Washington State Property & Casualty Insurance
Exam 2 0 2 6 - 2 0 2 7 \ N E W E S T
VERSION WITH COMPLETE
QUESTIONS AND CORRECT
DETAILED ANSWERS \VERIFIED
100% ALREADY GRADED A+
Business Entity Affiliates
A business must have AT LEAST 1 affiliated individual license
to transact insurance
If business Entity Affiliate is terminated
The commissioner must receive notice within 30 days of
termination.
Renewal
The initial licenses are valid from the date that they are issued
until the last day of the licensee's birth month.
,Renewal Fees for Licences
(Every 2
years)
Producer
- $55
Limited insurance- $20
Surplus lines
broker- $20
Ajuster- $50
Late Fees:
30 days: 50% of renewal
31-60 days: 100%
61-12 months 200% (12+ months must restart licensing process)
Continuing Education (CE)
Every 2 years. 24 hours total, 3
hours in ethics. must hold on to
certificate for 3 years
Change of Address
Must contact commissioner within 30 days. this includes a
change of residence, mailing, business, or email
,Reporting of Actions
You must report to the commissioner within 30 days of any
administrative action taken on them by another
jurisdiction or governmental agency
Convicted of a felony
Commissioner may revoke or refuse insurers licenses
immediately. Within 15 days may revoke a ordered licence
or by ordering a hearing within 10 days.
Suspended license period
up to 12 months
Guilty of violations
each fine of up to $1,000, must be paid within 15-30 days
Place of Business Requirements
Must be accessible to the public. Does not apply to life and
disability insurance.
Record Retention
Requires insurer to maintain records for 5 years.
(DRPL) Designated Responsible Licensed Person
, Responsible for insurers compliance with insurance laws/ rules
Misrepresentation
Materials that are false, misleading, or deceptive of policy
benefits, terms, payment of dividends. Also includes oral
statements.
Knowingly committing this is considered a gross
misdemeanor, and licences can be revoked
False Advertising
Advertising that is misleading, deceptive, and untrue.
Ex: newspaper add with untrue statements about terms and
benefits of a policy.
Rebating
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.
It May not exceed $100 per person in a 12 month period.
Inducement
illegal action. referring to rebating to have someone purchase
Exam 2 0 2 6 - 2 0 2 7 \ N E W E S T
VERSION WITH COMPLETE
QUESTIONS AND CORRECT
DETAILED ANSWERS \VERIFIED
100% ALREADY GRADED A+
Business Entity Affiliates
A business must have AT LEAST 1 affiliated individual license
to transact insurance
If business Entity Affiliate is terminated
The commissioner must receive notice within 30 days of
termination.
Renewal
The initial licenses are valid from the date that they are issued
until the last day of the licensee's birth month.
,Renewal Fees for Licences
(Every 2
years)
Producer
- $55
Limited insurance- $20
Surplus lines
broker- $20
Ajuster- $50
Late Fees:
30 days: 50% of renewal
31-60 days: 100%
61-12 months 200% (12+ months must restart licensing process)
Continuing Education (CE)
Every 2 years. 24 hours total, 3
hours in ethics. must hold on to
certificate for 3 years
Change of Address
Must contact commissioner within 30 days. this includes a
change of residence, mailing, business, or email
,Reporting of Actions
You must report to the commissioner within 30 days of any
administrative action taken on them by another
jurisdiction or governmental agency
Convicted of a felony
Commissioner may revoke or refuse insurers licenses
immediately. Within 15 days may revoke a ordered licence
or by ordering a hearing within 10 days.
Suspended license period
up to 12 months
Guilty of violations
each fine of up to $1,000, must be paid within 15-30 days
Place of Business Requirements
Must be accessible to the public. Does not apply to life and
disability insurance.
Record Retention
Requires insurer to maintain records for 5 years.
(DRPL) Designated Responsible Licensed Person
, Responsible for insurers compliance with insurance laws/ rules
Misrepresentation
Materials that are false, misleading, or deceptive of policy
benefits, terms, payment of dividends. Also includes oral
statements.
Knowingly committing this is considered a gross
misdemeanor, and licences can be revoked
False Advertising
Advertising that is misleading, deceptive, and untrue.
Ex: newspaper add with untrue statements about terms and
benefits of a policy.
Rebating
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.
It May not exceed $100 per person in a 12 month period.
Inducement
illegal action. referring to rebating to have someone purchase
