CH.19 WASHINGTON LAWS AND RULES PERTINENT TO INSURANCE PRACTICE QUESTIONS WITH DETAILED ANSWERS // 100% GUARANTEED PASS A+ GRADED
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Course
WASHINGTON LAWS AND RULES PERTINENT TO INSURANCE
Institution
WASHINGTON LAWS AND RULES PERTINENT TO INSURANCE
Commissioner - ANS The Commissioner of Insurance is the chief officer of the Washington Insurance Department. This is an elected position serving a term of 4 years. The Commissioner also makes rules and regulations to help carry out the provisions of the Washington insurance code.
Hearing - ...
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CH.19 WASHINGTON LAWS AND
RULES PERTINENT TO
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INSURANCE PRACTICE
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QUESTIONS WITH DETAILED
ANSWERS // 100%
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GUARANTEED PASS
A+ GRADED
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, Commissioner - ANS The Commissioner of Insurance is the chief officer of the
Washington Insurance Department. This is an elected position serving a term of 4
years. The Commissioner also makes rules and regulations to help carry out the
provisions of the Washington insurance code.
Hearing - ANS The Commissioner may hold a hearing whenever deemed necessary.
All hearings must be held or refused within 30 days after the Commissioner receives
demand. The Commissioner must give notice of the time and place of a hearing at least
10 days in advance.
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Penalties - ANS After the hearing, the Commissioner can impose a fine of up to
$1,000 for each violation upon any person who violates the Washington insurance code.
Cease and Desist - ANS The Commissioner can issue a cease and desist order to
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anyone violating the Washington insurance code.
Rates and Forms - ANS All insurance policy forms, applications, riders, or
endorsements must be filed with and approved by the Commissioner before they can be
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used.
Insurance - ANS Insurance is a contract in which one party (the insurer) agrees, for a
consideration (premiums), to pay the other (the insured) a specified amount upon
determinable contingencies.
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Insurer - ANS An insurer is anyone in the business of making insurance contracts
other than a fraternal benefit society.
Premium - ANS A premium is consideration or payment for insurance coverage.
Premiums are sometimes called assessments, policy fees, or service fees.
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Policy - ANS A policy is a written contract for insurance, including all clauses, riders,
endorsements, and attached papers.
Insurance Producer - ANS An individual who in any manner sells, solicits, or
negotiates insurance on behalf of insurance companies for compensation is an
insurance producer.
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