WA SURPLUS LINES BROKER EXAM QUESTIONS
AND CORRECT ANSWERS PLUS RATIONALES |
GRADED A+ | VERIFIED ANSWERS | BRAND NEW
VERSION!
Save
Terms in this set (179)
When are you required to March 1st
file premium tax return for
the previous calendar year
by?
What does statutory Rules state that certain assets are non-admitted (don't
accounting mean? count) as you can't pay claims with them.
Bonds rated ___________ and 1&2
higher are considered
investment grade.
What does IBNR stand Incurred but not reported
for?
,True or false, individuals TRUE
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?
Which office assigns the SVO (Securities Valuation Office)
bonds rating?
What is Combined Ratio? Loss Incurred + Loss Expense / Earned Premium
What are General General questions about the Company.
Interrogatories?
Financials: what is Incurred & open losses
Schedule P include?
What does NAIC stand National Association of Insurance Commissioners
for?
What countries are US and Canada
included on AM Best
report?
Where can you find a list International Insurers Department Plan of Operation.
of alien companies and
Lloyd syndicates with
city/country of domicile?
Insurance Regulatory Information System (
What does IRIS stand for?
Exceptional value is BAD or unusual)
, When was the WA State B, January 1, 2012
regulatory stamp
changed?
A. January 30, 1975
B. January 1, 2012
C. March 31, 2000
D. March 1, 2011
Where/when should the Every contract, including binder, on the face of the
registry stamp be placed policy. SLB required to initial next to statement.
on documents to be
delivered to the insured?
"This contract is registered and delivered as a surplus
WA Surplus Lines Stamp line coverage under the insurance code of the state
should read: of Washington, Title 48 RCW. It is not protected by
any Washington state guaranty association law."
How long must a surplus 5 years
line broker keep financial
records of a foreign
unauthorized insurer?
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
AND CORRECT ANSWERS PLUS RATIONALES |
GRADED A+ | VERIFIED ANSWERS | BRAND NEW
VERSION!
Save
Terms in this set (179)
When are you required to March 1st
file premium tax return for
the previous calendar year
by?
What does statutory Rules state that certain assets are non-admitted (don't
accounting mean? count) as you can't pay claims with them.
Bonds rated ___________ and 1&2
higher are considered
investment grade.
What does IBNR stand Incurred but not reported
for?
,True or false, individuals TRUE
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?
Which office assigns the SVO (Securities Valuation Office)
bonds rating?
What is Combined Ratio? Loss Incurred + Loss Expense / Earned Premium
What are General General questions about the Company.
Interrogatories?
Financials: what is Incurred & open losses
Schedule P include?
What does NAIC stand National Association of Insurance Commissioners
for?
What countries are US and Canada
included on AM Best
report?
Where can you find a list International Insurers Department Plan of Operation.
of alien companies and
Lloyd syndicates with
city/country of domicile?
Insurance Regulatory Information System (
What does IRIS stand for?
Exceptional value is BAD or unusual)
, When was the WA State B, January 1, 2012
regulatory stamp
changed?
A. January 30, 1975
B. January 1, 2012
C. March 31, 2000
D. March 1, 2011
Where/when should the Every contract, including binder, on the face of the
registry stamp be placed policy. SLB required to initial next to statement.
on documents to be
delivered to the insured?
"This contract is registered and delivered as a surplus
WA Surplus Lines Stamp line coverage under the insurance code of the state
should read: of Washington, Title 48 RCW. It is not protected by
any Washington state guaranty association law."
How long must a surplus 5 years
line broker keep financial
records of a foreign
unauthorized insurer?
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
