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Chapter 12 - Washington laws Exam Questions and Answers
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Chapter 12 - Washington laws Exam Questions and Answers
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Chapter 12 - Washington lawsA producer's fiduciary responsibility includes which of the following activities?
- Recording the receipt and distribution of premiums due to an insurer
- Properly remunerating persons who furnish leads on prospects
- Providing needed insurance to prospective insureds through any sources that are available
- Guaranteeing payment to insureds for losses covered by policies that the producer sold - Answer -
Recording the receipt and distribution of premiums due to an insurer
Group life insurance policies must include a provision entitling policyholders to grace period of
- 10 days
- 31 days
- 90 days
- 1 year - Answer -31 days
Replacing an insurance policy from one insurer to another based on misrepresentation is called
- Unfair discrimination
- Misrepresentation
- Twisting
,- Rebating - Answer -Twisting
Barry offers Chris his mountain cabin for the weekend to secure his order for his insurance business. This
is an example of
- Bartering
- Rebating
- Reduction
- Twisting - Answer -Rebating
A producer found to have engaged in an unfair method of competition may be
- Charged 30% of the claim as punitive damages
- Barred from seeking an appeal
- Imprisoned for a max of 90 days
- Subject to license suspension or revocation - Answer -Subject to license suspension or revocation
A temporary license is valid for a maximum of __ days.
- 30
- 60
- 90
- 180 - Answer -180
Lapsed individual life insurance may be reinstated at any time within
- 2 years
- 3 years
- 4 years
, - 5 years - Answer -3 years
The renewal period for a producer's license is a
- One-year term
- Two-year term
- Three-year term
- Four-year term - Answer -Two-year term
XYZ Life Insurance company's home office located in Ohio and is incorporated in Ohio. In Washington,
they are considered to be
- Assessment Mutual Company
- Non-Admitted
- Foreign
- Domestic - Answer -Foreign
Replacing an existing life insurance policy with a new one may result in
- Capital gains taxation
- Small business taxation
- An illegal transaction
- A surrender charge - Answer -A surrender charge
The PRIMARY purpose of the Fair Credit Reporting Act is to
- Forewarn an insurer about an applicant's recent bankruptcy
- Protect consumers from insurers who have filed for bankruptcy
- Protect consumers with guidelines regarding credit reporting and distribution
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