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WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE EXAM ACTUAL EXAM AND PRACTICE EXAM LATEST COMPLETE 350 QUESTIONS AND CORRECT ANSWERS ALREADY GRADED A+$18.99
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WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE EXAM ACTUAL EXAM AND PRACTICE EXAM LATEST COMPLETE 350 QUESTIONS AND CORRECT ANSWERS ALREADY GRADED A+
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WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE
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WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE
WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE EXAM ACTUAL EXAM AND PRACTICE EXAM LATEST COMPLETE 350 QUESTIONS AND CORRECT ANSWERS ALREADY GRADED A+
Page 1 of 88 1 WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE EXAM ACTUAL EXAM AND PRACTICE EXAM LATEST 2024 -2025 COMPLETE 350 QUESTIONS AND CORRECT ANSWERS ALREADY GRADED A+ WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE ACTUAL PRACTICE EXAM Authorized Insurer - ANSWER -An insurer that has qualified a nd received a Certificate of Authority from the Department of Insurance to transact insurance in the state. Contact adhesion - ANSWER -the accepter of the contract must "adhere" to the written contract inducement - ANSWER -An action aimed at persuading insolvent - ANSWER -Bankrupt; unable to pay debts. Transacting Insurance - ANSWER -Conducting insurance business, such as soliciting or negotiating to buy or sell an insurance policy. Unauthorized Insurer - ANSWER -Is held personally liable. Each violation is separate and can result in suspension, revocatio n of license, and a min fine of $25,000. (Class B Felony) When would a commissioner order a replacement policy? - ANSWER -When a unauthorized insurer improperly placed a policy. Would be replaced by a policy with a legal insurer. Page 2 of 88 2 Surplus Lines - ANSWER -Insurance that is not available or offered in the regular marketplace from admitted insurers. Insurance Commissioner (IOC) - ANSWER -State elected term of 4 years. insurance Commissioner duties - ANSWER --Protects the Public from unfair trade practices - Examinations/investigations - Hearings - Cease and Desist orders - Public information - Appoints Dep. Chief Commissioner - How often must the Insurance Commissioner examine companies? - ANSWER -As often as deemed necessary, but MUST be done every 5 years Receiving Written Notice from Commissioner - ANSWER -the person must respond within 90 days. if not made the request is considered waved. Notice of Hearing - ANSWER -- must state grounds of hearing (can be written demand by aggrieved person) Page 3 of 88 3 - Right to reque st administrative law judge Licence Suspension Hearing - ANSWER -Commissioner must hold a hearing within 90 days. Insurance Producer - ANSWER -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 Fair Credit Act: Prohibited Info - ANSWER -- Bankruptcy more then 10 years - 150,000 or less in credit transactions - civil suits, records of arrest/convictions/crimes - any negative information older that 7 years Unlawful Insurance Fraud - ANSWER -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 $5,000 prison time may be reduced to 1 year. Page 4 of 88 4 1033 waiver - ANSWER -a personal convicted of a felony may apply for a ____ to transact insurance business. cannot be 50k+ for each violation. Unilateral Contract - ANSWER -promise in exchange for an act (NFIP) National Flood Insurance Program - ANSWER -Identifies floodplains and maps thr u 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 - ANSWER -the same insurance you would receive in the NFIP...non risk baring though the FIA NFIP National Flood Insurance Program Limits - ANSWER -Single Family: Building -$250,000. Contents - $100,000 Other Residential: Building - $250,000. Contents - $100,000 Small Businesses: Building - $500,000 Contents: $500,000 Other Non Residential: Building - $500,000 Contents - $500,000
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