Washington State Insurance Study guides, Class notes & Summaries

- 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...

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...

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...

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?...

$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...

Apparent - ANSWER is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company - ANSWER Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing - ANSWER A method of dealing with risk for a group of individual persons or businesses with th...

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...

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? ...

Apparent - ANSWER is the appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Mutual Company - ANSWER Owned by the policyowner and issue participating policies. Policy owners are entitled to dividends, which are a return of excess premiums and are therefore non-taxable. Dividends are not guaranteed. Sharing - ANSWER A method of dealing with risk for a group of individual persons or businesses with th...