$250,000. Contents - $100,000 Other Residential: Building - $250,000. Contents - $100,000 Small Businesses: Building - $500,000 Contents: $500,000 Other Non Residential: Building - $500,000 Contents - $500,000
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