WASHINGTON STATE PROPER TY AND CASUALTY INSURANCE EXAM,2024 QUESTIONS AND ANSWERS,GOOD SCORE IS WELL QUARANTEED GRADE A+ landslides, sewer backups unrelated to a flood, windblown rain, snow or sleet and flooding within the insureds control. - ANSWERS -Exclusions of a flood 80 - ANSWERS -Single -family dwelling are automatically provided with replacement cost insurance to ___% of the replacement value maximum allowed under FIP. Bankrupt; unable to pay debts. - ANSWERS -insolvent Conducting insurance business, such as soliciting or nego tiating to buy or sell an insurance policy. - ANSWERS -Transacting Insurance Is held personally liable. Each violation is separate and can result in suspension, revocation of license, and a min fine of $25,000. (Class B Felony) - ANSWERS -Unauthorized Insur er When a unauthorized insurer improperly placed a policy. Would be replaced by a policy with a legal insurer . - ANSWERS -When would a commissioner order a replacement policy? Insurance that is not available or offered in the regular marketplace from admi tted insurers. - ANSWERS -Surplus Lines State elected term of 4 years. - ANSWERS -Insurance Commissioner (IOC) -Protects the Public from unfair trade practices - Examinations/investigations - Hearings - Cease and Desist orders - Public information - Appo ints Dep. Chief Commissioner - - ANSWERS -insurance Commissioner duties An insurer that has qualified and received a Certificate of Authority from the Department of Insurance to transact insurance in the state. - ANSWERS -Authorized Insurer the accepter of the contract must "adhere" to the written contract - ANSWERS -Contact adhesion An action aimed at persuading - ANSWERS -inducement As often as deemed necessary, but MUST be done every 5 years - ANSWERS -How often must the Insurance Commissioner examine companies? the person must respond within 90 days. if not made the request is considered waved . - ANSWERS -Receiving Written Notice from Commissioner - must state grounds of hearing (can be written demand by aggrieved person) - Right to request administrative law judge - ANSWERS -Notice of Hearing Commissioner must hold a hearing within 90 days . - ANSWERS -Licence Suspension Hearing A person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. - Must be 18+ - has not had a license denied, suspended, or revok ed - completed Pre -licensing/ exams - paid fee(s) - Fingerprinted/ background check - ANSWERS -Insurance Producer solicits licences for variable life and variable annuity - ANSWERS -FINRA (Financial Industry Regulatory Authority) Commissioner may issue tem p. license for a max of 180 days. usually in event of producers recovery, sale of a business, training and licencing of new personal to operate a business. - ANSWERS -Temporary Insurance Producers Licence a producer who lives (domicile) and conducts busine ss from another state other than Washington. Will receive a non resident producers license. - ANSWERS -Non -Resident Producer When they work at a company or themself but do not conduct the solicitation, sale, negotiation of insurance. - ANSWERS -When is a insurance license exempt? - notice of appointment within 15 days - Commissioner will verify within 15 days - if deemed ineligible commissioner will notify within 10 days
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