Washington State Property & Casualty Insurance Exam Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Washington State Property & Casualty Insurance
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Washington State Property & Casualty Insurance
Apparent Authority - The appearance or the assumption of authority based on the actions, words,
or deeds of the principal or because of circumstances the principal created.
According to the state regulations pertaining to claim settlements, after receiving a notification of claim
from an individ...
Washington State Property & Casualty
Insurance Exam
Apparent Authority - The appearance or the assumption of authority based on the actions, words,
or deeds of the principal or because of circumstances the principal created.
According to the state regulations pertaining to claim settlements, after receiving a notification of claim
from an individual policyholder, the insured must acknowledge the notice within how many days? -
10 working days (business days)
.
(DRPL) Designated Responsible Licensed Person - Responsible for insurers compliance with
insurance laws/ rules
(NFIP)
National Flood Insurance Program - Identifies floodplains and maps thru FEMA. the community
must meet the federal requirements and must purchase within 1 year after becoming available.
*- structures must have two solid walls and a roof. be partially above ground, and not entirely over
water.
(WYO) Write Your Own insurance program - the same insurance you would receive in the
NFIP...non risk baring though the FIA
1033 waiver - a personal convicted of a felony may apply for a ____ to transact insurance
business. cannot be 50k+ for each violation.
3 Elements of insurable risk - 1. Financial (a monetary interest)
Abandonment - The relinquishing of insurance legal right or interest in an insurance policy. In
property and casualty insurance, assignments of polices are valid
Acceptance - when underwriting approves the application and approves a policy
Accident - An unexpected happening that may result in injury, loss, or damage.
Actual Cash Value (ACV) - The required amount to pay damages or for property loss, which is
calculated based on the property's current replacement value minus depreciation.
Additional/Supplementary Coverage - A provision in an insurance policy that provides an
additional amount of coverage for specific loss expense, at no additional premium.
"unsured" portion of premium - money must be returned to the insured no later then 45 days
after date of cancelation
Admitted Insurer - An insurer to which a state insurance department has granted a license to do
business within that state.
After insurer termination of independent agent they must: - permit renewal of all polices in
insurance book for 1 year.
- rate of commissions transfers
- must assign policy to nearest located insurer
Aggregate Limit - The maximum amount an insurer will pay for all covered losses during the
covered policy year.
,Agreed Value - the accepted value of a non-cash asset at the time of its contribution by the owner
Alien Insurer - An insurance company that is incorporated outside the United States and does
business within.
An insured has a personal auto policy with both comprehensive (other-than-collision) and collision
coverage. His car is stolen and recovered five days later. If the insured claims transportation expenses of
$20 per day, how much will his policy pay?
a)$45
b)$60
c)$75
d)$100
The policy will pay $20 per day after 48 hours, not to exceed 30 days in total. - b)$60.
The policy will pay $20 per day after 48 hours, not to exceed 30 days in total.
Appointing a insurance producer - - notice of appointment within 15 days
- Commissioner will verify within 15 days
- if deemed ineligible commissioner will notify within 10 days
If approved it must e renewed every 2 years, and will receive notice within 60 days of the renewal date.
Assignment - transfer if legal tight or interest in an insurance policy. only valid with the prior
written consent of the insurance
Authorized Insurer - An insurer that has qualified and received a Certificate of Authority from the
Department of Insurance to transact insurance in the state.
, Auto Symbol 1 - any auto - any auto covered for liability arising out of maintenance, use or
ownership of
Auto symbol 2 - owned only - owned by the insured
auto symbol 3 - owned private passenger - only owned private passenger autos covered
Auto symbol 4 - owned other than private passenger - only owned nonprivate passenger autos
covered
Auto symbol 5 - owned autos subject to no fault - select personal injury protection coverage,
applies only to those owned vehicles subject to no fault laws
auto symbol 6 - owned subject to compulsory uninsured motorist law - covers designed vehicles
subject to a compulsory uninsured motorist law to ensure there will be some degree of protection for
victim of uninsured motorist
auto symbol 7 - specifically described auto - limits coverage to autos owned by the insured that
are listed & described in the policy declaration
auto symbol 8 - hired auto only - protection for vechiles hired, leased, rented or borrowed
auto symbol 9 - non owned autos only - covers designed non owned vehicles used on the
insured's behalf in the course of the insured's business
Avoidance - eliminating or avoiding the risk by discontinuing the activity
Avoidance - the act of evading something to reduce risk
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