1|Page
WA Surplus Lines Broker Exam 2025,
Washington insurance exam, surplus lines
licensing, broker compliance WA, underwriting
and placement, WA broker test, verified answers
(Insurance Regulation: Licensing Process) An applicant for
a Broker's license must first be licensed as what? -
.....ANSWER ...✔✔ a Property & Casualty Producer
and maintain their Producer's license
(Insurance Regulation: Licensing Process) What
requirements need to be met to qualify for a license? -
.....ANSWER ...✔✔ 1. Successfully pass the South
Carolina broker licensing examination
2. Pay a biennial license fee
3. File a bond with the Department of Insurance
(Insurance Regulation: Licensing Process) Insurance
broker defined - .....ANSWER ...✔✔ An individual
licensed by the Director of Insurance to represent citizens
of this State in placing their insurance.
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(Insurance Regulation: Licensing Process) Where may an
insurance broker place insurance? - .....ANSWER
...✔✔ Either with an eligible surplus lines insurer or
with a licensed insurance agent with an insurance carrier
licensed in this State
(Insurance Regulation: Licensing Process) What are the
requirements for a resident to be licensed as an
insurance broker? - .....ANSWER ...✔✔ 1. Be licensed
as a resident proeprty and casualty insurance producer
2. Pass the South Carolina broker licensing examination
with a score of at least 70%
3. Pay a biennial license fee of $200
4. File a surety bond in favor of South Carolina of
$10,000
(Insurance Regulation: Licensing Process) What is the
other option for a broker instead of filing a surety
bond? - .....ANSWER ...✔✔ The broker may file with
the department of insurance certificates of deposit of
$10,000 an approved financial institution located within
the State, guaranteed by the Federal Savings and Loan
Insurance Corporation (FSLIC) or by the Federal Deposit
Insurance Corporation (FDIC).
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(Insurance Regulation: Licensing Process) If filing with the
department of insurance certificates the bond must be
conditioned to do what? - .....ANSWER ...✔✔ To pay
a person insured or seeking insurance through the broker
who sustains loss as a result of:
1. the broker's violation of or failure to comply with an
insurance law or regulation of this State
b. the broker's failure to transmit properly a payment
received by him, cash or credit, for transmission to an
insurer or an insured; or
c. an act of fraud committed by the broker in connection
with an insurance transaction
(Insurance Regulation: Licensing Process) What right does
an aggrieved person have? - .....ANSWER ...✔✔
Institute an action in the county of his residence against
the broker or his surety, or both, to recover on the bond
or against the broker to recover from the certificates of
deposit, and a copy of the summons and complaint in the
action must be served on the director, who is not
required to be made a party to the action
(Insurance Regulation: Licensing Process) What
obligation does a broker have for insurers not licensed
in this State? - .....ANSWER ...✔✔ The licensed Broker
must pay to the department, within 30 days after March
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31st, June 30th, September 30th, and December 31st of
each year, the broker's premium tax rate upon
premiums. In computing total premiums, return premiums
on risks and dividends paid or credited to policyholders
are excluded. The credit must be refunded to the
policyholder.
(Insurance Regulation: Licensing Process) Reciprocal
Agreements - .....ANSWER ...✔✔ Director may enter
into reciprocal agreements with the insurance
commissioners of other states in regard to licensing of
nonresident brokers, if the applicant for the license
meets the minimum statutory requirements of this State
for the issuance of a broker's license. However, the
director may not enter into or continue any reciprocal
agreement unless the other state is as liberal as this
State in licensing nonresident brokers
(Insurance Regulation: Licensing Process) What are the
requirements for nonresident to be licensed as an
insurance broker? - .....ANSWER ...✔✔ 1. File an
application on a form prescribed by the director
2. File an affidavit stating he will not place, insurance on
a risk located in this State except through licensed
agents of insurers licensed to do business in this State
3. File a letter of certification less than 90 days old from
the broker's home state indicating that the applicant is
WA Surplus Lines Broker Exam 2025,
Washington insurance exam, surplus lines
licensing, broker compliance WA, underwriting
and placement, WA broker test, verified answers
(Insurance Regulation: Licensing Process) An applicant for
a Broker's license must first be licensed as what? -
.....ANSWER ...✔✔ a Property & Casualty Producer
and maintain their Producer's license
(Insurance Regulation: Licensing Process) What
requirements need to be met to qualify for a license? -
.....ANSWER ...✔✔ 1. Successfully pass the South
Carolina broker licensing examination
2. Pay a biennial license fee
3. File a bond with the Department of Insurance
(Insurance Regulation: Licensing Process) Insurance
broker defined - .....ANSWER ...✔✔ An individual
licensed by the Director of Insurance to represent citizens
of this State in placing their insurance.
