Wa state life insurance Study guides, Class notes & Summaries

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...

Functions of the Licensing Board - ANSWER 1. Adopt the rules that the legislature passes and apply them 2. Require that you can't practice without malpractice insurance 3. Mandate: to protect the public 4. Review credentials: course work, hours 5. Administer jurisdiction exam 6. Organize and oversee complains, determine to charge, punish or dismiss Define RCW's - ANSWER shorthand for a general law (statute) passed by the legislature or by an initiative Define WAC's - ANSWER shortha...

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 ...

A producer's fiduciary responsibility includes which of the following activities? - Recording the receipt and distribution of premiums due to an insurer - Properly remunerating persons who furnish leads on prospects - Providing needed insurance to prospective insureds through any sources that are available - Guaranteeing payment to insureds for losses covered by policies that the producer sold - ANSWER Recording the receipt and distribution of premiums due to an insurer Group life in...

Person Required to be Licensed - ANSWER Cannot sell, solicit, or negotiate insurance unliess licensed for the appropriate line of authority Producer - ANSWER The person required to be licensed under state law to transact insurance. -At least 18 years of age -Has not committed any act that is ground for license denial, suspension, or revocation -Has completed a prelicensing course of study -Has paid the appropriate fees -Has passed the examinations for the appropriate line(s) of authorit...

Health contracts are prepared by insurers and must be accepted by the insured on an 'as is' basis. This described what aspect of a health insurance contract? - ANSWER Contract of Adhesion If an insurer decides to obtain medical information from different sources in order to determine the insurability of an applicant, who must be notified of the investigation? - ANSWER The applicant. What are the two types of expenses that are covered by health insurance? - ANSWER Expenses related to heal...

uthorized Insurer - ANSWER An insurer that has qualified and received a Certificate of Authority from the Department of Insurance to transact insurance in the state. Contact adhesion - ANSWER the accepter of the contract must "adhere" to the written contract inducement - ANSWER An action aimed at persuading insolvent - ANSWER Bankrupt; unable to pay debts. Transacting Insurance - ANSWER Conducting insurance business, such as soliciting or negotiating to buy or sell an insurance pol...

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...

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...

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...