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WA Surplus Lines Broker Exam Question & Answers 2024
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WA Surplus Lines Broker Exam Question& Answers 2024
When are you required to file premium tax return for the previous
calendar year by? - Correct Answers ✅March 1st
What does statutory accounting mean? - Correct Answers
✅Rules state that certain assets are non-admitted (don't count) as you
can't pay claims with them.
Bonds rated ___________ and higher are considered investment grade.
- Correct Answers ✅1 & 2
What does IBNR stand for? - Correct Answers ✅Incurred but
not reported
True or false, individuals whose Surplus Line Brokers license was active
and did not have an active affiliation with a business entity are required
to file a premium tax return, even if no business was transacted? -
Correct Answers ✅TRUE
Which office assigns the bonds rating? - Correct Answers ✅SVO
(Securities Valuation Office)
What is Combined Ratio? - Correct Answers ✅Loss Incurred +
Loss Expense / Earned Premium
,WA Surplus Lines Broker Exam Question
& Answers 2024
What are General Interrogatories? - Correct Answers ✅General
questions about the Company.
Financials: what is Schedule P include? - Correct Answers
✅Incurred & open losses
What does NAIC stand for? - Correct Answers ✅National
Association of Insurance Commissioners
What countries are included on AM Best report? - Correct Answers
✅US and Canada
Where can you find a list of alien companies and Lloyd syndicates with
city/country of domicile? - Correct Answers ✅International
Insurers Department Plan of Operation.
What does IRIS stand for? - Correct Answers ✅Insurance
Regulatory Information System ( Exceptional value is BAD or unusual)
When was the WA State regulatory stamp changed?
A. January 30, 1975
,WA Surplus Lines Broker Exam Question
& Answers 2024
B. January 1, 2012
C. March 31, 2000
D. March 1, 2011 - Correct Answers ✅B, January 1, 2012
Where/when should the registry stamp be placed on documents to be
delivered to the insured? - Correct Answers ✅Every contract,
including binder, on the face of the policy. SLB required to initial next to
statement.
WA Surplus Lines Stamp should read: - Correct Answers ✅"This
contract is registered and delivered as a surplus line coverage under the
insurance code of the state of Washington, Title 48 RCW. It is not
protected by any Washington state guaranty association law."
How long must a surplus line broker keep financial records of a foreign
unauthorized insurer? - Correct Answers ✅5 years
RE: 48.18.180 'Stated Premium' which statements are TRUE:
A. Premium shall be inclusive of all fees, charges, premium.
B. Each violation of this statute is a gross misdemeanor
C. If premium on policy differs from binder by less than $10, insurer not
required to notify insured.
D. All of the above - Correct Answers ✅
, WA Surplus Lines Broker Exam Question
& Answers 2024
Max amount of time license can be suspended due to conviction of
felony? - Correct Answers ✅Not to exceed 12 months
When would WA State Insurance Commissioner waive the
examination? - Correct Answers ✅If nonresident person holds
an equivalent surplus lines license in another state.
Which of the following statements are true regarding WAC 284-15
'Solvent Insurer'?
A. Brokers responsibility to substantiate financial condition of foreign
unauthorized insurer
B. Evidence of financial condition must be retained for 5 years
C. Any unauthorized insurer listed on quarterly listing of alien insurers
(NAIC) is deemed adequately documented
D. All of the above - Correct Answers ✅
As specified in RCW 48.15.150, each policy issued to an unauthorized
insurer as a surplus line contract must designate _______ as the person
upon whom service of process may be made.
A. CFO
B. SLB
C. Commissioner
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