Wa state life insurance Study guides, Class notes & Summaries

30 days - ANSWER Most insurance rates must be filed with the commisioner how many days prior to use? Larceny by Embezzlement - ANSWER To misuse a clients money is... Certificate of Authority - ANSWER An insurer must hold a ________ in the state of Washington in order to do business in this state. Vicarious Liability - ANSWER Liability for the action of others is... 30 days - ANSWER When an insurer revokes a producer's appointment, they must notify the commisioner with how many days?

Punitive damages are intended to do all of the following EXCEPT 1. compensate for actual financial losses. 2. discourage others from doing wrong. 3. discipline the insured. 4. make an example of bad behavior. - ANSWER compensate for actual financial losses When an insured selects symbol 2 on the automobile declarations, indicating coverage for any auto titled to the insured, which of the following automobile types will be covered? 1. any auto 2. mobile equipment 3. owned ...

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...

$300,000 - ANSWER What is the maximum amount that the Property and Casualty Insurance Guaranty Association will pay for covered claims? Without receiving written consent from an insurance regulatory authority. - ANSWER Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce: National Association of Insurance Commissioners - ANSWER At least once every 5 years, the Commissi...

The Insurance Commissioner - ANSWER The enforcer of the Revised Code of Washington (RCW) Revised Code of Washington (RCW) - ANSWER State laws passed by state legislator that govern insurance activities in the state When is the commissioner elected - ANSWER Every 4 years by the voters of the state Who is the current WA state commissioner? - ANSWER

Fair credit reporting act - ANSWER A federal law that regulates consumer reporting agency's in the use of consumer reports Fair credit reporting act requirement - ANSWER The insurer must inform the applicant of the name and address of the investigation agency so the applicant is able to obtain a copy of the report and have the opportunity to refute any misinformation Fair credit reporting act requirement - ANSWER The investigating agency cannot report bad debts over seven years old or ban...

WA State Life Insurance Latest Update with Verified Solutions Fair credit reporting act A federal law that regulates consumer reporting agency's in the use of consumer reports Fair credit reporting act requirement The insurer must inform the applicant of the name and address of the investigation agency so the applicant is able to obtain a copy of the report and have the opportunity to refute any misinformation Fair credit reporting act requirement The investigating agency cannot ...

Wa state life insurance | latest 2023 Fair credit reporting act - A federal law that regulates consumer reporting agency's in the use of consumer reports Fair credit reporting act requirement - The insurer must inform the applicant of the name and address of the investigation agency so the applicant is able to obtain a copy of the report and have the opportunity to refute any misinformation Fair credit reporting act requirement - The investigating agency cannot report bad debts over se...

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