PAPERSMASTER01

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...

- ANSWER Section 1 Commissioner How is he elected? - ANSWER Same way as other state officials When does he take office? - ANSWER Serves for four yerars. Starts wed after the second monday of January What must he do before taking officer? - ANSWER Execute a bond of $25000 payable to state What are his broad Powers? - ANSWER 1) Responsible for examining insureres 2) issueing licenses 3) regulatings to help carry out provisions of the WA insurance code Commissioner has what authority...

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...

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...