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WASHINGTON STATE PROPERTY AND CASUALTY
INSURANCE EXAM ACTUAL EXAM AND PRACTICE EXAM
LATEST 2024-2025 COMPLETE 350 QUESTIONS AND
CORRECT ANSWERS ALREADY GRADED A+
WASHINGTON STATE PROPERTY AND CASUALTY INSURANCE ACTUAL PRACTICE EXAM
Authorized 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 policy.
Unauthorized Insurer - ANSWER-Is held personally liable. Each violation is separate and can result in suspension, revocation of license, and a min fine of $25,000. (Class B Felony)
When would a commissioner order a replacement policy? - ANSWER-When a unauthorized insurer improperly placed a policy. Would be replaced by a policy with a legal insurer. 1 / 4
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Surplus Lines - ANSWER-Insurance that is not available or offered in the regular marketplace from admitted insurers.
Insurance Commissioner (IOC) - ANSWER-State elected term of 4 years.
insurance Commissioner duties - ANSWER--Protects the Public from unfair trade practices
- Examinations/investigations
- Hearings
- Cease and Desist orders
- Public information
- Appoints Dep. Chief Commissioner
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How often must the Insurance Commissioner examine companies? - ANSWER-As often as deemed necessary, but MUST be done every 5 years
Receiving Written Notice from Commissioner - ANSWER-the person must respond within 90 days. if not made the request is considered waved.
Notice of Hearing - ANSWER-- must state grounds of hearing (can be written demand by aggrieved person) 2 / 4
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- Right to request administrative law judge
Licence Suspension Hearing - ANSWER-Commissioner must hold a hearing within 90 days.
Insurance Producer - ANSWER-A person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance.
- Must be 18+
- has not had a license denied, suspended, or revoked
- completed Pre-licensing/ exams
- paid fee(s)
- Fingerprinted/ background check
Fair Credit Act: Prohibited Info - ANSWER-- Bankruptcy more then 10 years
- 150,000 or less in credit transactions
- civil suits, records of arrest/convictions/crimes
- any negative information older that 7 years
Unlawful Insurance Fraud - ANSWER-May be fined, imprisoned for up to 10 years or both . if they endanger a accompanied insurer up to 15 years.
- if the embezzlement amount is less then $5,000 prison time may be reduced to 1 year. 3 / 4
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1033 waiver - ANSWER-a personal convicted of a felony may apply for a ____ to transact insurance business. cannot be 50k+ for each violation.
Unilateral Contract - ANSWER-promise in exchange for an act
(NFIP)
National Flood Insurance Program - ANSWER-Identifies floodplains and maps thru FEMA. the community must meet the federal requirements and must purchase within 1 year after becoming available.
*- structures must have two solid walls and a roof. be partially above ground, and not entirely over water.
(WYO) Write Your Own insurance program - ANSWER-the same insurance you would receive in the NFIP...non risk baring though the FIA
NFIP National Flood Insurance Program Limits - ANSWER-Single Family: Building-$250,000. Contents-
$100,000
Other Residential: Building- $250,000. Contents- $100,000
Small Businesses: Building- $500,000 Contents: $500,000 Other Non Residential: Building- $500,000 Contents- $500,000
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