Docsity
Docsity

Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity


Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan


Guidelines and tips
Guidelines and tips

Washington State Property & Casualty Insurance Exam: Questions and Answers, Exams of Real Estate Management

A comprehensive set of questions and answers covering various aspects of washington state property & casualty insurance licensing and regulations. it's a valuable resource for those studying for the insurance exam, offering insights into key concepts such as authorized insurers, surplus lines, commissioner duties, licensing requirements, continuing education, and unfair trade practices. The q&a format facilitates effective learning and knowledge retention.

Typology: Exams

2024/2025

Available from 04/23/2025

professionalacademicTutor
professionalacademicTutor šŸ‡ŗšŸ‡ø

3.2

(9)

5.6K documents

1 / 87

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
WASHINGTON STATE PROPERTY & CASULTY INSURANCE
EXAM 2025 LATEST ACTUAL QUESTIONS AND CORRECT
VERIFIED ANSWERS ALREADY GRADED A+ GUARANTEE
PASS BRAND NEW
Authorized Insurer - CORRECT An insurer that has
qualified and received a Certificate of Authority from
the Department of Insurance to transact insurance in
the state.
Contact adhesion - CORRECT the accepter of the
contract must "adhere" to the written contract
inducement - CORRECT An action aimed at
persuading
insolvent - CORRECT Bankrupt; unable to pay debts.
pf3
pf4
pf5
pf8
pf9
pfa
pfd
pfe
pff
pf12
pf13
pf14
pf15
pf16
pf17
pf18
pf19
pf1a
pf1b
pf1c
pf1d
pf1e
pf1f
pf20
pf21
pf22
pf23
pf24
pf25
pf26
pf27
pf28
pf29
pf2a
pf2b
pf2c
pf2d
pf2e
pf2f
pf30
pf31
pf32
pf33
pf34
pf35
pf36
pf37
pf38
pf39
pf3a
pf3b
pf3c
pf3d
pf3e
pf3f
pf40
pf41
pf42
pf43
pf44
pf45
pf46
pf47
pf48
pf49
pf4a
pf4b
pf4c
pf4d
pf4e
pf4f
pf50
pf51
pf52
pf53
pf54
pf55
pf56
pf57

Partial preview of the text

Download Washington State Property & Casualty Insurance Exam: Questions and Answers and more Exams Real Estate Management in PDF only on Docsity!

WASHINGTON STATE PROPERTY & CASULTY INSURANCE EXAM 2025 LATEST ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS ALREADY GRADED A+ GUARANTEE PASS BRAND NEW Authorized Insurer - CORRECT An insurer that has qualified and received a Certificate of Authority from the Department of Insurance to transact insurance in the state. Contact adhesion - CORRECT the accepter of the contract must "adhere" to the written contract inducement - CORRECT An action aimed at persuading insolvent - CORRECT Bankrupt; unable to pay debts.

Transacting Insurance - CORRECT Conducting insurance business, such as soliciting or negotiating to buy or sell an insurance policy. Unauthorized Insurer - CORRECT Is held personally liable. Each violation is separate and can result in suspension, revocation of license, and a min fine of $25,000. (Class B Felony) When would a commissioner order a replacement policy? - CORRECT When a unauthorized insurer improperly placed a policy. Would be replaced by a policy with a legal insurer. Surplus Lines - CORRECT Insurance that is not available or offered in the regular marketplace from admitted insurers. Insurance Commissioner (IOC) - CORRECT State elected term of 4 years.

Notice of Hearing - CORRECT - must state grounds of hearing (can be written demand by aggrieved person)

  • Right to request administrative law judge Licence Suspension Hearing - CORRECT Commissioner must hold a hearing within 90 days. Insurance Producer - CORRECT 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 FINRA (Financial Industry Regulatory Authority) - CORRECT solicits licences for variable life and variable annuity

Temporary Insurance Producers Licence - CORRECT Commissioner may issue temp. 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. Non-Resident Producer - CORRECT a producer who lives (domicile) and conducts business from another state other than Washington. Will receive a non resident producers license. When is a insurance license exempt? - CORRECT When they work at a company or themself but do not conduct the solicitation, sale, negotiation of insurance. Appointing a insurance producer - CORRECT - notice of appointment within 15 days

  • Commissioner will verify within 15 days
  • if deemed ineligible commissioner will notify within 10 days

