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SURPLUS EXAM 2.0 WA REAL EXAM QUESTIONS AND ANSWERS GRADED TO PASS.
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SURPLUS EXAM 2.0 WA REAL EXAM QUESTIONS AND ANSWERS GRADED TO PASS.
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ASCORERS STUVIASURPLUS tEXAM t2.0 tWA tREAL tEXAM tQUESTIONS tAND
t ANSWERS t tGRADED tTO tPASS
In tWashington, twhat ttypes tof tactions tmust tbe treported tby tsurplus tlines
t brokers t t t t...ANSWER... t tSurplus tlines tbrokers tmust treport ttransactions,
t premium ttaxes, tand tany tplacements twith tnon-admitted tinsurers.
How toften tare tsurplus tlines tbrokers trequired tto treport ttransactions tto tthe tstate
t insurance tcommissioner? t t t t...ANSWER... t tSurplus tlines tbrokers tare trequired
t to treport ttransactions tquarterly.
What tis tthe tpurpose tof tsurplus tlines tinsurance tin tWashington tState? t t t
t ...ANSWER... t tSurplus tlines tinsurance tprovides tcoverage tfor tunique,
t complex, tor thigh-risk texposures tthat tare tnot tavailable tin tthe tadmitted tmarket.
How tdoes tsurplus tlines tinsurance tbenefit tconsumers tand tbusinesses tin
t Washington tState? t t t t...ANSWER... t tSurplus tlines tinsurance tallows tconsumers
t and tbusinesses tto tobtain tcoverage tfor trisks tthat tadmitted tinsurers tmay tnot tbe
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t willing tor table tto tcover, tensuring tthat tthey tcan tadequately tprotect ttheir tassets
t and tliabilities.
: tWhat trecords tmust tsurplus tlines tbrokers tmaintain tin tWashington tState? t t t
t ...ANSWER... t tSurplus tlines tbrokers tmust tmaintain trecords tof tall ttransactions,
t including tdocumentation tof tdiligent tsearch tefforts, tdeclinations tfrom tadmitted
t insurers, tand tpolicy tdetails tfor tplaced tcoverage.
For thow tlong tare tsurplus tlines tbrokers trequired tto tmaintain trecords tof
t transactions tin tWashington tState? t t t t...ANSWER... t tSurplus tlines tbrokers
t must tmaintain trecords tof ttransactions tfor tat tleast tfive tyears
What ttypes tof trisks tare teligible tfor tcoverage tin tthe tsurplus tlines tmarket tin
t Washington tState? t t t t...ANSWER... t tRisks teligible tfor tcoverage tin tthe tsurplus
t lines tmarket tinclude tunique, tcomplex, tor thigh-risk texposures tthat tcannot tbe
t adequately tinsured tby tadmitted tinsurers.
What tis tthe tdiligent tsearch trequirement, tand thow tdoes tit trelate tto tcoverage
t eligibility tin tWashington tState? t t t t...ANSWER... t tThe tdiligent tsearch
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t requirement tmandates tthat ta tsurplus tlines tbroker tmust tfirst tattempt tto tplace
t coverage twith tadmitted tinsurers tbefore tseeking tcoverage tin tthe tsurplus tlines
t market. tCoverage tis teligible tfor tthe tsurplus tlines tmarket tif tthe tbroker tcan
t demonstrate tthat tadmitted tinsurers tare tunable tor tunwilling tto tprovide tthe
t necessary tcoverage.
In tthe tcontext tof tWashington tState tsurplus tlines tinsurance, twhat tis tthe
t difference tbetween tan tauthorized tinsurer tand tan tunauthorized tinsurer? t t t
t ...ANSWER... t tAn tauthorized tinsurer tis tlicensed tand tregulated tby tthe tstate
t and tis ta tmember tof tthe tstate tguaranty tfund. tUnauthorized tinsurers, talso
t known tas tnon-admitted tinsurers, tare tnot tsubject tto tthe tsame tregulations tand
t are tnot tmembers tof tthe tstate tguaranty tfund, tbut tthey tcan tprovide tcoverage tfor
t risks tnot tavailable tin tthe tadmitted tmarket.
How tare tpremiums tfor tsurplus tlines tinsurance tpolicies tdetermined tin
t Washington tState? t t t t...ANSWER... t tPremiums tfor tsurplus tlines tpolicies tare
t determined tby tthe tinsurer tbased ton tthe tspecific trisk tcharacteristics, tand tthey
t are tnot tsubject tto tstate trate tregulations.
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What ttype tof tdocument tserves tas tevidence tof tinsurance tfor ta tsurplus tlines
t policy tin tWashington tState? t t t t...ANSWER... t tA tsurplus tlines tinsurance
t policy, tbinder, tor tcertificate tof tinsurance tserves tas tevidence tof tinsurance tfor ta
t surplus tlines tpolicy.
What tis tthe tsurplus tlines ttax trate tin tWashington tState? t t t t...ANSWER... t tThe
t surplus tlines ttax trate tin tWashington tState tis t2% tof tthe tgross twritten tpremium.
When tare tsurplus tlines ttax tpayments tdue tin tWashington tState? t t t
t ...ANSWER... t tSurplus tlines ttax tpayments tare tdue tquarterly, talong twith tthe
t required ttax treport.
What tconditions tmust tbe tmet tbefore ta tsurplus tlines tbroker tcan tprocure
t coverage tfrom ta tnon-admitted tinsurer tin tWashington tState? t t t t...ANSWER... t
t The tbroker tmust tperform ta tdiligent tsearch tof tthe tadmitted tmarket, tdocument
t declinations tfrom tadmitted tinsurers, tand tconfirm tthat tthe tnon-admitted tinsurer
t meets tthe tstate's teligibility trequirements.
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