Exam (elaborations)
WA life and health State Insurance Laws
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WA life and health State Insurance Laws
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WA life and health State Insurance LawsA Bonded Producer must post a bond in the amount of: - ANSWER-$2,500
A couple insured by an HMO has a baby and notifies the Insurer within the required 60
days and pays the additional premium. The baby is covered: - ANSWER-Retroactively
to the date of birth
A Disability Insurer may terminate a policy even after the 2 year contestable period due
to: - ANSWER-fraudulent statements
A foreign insurer is domiciled in another: - ANSWER-state
A foreign insurer is: - ANSWER-is formed in another state within the U.S.
A foreign or alien Insurer may only be sued in Washington by: - ANSWER-filing the
service of process with the Insurance Commissioner
A group life policy will not have to pay interest on a death claim if the claim is paid
within: - ANSWER-30 days
A life policy illustration must include each of the following: - ANSWER-the Insured's
name, age, and gender
the generic name of the policy (such as universal life)
the amount of the death benefit
A life policy illustration should include each of the following: - ANSWER-Numbered
Pages
A list of items that are NOT guaranteed
A statement regarding guaranteed items
A local insurance firm has just terminated one of its most active Producers. The firm
must keep copies of the Producer's records for: - ANSWER-5 years
A mutual Insurer is owned by: - ANSWER-the mutual's policyholders
A Nonresident Producer may be licensed in Washington if: - ANSWER-the producer's
home state has a reciprocal agreement providing similar status to WA producers.
A policy, contract, or rider that is marketed, offered, or designed to provide coverage for
at least 12 consecutive months for a covered person is: - ANSWER-Long-Term Care
Insurance
, A producer failed to renew the producer's license and the license lapsed. To be able to
renew without having to pass the licensing exam again, the producer must pay a late
fee and renew within a maximum of: - ANSWER-12 months
A Producer has 4 licenses - Life, Disability, Property, and Casualty. She knows that the
fee to renew a single license is $55 every two years. What will it cost for her to renew all
four licenses? - ANSWER-$55
A producer has an office license and has paid the full office license fee. If the producer
establishes more offices: - ANSWER-each office must be licensed and the full fee must
be paid for each office.
A Producer has been paid by both the Insurer and the Insured. The Insured has filed a
complaint against the Producer. The Commissioner will determine that the Producer
may accept from the Insured which of the following? - ANSWER-a reasonable
compensation.
A Producer license is needed to: - ANSWER-bind coverage
A Producer may receive compensation directly from: - ANSWER-the Insurer, the
Insured, or both
A Producer must complete the 8-hour Long Term Care course prior to: - ANSWER-
soliciting applicants for LTCi policies
A Producer must give the Applicant notice of the Insurer's practices regarding the
collection of personal financial information no later than: - ANSWER-when delivering the
policy to the applicant
A Producer must keep transaction records for: - ANSWER-5 years
A Producer must provide proof of completion of continuing education: - ANSWER-when
applying for license renewal
A Producer who converts to his own use funds received in a fiduciary capacity is guilty
of: - ANSWER-larcenous theft
A Producer's license must be: - ANSWER-displayed in the place of business.
A Washington Disability policy with premiums paid on a monthly basis must provide for
a Grace Period of at least: - ANSWER-10 days
A Washington Insurer may discriminate against an applicant due to: - ANSWER-bona
fide statistical differences in risk based on sex, marital status, mental handicap, or
physical handicap
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