Wa state life insurance - Study guides, Class notes & Summaries

Insurance Commissioner - ANSWER Head of Office of Insurance Commissioner, is in charge of company supervision, consumer protection, and rates and forms. -Elected on a 4 year term -Pays 25k bond -Must examine records at least every 5 years Has Power to: -Issue rules to carryout or enforce the state insurance code -Hold investigations, -Hold examinations to see if anyone has broken the code. If commish has reason to believe someone has broken the code, they can: -Issue a cease and de...

Insurance transactions are governed by - ANSWER the legislators Insurance code. the insurance Commissioners administrative rules and regulations Commissioners term of office - ANSWER commissioner is elected by the voters to a four-year term commissioner powers - ANSWER investigate Insurance transactions. adopt rules to regulate unfair or disruptive acts and implement the legislatures insurance code. issue a cease and desist order to force compliance. prosecute a legal action to enforce the...

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 provid...

WA State Laws and Regulations for Life and Disability Insurance Latest Exam Questions And Answers 2023#2024 Definite Success A

Violations of US Code Title 18 section 1033, may result in - ANSWER Fine and/or imprisonment Charles is a producer who is licensed in Washington but resides in Oregon. Charles is considered to be a(n) - ANSWER Nonresident producer Before a producer may sell, solicit, or negotiate insurance from an insurer, the producer must have a(n) - ANSWER Appointment The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred t...

What disciplinary action will occur if a Washington broker disregards a child support order? - ANSWER License suspension When may a licensee receive compensation in Washington based on an appraisal result at or above a specific prearranged price? - ANSWER It's illegal in all circumstances. How is the Washington managing broker's exam presented? - ANSWER As a simulation-based exam In Washington, which agency is authorized to disseminate and enforce real estate licensing laws? - ANSWER ...

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

WA State Laws and Regulations for Life and Disability Insurance Latest Exam 2023WA State Laws and Regulations for Life and Disability Insurance Latest Exam 2023

Every 2 year renewal period, a Producer must complete: - ANSWER 24 hrs of continuing education The Commissioner may suspend or revoke a Producer's license for any of the following: - ANSWER Guaranteeing dividends Rebating Twisting The Commissioner may: - ANSWER approve premium rates Jasmine knows that she must complete 24 hours of continuing education every two years to renew her life license. However, if she also obtains a casualty license, her total continuing education requirement...

How often is the commissioner elected - ANSWER Every 4 years The commissioner may supply how much of a surety bond? - ANSWER $25,000 Who is the commissioner - ANSWER Mike Kreidler The commissioner duties - ANSWER -Administrate and enforce the provisions of the insurance code -Make reasonable rules and regulations for effectuating any provision of the insurance code -conduct investigation to determine whether any person or company has violated any provisions of the insurance code. -t...