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Life Insurance Test WA state (and general insurance review) Questions and Answers (Latest 2025)
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Life Insurance Test WA state (and general insurance review) Questions and Answers (Latest 2025)
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Life Insurance Test WA state (andgeneral insurance review) Questions and
Answers (Latest 2025)
When does insured need an insurable interest? - Correct
Answer ✅ when they buy insurance(not like property
casualty where have to have at time of claim and not
necessarily when buying)
when is subrogation used? - Correct Answer ✅ not in life
and seldom in health
elimination period - Correct Answer ✅ what acts as the
deductible in health insurance(the term deductible is not
used in disibility insurance) - have to actually be disabled for
a certian amount of time
Annuity - Correct Answer ✅ provides guranteed income. To
protect retirees from from running out of money.
variable life and variable annuity products licensing
requirements - Correct Answer ✅ Have to have both an
insurance and a securities license and be registered with
FINRA because not fixed amount but selling based on value of
something else
,Life Insurance Test WA state (and
general insurance review) Questions and
Answers (Latest 2025)
stock, mutual, and reciprocal insurers - Correct Answer ✅
Stock is private company and is non-participating because
the insured do not share in profits. Mutual is
participating(blue cross is one). Reciprocal is a group of
people who agree to indemnify eachother and claims are paid
by accessing an account each member has set up.
policy dividends - Correct Answer ✅ payments members of
a mutual insurance company get because it is a participating
company in that the insured people own the company.
subscriber - Correct Answer ✅ What each member of a
reciprocal insurer is called
Fraternal benefit society - Correct Answer ✅ an established
group that insures themeselves like a reciprocal insurer,
although they get income tax advantage and have an open
contract so members can be asked for more money in
financial difficulty. Usually chartibly inclined.
,Life Insurance Test WA state (and
general insurance review) Questions and
Answers (Latest 2025)
Lloyds - Correct Answer ✅ not insurance company,
meeting place for people to sell and buy insurance
reinsurers - Correct Answer ✅ insure insurers
facultative reinsurance - Correct Answer ✅ reinsures risk
on an individual basis, so each of the insured can be
accepted or declined by the reinsurer
treaty reinsurance - Correct Answer ✅ reinsure risk in a
pre-agreed amount, not on individual basis
Risk Retention Groups (RRG) - Correct Answer ✅ like
fraternal benefits society or reciprocal insurance in that
based on shared characteristics, but not members of same
club, but group of people with the same occupations to
protect against liability
direct writing companies - Correct Answer ✅ don't pay
agents on commission so aren't technically agents
, Life Insurance Test WA state (and
general insurance review) Questions and
Answers (Latest 2025)
producer - Correct Answer ✅ includes agents and brokers
solicitor - Correct Answer ✅ works for an agent or broker
ownership of renewals - Correct Answer ✅ agreement with
insurance company that agent has exclusive right to solicit
renewals for clients they brought in
Who can bind coverage? - Correct Answer ✅ binding
putting the insurance contract into effect. Allowed in property
and casualty, but not life and disability or for brokers
independent agent - Correct Answer ✅ represents multiple
insurance companies
Disclosure authorization - Correct Answer ✅ Applicant has
to sign a document given to them by the agent saying what
data will be collected about them and from where
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