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WASHINGTON STATE PROPERTY & CASUALTY INSURANCE EXAM (ACTUAL EXAM) WITH QUESTIONS WITH VERY ELABORATED ANSWERS CORRECTRY WELL ORGANIZED LATEST 2024 – 2025 ALREADY GRADED A+ $13.99
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WASHINGTON STATE PROPERTY & CASUALTY INSURANCE EXAM (ACTUAL EXAM) WITH QUESTIONS WITH VERY ELABORATED ANSWERS CORRECTRY WELL ORGANIZED LATEST 2024 – 2025 ALREADY GRADED A+
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WASHINGTON STATE PROPERTY & CASUALTY INSURANCE
Institution
WASHINGTON STATE PROPERTY & CASUALTY INSURANCE
WASHINGTON STATE PROPERTY & CASUALTY INSURANCE EXAM (ACTUAL EXAM) WITH QUESTIONS WITH VERY ELABORATED ANSWERS CORRECTRY WELL ORGANIZED LATEST 2024 – 2025 ALREADY GRADED A+
WASHINGTON STATE PROPERTY &
CASUALTY INSURANCE EXAM (ACTUAL
EXAM) WITH QUESTIONS WITH VERY
ELABORATED ANSWERS CORRECTRY WELL
ORGANIZED LATEST 2024 – 2025 ALREADY
GRADED A+
Increased Cost of Construction - ANSWERS-This additional coverage covers the
additional costs required to a comply with building codes when a building is
damaged by a covered cause of loss. It is only available for buildings on a
replacement cost basis and maximum amount payable is 5% of the building or
$10,000.
electronic data - ANSWERS-pays up tp $2,500 per year for data losses. Can be
increased.
Newly Acquired or Constructed Property - ANSWERS-This coverage extension
applies to Coverage A and Coverage B. It provides up to $250,000 for each new
,building for up to 30 days. It also provides for Coverage B Business Personal
Property up to 30 days located at newly acquired or constructed buildings up to
$100,000.
Transacting Insurance - ANSWERS-Conducting insurance business, such as
soliciting or negotiating to buy or sell an insurance policy.
Unauthorized Insurer - ANSWERS-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)
When would a commissioner order a replacement policy? - ANSWERS-When a
unauthorized insurer improperly placed a policy. Would be replaced by a policy
with a legal insurer.
Authorized Insurer - ANSWERS-An insurer that has qualified and received a
Certificate of Authority from the Department of Insurance to transact insurance in
the state.
Contact adhesion - ANSWERS-the accepter of the contract must "adhere" to the
written contract
inducement - ANSWERS-An action aimed at persuading
insolvent - ANSWERS-Bankrupt; unable to pay debts.
,Surplus Lines - ANSWERS-Insurance that is not available or offered in the regular
marketplace from admitted insurers.
Insurance Commissioner (IOC) - ANSWERS-State elected term of 4 years.
insurance Commissioner duties - ANSWERS--Protects the Public from unfair trade
practices
- Examinations/investigations
- Hearings
- Cease and Desist orders
- Public information
- Appoints Dep. Chief Commissioner
-
How often must the Insurance Commissioner examine companies? - ANSWERS-As
often as deemed necessary, but MUST be done every 5 years
Receiving Written Notice from Commissioner - ANSWERS-the person must
respond within 90 days. if not made the request is considered waved.
Notice of Hearing - ANSWERS-- must state grounds of hearing (can be written
demand by aggrieved person)
, - Right to request administrative law judge
Licence Suspension Hearing - ANSWERS-Commissioner must hold a hearing within
90 days.
Insurance Producer - ANSWERS-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 revoked
- completed Pre-licensing/ exams
- paid fee(s)
- Fingerprinted/ background check
FINRA (Financial Industry Regulatory Authority) - ANSWERS-solicits licences for
variable life and variable annuity
Temporary Insurance Producers Licence - ANSWERS-Commissioner may issue
temp. 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.
Non-Resident Producer - ANSWERS-a producer who lives (domicile) and conducts
business from another state other than Washington. Will receive a non resident
producers license.
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