Washington State Property & Casualty Insurance Exam Questions
with Answers 100% Pass
Authorized Insurer - ANSWER -An insurer
that has qualified and received a Certificate of Surplus Lines - ANSWER -Insurance that is
Authority from the Department of Insurance to not available or offered in the regular
transact insurance in the state. marketplace from admitted insurers.
Contact adhesion - ANSWER -the accepter Insurance Commissioner (IOC) -
of the contract must "adhere" to the written ANSWER -State elected term of 4 years.
contract
insurance Commissioner duties -
inducement - ANSWER -An action aimed at ANSWER --Protects the Public from unfair
persuading trade practices
- Examinations/investigations
- Hearings
- Cease and Desist orders
insolvent - ANSWER -Bankrupt; unable to - Public information
pay debts. - Appoints Dep. Chief Commissioner
-
Transacting Insurance - ANSWER -
Conducting insurance business, such as How often must the Insurance Commissioner
soliciting or negotiating to buy or sell an examine companies? - ANSWER -As often
insurance policy. as deemed necessary, but MUST be done every
5 years
Unauthorized Insurer - ANSWER -Is held
personally liable. Each violation is separate and Receiving Written Notice from Commissioner -
can result in suspension, revocation of license, ANSWER -the person must respond within
and a min fine of $25,000. (Class B Felony) 90 days. if not made the request is considered
waved.
When would a commissioner order a
replacement policy? - ANSWER -When a Notice of Hearing - ANSWER -- must state
unauthorized insurer improperly placed a policy. grounds of hearing (can be written demand by
Would be replaced by a policy with a legal aggrieved person)
insurer. - Right to request administrative law judge
,Washington State Property & Casualty Insurance Exam Questions
with Answers 100% Pass
or themself but do not conduct the solicitation,
Licence Suspension Hearing - ANSWER - sale, negotiation of insurance.
Commissioner must hold a hearing within 90
days.
Appointing a insurance producer -
ANSWER -- notice of appointment within 15
Insurance Producer - ANSWER -A person days
required to be licensed under the laws of this - Commissioner will verify within 15 days
state to sell, solicit, or negotiate insurance. - if deemed ineligible commissioner will notify
- Must be 18+ within 10 days
- has not had a license denied, suspended, or
revoked If approved it must e renewed every 2 years, and
- completed Pre-licensing/ exams will receive notice within 60 days of the renewal
- paid fee(s) date.
- Fingerprinted/ background check
Business Entity Affiliates - ANSWER -A
FINRA (Financial Industry Regulatory Authority) - business must have AT LEAST 1 affiliated
ANSWER -solicits licences for variable life individual licence to transact insurance
and variable annuity
If business Entity Affiliate is terminated -
Temporary Insurance Producers Licence - ANSWER -The commissioner must receive
ANSWER -Commissioner may issue temp. notice within 30 days of termination.
license for a max of 180 days. usually in event of
producers recovery, sale of a business, training
and licencing of new personal to operate a
business. Renewal - ANSWER -The initial licenses
are valid from the date that they are issued until
the last day of the licensee's birth month.
Non-Resident Producer - ANSWER -a
producer who lives (domicile) and conducts
business from another state other than Renewal Fees for Licences - ANSWER -
Washington. Will receive a non resident (Every 2 years)
producers license. Producer- $55
Limited insurance- $20
Surplus lines broker- $20
Ajuster- $50
When is a insurance license exempt? -
ANSWER -When they work at a company Late Fees:
, Washington State Property & Casualty Insurance Exam Questions
with Answers 100% Pass
30 days: 50% of renewal
31-60 days: 100% Place of Business Requirements -
61-12 months 200% (12+ months must restart ANSWER -Must be accessible to the public.
licensing process) Does not apply to life and disability insurance.
Continuing Education (CE) - ANSWER - Record Retention - ANSWER -Requires
Every 2 years. 24 hours total, 3 hours in ethics. insurer to maintain records for 5 years.
must hold on to certificate for 3 years
(DRPL) Designated Responsible Licensed
Change of Address - ANSWER -Must Person - ANSWER -Responsible for
contact commissioner within 30 days. this insurers compliance with insurance laws/ rules
includes a change of residence, mailing,
business, or email
Misrepresentation - ANSWER -Materials
that are false, misleading, or deceptive of policy
Reporting of Actions - ANSWER -You must benefits, terms, payment of dividends. Also
report to the commissioner within 30 days of any includes oral statements.
administrative action taken on them by another
jurisdiction or governmental agency Knowingly committing this is considered a gross
misdemeanor, and licences can be revoked
Convicted of a felony - ANSWER -
Commissioner may revoke or refuse insurers False Advertising - ANSWER -Advertising
licenses immediately. Within 15 days may revoke that is misleading, deceptive, and untrue.
a ordered licence or by ordering a hearing within
10 days. Ex: newspaper add with untrue statements about
terms and benefits of a policy.
Suspended license period - ANSWER -up
to 12 months Rebating - ANSWER -the practice of giving
an individual a premium reduction or some other
financial advantage not stated in the policy as an
inducement to purchase the policy.
