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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.
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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)
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
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
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:
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