Exam (elaborations)
WA Laws and Rules Exam Questions and Correct Answers
- Course
- Institution
WA Laws and Rules Exam Questions and Correct Answers
[Show more]
Content preview
WA Laws and RulesInsurance Producer - Answer -A person required to be licensed under the laws of this state to sell, solicit,
or negotiate insurance.
How long must an insurance producer maintain insurance transaction records? - Answer -five years
Immediate revocation (without a hearing) of any insurance license is allowed upon - Answer -The
sentencing of the licensee for conviction of a felony, but only if the facts of the conviction demonstrate
the licensee to be untrustworthy.
For a licensed producer to sell insurance contracts for an insurance company, the producer must -
Answer -be appointed by that insurance company.
Which of the following is an INCORRECT statement regarding the Washington Separate Account law? -
Answer -A producer may use the account for personal funds.
A producer who knowingly over charges premiums to a consumer is guilty of - Answer -Illegal Dealings in
Premiums
Insurance Producers are considered to have fiduciary responsibilities because they - Answer -have
responsibilities for the money and financial affairs of others.
, Insurance companies must keep their transaction records for a period of __________ years. - Answer -3
commissioner in Washington responsible for - Answer --Approving rates charged to the consumer
-Forms used by the insurance companies.
-Sets the rules and conduct which an agent must use when doing business with a consumer
When a bonding company or insurance company issues a bond, it represents - Answer -acceptance by
the issuing company.
The application submitted to a bonding company represents the - Answer -an offer for coverage or
protection.
A life producer gives $50 back to the policy owner for life insurance after the policy issues as a thank you
for purchasing insurance. The life producer is guilty of__________. - Answer -Illegal Rebating
If an insurance license is renewed AFTER 60 days of the birth date of the licensee __________ - Answer
--the license must be reinstated.
-all associated appointments and affiliations are terminated.
-the individual must also complete an application for reinstatement and pay the license fee and 200%
surcharge.
If an individual tries to reinstate his insurance license OVER ONE YEAR from the termination date of the
license, the producer - Answer -will have to begin the entire licensing process again, re-taking all
applicable licensing exams, new fingerprint card and re-apply with the state.
Every insurance producer shall promptly reply in writing to an inquiry of the commissioner relative to
the business of insurance. A timely response is one that is received by the commissioner within
__________ from receipt of the inquiry. - Answer -fifteen business days
Which of the following is true about an insurance contract? - Answer -- In order for a contract to be
legal, it must be for legal purposes only.
-A contract does not cover intentional or criminal acts of the insured.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Zanaya. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now