Guilty of violations - ANSWER -each fine of
up to $1,000, must be paid within 15-30 days It May not exceed $100 per person in a 12 month
period.
with Answers 100% Pass
Authorized Insurer - ANSWER -An insurer
that has qualified and received a Certificate of Surplus Lines - ANSWER -Insurance that is
Authority from the Department of Insurance to not available or offered in the regular
transact insurance in the state. marketplace from admitted insurers.
Contact adhesion - ANSWER -the accepter Insurance Commissioner (IOC) -
of the contract must "adhere" to the written ANSWER -State elected term of 4 years.
contract
insurance Commissioner duties -
inducement - ANSWER -An action aimed at ANSWER --Protects the Public from unfair
persuading trade practices
- Examinations/investigations
- Hearings
- Cease and Desist orders
insolvent - ANSWER -Bankrupt; unable to - Public information
pay debts. - Appoints Dep. Chief Commissioner
-
Transacting Insurance - ANSWER -
Conducting insurance business, such as How often must the Insurance Commissioner
soliciting or negotiating to buy or sell an examine companies? - ANSWER -As often
insurance policy. as deemed necessary, but MUST be done every
5 years
Unauthorized Insurer - ANSWER -Is held
personally liable. Each violation is separate and Receiving Written Notice from Commissioner -
can result in suspension, revocation of license, ANSWER -the person must respond within
and a min fine of $25,000. (Class B Felony) 90 days. if not made the request is considered
waved.
When would a commissioner order a
replacement policy? - ANSWER -When a Notice of Hearing - ANSWER -- must state
unauthorized insurer improperly placed a policy. grounds of hearing (can be written demand by
Would be replaced by a policy with a legal aggrieved person)
insurer. - Right to request administrative law judge
,Washington State Property & Casualty Insurance Exam Questions
with Answers 100% Pass
or themself but do not conduct the solicitation,
Licence Suspension Hearing - ANSWER - sale, negotiation of insurance.
Commissioner must hold a hearing within 90
days.
Appointing a insurance producer -
ANSWER -- notice of appointment within 15
Insurance Producer - ANSWER -A person days
required to be licensed under the laws of this - Commissioner will verify within 15 days
state to sell, solicit, or negotiate insurance. - if deemed ineligible commissioner will notify
- Must be 18+ within 10 days
- has not had a license denied, suspended, or
revoked If approved it must e renewed every 2 years, and
- completed Pre-licensing/ exams will receive notice within 60 days of the renewal
- paid fee(s) date.
- Fingerprinted/ background check
Business Entity Affiliates - ANSWER -A
FINRA (Financial Industry Regulatory Authority) - business must have AT LEAST 1 affiliated
ANSWER -solicits licences for variable life individual licence to transact insurance
and variable annuity
If business Entity Affiliate is terminated -
Temporary Insurance Producers Licence - ANSWER -The commissioner must receive
ANSWER -Commissioner may issue temp. notice within 30 days of termination.
license for a max of 180 days. usually in event of
producers recovery, sale of a business, training
and licencing of new personal to operate a
business. Renewal - ANSWER -The initial licenses
are valid from the date that they are issued until
the last day of the licensee's birth month.
Non-Resident Producer - ANSWER -a
producer who lives (domicile) and conducts
business from another state other than Renewal Fees for Licences - ANSWER -
Washington. Will receive a non resident (Every 2 years)
producers license. Producer- $55
Limited insurance- $20
Surplus lines broker- $20
Ajuster- $50
When is a insurance license exempt? -
ANSWER -When they work at a company Late Fees:
, Washington State Property & Casualty Insurance Exam Questions
with Answers 100% Pass
30 days: 50% of renewal
31-60 days: 100% Place of Business Requirements -
61-12 months 200% (12+ months must restart ANSWER -Must be accessible to the public.
licensing process) Does not apply to life and disability insurance.
Continuing Education (CE) - ANSWER - Record Retention - ANSWER -Requires
Every 2 years. 24 hours total, 3 hours in ethics. insurer to maintain records for 5 years.
must hold on to certificate for 3 years
(DRPL) Designated Responsible Licensed
Change of Address - ANSWER -Must Person - ANSWER -Responsible for
contact commissioner within 30 days. this insurers compliance with insurance laws/ rules
includes a change of residence, mailing,
business, or email
Misrepresentation - ANSWER -Materials
that are false, misleading, or deceptive of policy
Reporting of Actions - ANSWER -You must benefits, terms, payment of dividends. Also
report to the commissioner within 30 days of any includes oral statements.
administrative action taken on them by another
jurisdiction or governmental agency Knowingly committing this is considered a gross
misdemeanor, and licences can be revoked
Convicted of a felony - ANSWER -
Commissioner may revoke or refuse insurers False Advertising - ANSWER -Advertising
licenses immediately. Within 15 days may revoke that is misleading, deceptive, and untrue.
a ordered licence or by ordering a hearing within
10 days. Ex: newspaper add with untrue statements about
terms and benefits of a policy.
Suspended license period - ANSWER -up
to 12 months Rebating - ANSWER -the practice of giving
an individual a premium reduction or some other
financial advantage not stated in the policy as an
inducement to purchase the policy.
Guilty of violations - ANSWER -each fine of
up to $1,000, must be paid within 15-30 days It May not exceed $100 per person in a 12 month
period.