Ajuster- $ Late Fees: 30 days: 50% of renewal 31 - 60 days: 100% 61 - 12 months 200% (12+ months must restart licensing process) Continuing Education (CE) - CORRECT Every 2 years. 24 hours total, 3 hours in ethics. must hold on to certificate for 3 years Change of Address - CORRECT Must contact commissioner within 30 days. this includes a change of residence, mailing, business, or email Reporting of Actions - CORRECT 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 - CORRECT 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 - CORRECT up to 12 months Guilty of violations - CORRECT each fine of up to $1,000, must be paid within 15-30 days Place of Business Requirements - CORRECT Must be accessible to the public. Does not apply to life and disability insurance. Record Retention - CORRECT Requires insurer to maintain records for 5 years.

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 - CORRECT illegal action. referring to rebating to have someone purchase a policy for a reward. Twisting - CORRECT Misrepresentation for the purpose of inducing a person to purchase, lapse, forfeit, surrender or change an insurance policy. Twisting is an unfair trade practice. Deformation - CORRECT An oral or written statement of insurance policies that persuades a person to engage in insurance. including financial conditions of people or another company.

Excess Charge - CORRECT allowing insurers to charge a reduction fee, overall charges must be reasonable to the value of work. Claimant - CORRECT either the first party, third party or both. can include immediate family members designated by client First Party Claimant - CORRECT The insured is the first party claimant. Ex: Making a claim to your own insurance company Third Party Claimant - CORRECT the opposite party of the first party claimant. Ex: James has a policy with Goosehead (first-party) and gets into an accident, hitting Coles car (third party), cole then makes a claim on James's Goosehead policy.

Fiduciary Capacity - CORRECT When the business a person transacts or the money or property which he handles is not for his own benefit but for another person

  • Agent/producer represents the insurance company
  • Any diversion of funds is considered larceny by embezzlement and will be prosecuted accordingly Separate Account Requirement - CORRECT Withing Fiduciary Capacity: all premium or returned premiums must be accounted for and in a seperate account. (may be intrest barring accounts and held by producer to help with bank fees/charges) Reply to the Insurance Commissioner - CORRECT must be done within 15 days

Display of license - CORRECT each broker and salesperson must display their license customarily where the public can see it Federal Regulations: Fair Credit Reporting Act - CORRECT Purpose is to protect the public. Reports fall into two categories:

  • Consumer
  • Investigative consumer Consumer Reports - CORRECT Written and /or oral statements regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources. investigative consumer reports - CORRECT A report similar to a consumer report, but one that also provides information on the consumer's character,
  • any negative information older that 7 years Unlawful Insurance Fraud - CORRECT 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, prison time may be reduced to 1 year. 1033 waiver - CORRECT a personal convicted of a felony may apply for a ____ to transact insurance business. cannot be 50k+ for each violation. Unilateral Contract - CORRECT promise in exchange for an act (NFIP) National Flood Insurance Program - CORRECT Identifies floodplains and maps thru 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 - CORRECT the same insurance you would receive in the NFIP...non risk baring though the FIA NFIP National Flood Insurance Program Limits - CORRECT Single Family: Building-$250,000. Contents- $100, Other Residential: Building- $250,000. Contents- $100, Small Businesses: Building- $500,000 Contents: $500, Other Non Residential: Building- $500,000 Contents- $500,

Single-family dwelling are automatically provided with replacement cost insurance to ___% of the replacement value maximum allowed under FIP. - CORRECT 80 There is a 30 day waiting period after the applicant has been accepted before the coverage goes into effect except under the following conditions: - CORRECT - first 30 days of a community enters emergency or normal programs. the coverage is applied 12:01am the day after

  • when existing policy is assigned to the property purchaser and at 12:01am after the 5th day the endorsement requests and premium has been mailed for policy. Overinsurance - CORRECT An excessive amount of insurance that would result in overpayment to the insured in the event of a loss.
  • it is prohibited as it violates the principle of indemnity Overinsurance Provision (property insurance) - CORRECT the use of the special provision to cover the cost of repair or replacement of property If an insurer cancels a contract, written notice must be provided to the insured within what a certain period of time. - CORRECT 45 days prior to cancelation *unless from non paid premiums (10 days) Fire Policy Cancelation - CORRECT 5 days prior notice needed medical malpractice insurance - CORRECT a type of liability insurance that covers physicians and other health care professionals for liability claims arising from patient treatment.