Wa state life insurance Study guides, Class notes & Summaries

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...

Commissioner - ANSWER this is the chief officer of the WA insurance Department. This is an elected position serving a term of 4 years. This person also makes rules and regulations to help carry out the provisions of the WA insurance code Hearing - ANSWER The commissioner may hold one of these whenever deemed necessary. All must be held or refused within 30 days after the Commissioner receives demand. The commissioner must give notice of the time and place at least 10 days in advance Penalt...

Fair credit reporting act - ANSWER The fair credit reporting act is a federal law that regulates consumer reporting agency's and the use of consumer reports. The purpose of this law is to assure that the reporting of credit will be accurate and current. Insurers that use consumer reporting agency's must comply with state law as well as the fair credit reporting act. Consumer report - ANSWER A credit report that relates to an individual's credit worthiness reputation or habits. It is used t...

For an insurance company to write insurance in our state, it must _______ - ANSWER File for a Certificate of Authority. Insurance Companies' licenses are Certificates of Authority. Insurance Producers licenses are Producer Licenses. Producer Clancy Wiggum, whose birthday is January 10th, does not send in his renewal application to the State to renew his producer license. The last day in which he can sell insurance is __________. - ANSWER January 31st Licenses expire every two years at mid...

The Grace Period for an accident and health (disability) policy where the premiums are paid monthly is - ANSWER 10 days Newborn coverage for an accident and health (disability) family policy begins - ANSWER at the moment of birth Misrepresentation - ANSWER A licensee who informs an insured of inaccurate terms, benefits, or advantages of any policy is committing which of the following violations? Bronze, Silver, Gold, Platinum - ANSWER How are health plans classified according to the Aff...

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...

borrowing more than __% of the loan value of a life insurance policy to purchase a new policy is considered replacement - ANSWER 25% Period of time with receiving an application that the replacing insurer must notify any other existing insurer - ANSWER 3 days length of time replacing insurer must keep copies of the replacement notice records - ANSWER at least 3 years Free look for life insurance replacements - ANSWER 20 days WA life insurance policy illustrations rules do not apply t...

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...

Assignment - ANSWER The transfer of a policy to another party. Often done when commercial property is sold to a new owner. Building & Personal Property (BPP) - ANSWER The commercial property policy for larger businesses. Business Income Policy - ANSWER A commercial policy covering the indirect loss of income following a loss. Cancellation - ANSWER Termination of a policy during the policy period. Casualty Insurance - ANSWER A broad term which includes all of the policy types that may...