,2|Page
(Insurance Regulation: Licensing Process) Where may an
insurance broker place insurance? - .....ANSWER
...✔✔ Either with an eligible surplus lines insurer or
with a licensed insurance agent with an insurance carrier
licensed in this State
(Insurance Regulation: Licensing Process) What are the
requirements for a resident to be licensed as an
insurance broker? - .....ANSWER ...✔✔ 1. Be licensed
as a resident proeprty and casualty insurance producer
2. Pass the South Carolina broker licensing examination
with a score of at least 70%
3. Pay a biennial license fee of $200
4. File a surety bond in favor of South Carolina of
$10,000
(Insurance Regulation: Licensing Process) What is the
other option for a broker instead of filing a surety
bond? - .....ANSWER ...✔✔ The broker may file with
the department of insurance certificates of deposit of
$10,000 an approved financial institution located within
the State, guaranteed by the Federal Savings and Loan
Insurance Corporation (FSLIC) or by the Federal Deposit
Insurance Corporation (FDIC).
,3|Page
(Insurance Regulation: Licensing Process) If filing with the
department of insurance certificates the bond must be
conditioned to do what? - .....ANSWER ...✔✔ To pay
a person insured or seeking insurance through the broker
who sustains loss as a result of:
1. the broker's violation of or failure to comply with an
insurance law or regulation of this State
b. the broker's failure to transmit properly a payment
received by him, cash or credit, for transmission to an
insurer or an insured; or
c. an act of fraud committed by the broker in connection
with an insurance transaction
(Insurance Regulation: Licensing Process) What right does
an aggrieved person have? - .....ANSWER ...✔✔
Institute an action in the county of his residence against
the broker or his surety, or both, to recover on the bond
or against the broker to recover from the certificates of
deposit, and a copy of the summons and complaint in the
action must be served on the director, who is not
required to be made a party to the action
(Insurance Regulation: Licensing Process) What
obligation does a broker have for insurers not licensed
in this State? - .....ANSWER ...✔✔ The licensed Broker
must pay to the department, within 30 days after March
, 4|Page
31st, June 30th, September 30th, and December 31st of
each year, the broker's premium tax rate upon
premiums. In computing total premiums, return premiums
on risks and dividends paid or credited to policyholders
are excluded. The credit must be refunded to the
policyholder.
(Insurance Regulation: Licensing Process) Reciprocal
Agreements - .....ANSWER ...✔✔ Director may enter
into reciprocal agreements with the insurance
commissioners of other states in regard to licensing of
nonresident brokers, if the applicant for the license
meets the minimum statutory requirements of this State
for the issuance of a broker's license. However, the
director may not enter into or continue any reciprocal
agreement unless the other state is as liberal as this
State in licensing nonresident brokers
(Insurance Regulation: Licensing Process) What are the
requirements for nonresident to be licensed as an
insurance broker? - .....ANSWER ...✔✔ 1. File an
application on a form prescribed by the director
2. File an affidavit stating he will not place, insurance on
a risk located in this State except through licensed
agents of insurers licensed to do business in this State
3. File a letter of certification less than 90 days old from
the broker's home state indicating that the applicant is
