- Study guides, Class notes & Summaries

What is the Insurance Commissioner's primary duty? - ANSWER Administer and enforce the Insurance Code. T / F: The Insurance Commissioner prosecutes code violations. - ANSWER False: The IC may issue orders or bring court actions, but state attorneys prosecute. T / F: The Insurance Commissioner makes and interprets the Insurance Code. - ANSWER False: State legislature governs these laws. How often are Certificates of Authority examined? - ANSWER 5 years When must an insurer file a pol...

ANSWER Section 1 Commissioner How is he elected? - ANSWER Same way as other state officials When does he take office? - ANSWER Serves for four yerars. Starts wed after the second monday of January What must he do before taking officer? - ANSWER Execute a bond of $25000 payable to state What are his broad Powers? - ANSWER 1) Responsible for examining insureres 2) issueing licenses 3) regulatings to help carry out provisions of the WA insurance code Commissioner has what authority? ...

Apparent - ANSWER is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company - ANSWER Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing - ANSWER A method of dealing with risk for a group of individual persons or businesses with th...

Commissioner's Term of Office - ANSWER Elected by the voters 4 years Commissioner Powers - ANSWER Investigate insurance transactions, Adopt rules to regular unfair or deceptive acts and implement the legislature's insurance code Issue a cease and desist order to force compliance with insurance laws Prosecute a legal action to enforce the commissioner's orders Obtain and publish for the use of courts and appraisers, tables showing the average life expectanccy Disseminate information c...

WASHINGTON STATE INSURANCE EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. Apparent - -is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company - -Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing - -A method of dea...

If a building under a BPP has been vacant over 60 days, the BPP will cover? Correct Answer Fire, Wind, Explosion, and Volcano are all covered after 60 days of vacancy A CGL provides liability coverage for: Correct Answer A person whose reputation is harmed by the insured's innocent dissemination of information. Law of Large Numbers Correct Answer A principle stating that the larger the number of similar exposure units considered, the more closely the losses reported will equal the underly...

Washington State Insurance Exam with Complete Solutions Apparent is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing A method of dealing with risk for a group of in...