Washington Laws, Rules And Regulations Questions And Answers Graded A+.
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Washington Laws, Rules and Regulations
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Washington Laws, Rules And Regulations
Washington Laws, Rules And Regulations Questions And Answers Graded A+.
Broad Powers - correct answer. The general powers, duties and responsibilities of the Commissioner include, but are not limited to the following: adopt rules and regulations to enforce provisions of the Insurance ...
Washington Laws, Rules And Regulations
Questions And Answers Graded A+.
Broad Powers - correct answer. The general powers, duties and responsibilities of the
Commissioner include, but are not limited to the following: adopt rules and regulations
to enforce provisions of the Insurance Code: conduct examinations, investigations, and
hearings to determine whether any person has violated any provisions of the Code;
maintain confidentiality of documents, materials, or other information used in regulatory
or legal action; issue insurance licenses and certificate of authority, and take action
against, fine or suspend the license of any company and/or producers; appoint a Chief
Deputy Commissioner to assist the Commissioner, as well as additional deputies.
Examination of Records - correct answer. The purpose of the examination is to ensure
that the companies remain solvent and conduct business of insurance in compliance
with state laws and regulations pertaining to licensing, policy forms, rates, claim and
market conduct.
Rates and Forms - correct answer. An insurance policy form or written application
issued, delivered, or used in this state must be first filed with and approved by the
Commissioner.
Penalties (COMMISSIONER) - correct answer. The Commissioner has the power to
suspend, revoke or refuse to issue or renew a producer license, as well as levy a fine as
established by state law for violation in any of the following areas of producer activities:
laws, rules, or regulations of the insurance code.
Unlicensed Activities - correct answer.
Insurance - correct answer. An insurance contract is an agreement between a policy
owner and an insurer.
, Insurer - correct answer. An insurer is any person or company engaged as the
principal party in the business of entering into insurance contracts.
Insurance Transaction - correct answer. No insurance company or agent may pay a
commission, service, or other valuable consideration to a person for selling, soliciting or
negotiating insurance in this state if that person is not properly licensed.
Authorized vs. Unauthorized Insurers and Certificate of Authority - correct answer.
Before an insurer may transact business in a specific state, they must apply for a
license, or Certificate of Authority from the state Department of Insurance and meet any
financial requirements set down by the state. Each violation constitutes a separate
offense punishable by a suspension or revocation of a license, and a maxmium fine of
25,000
Domestic, Foreign, Alien - correct answer. Domestic - in state Foreign - different state
Alien - different country or out of contry
Fraternals - correct answer. A fraternal benefit society is an organization formed to
provide insurance benefits for members or an affiliated lodge, religious organization or
fraternal organization with a representative form of government. Fraternals sell only to
their members and are considered charitable institutions and not insurers.
Persons Required to be licensed - correct answer. I've got this one down already
PEACE.
Producer - correct answer. The term insurance producer means a person required to
be licensed under state law to transact insurance.
Temporary - correct answer. The Commissioner may issue a temporary insurance
producer license for the servicing of existing business, for a maxmium of 180 days
without requiring a written exam to the following individual's - the spouse or
representative of a licensed producer who dies or becomes disabled, to allow time for
the producers recovery: sale of the business; training and licensing of new personnel to
operate the business; a member or employee of a business entity licensed as an
insurance producer, in the event of death or disability of an individual that is designated
in the business entity application or the license; the designee of a license insurance
producer entering active duty in the United States Armed Forces; and any other
circumstances deemed fit by the Commissioner.
Nonresident - correct answer. A nonresident producer is an individual domiciled and
licensed as a resident producer in a state other than Washington.
Exemptions - correct answer. An insurance agent license is not required of any officer,
director or employee of an insurer or organizations employed by insurers, provided that
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