WA State Laws and Regulations for Life and Disability Insurance Exam Study Notes, Exams of Law

Download WA State Laws and Regulations for Life and Disability Insurance Exam Study Notes and more Exams Law in PDF only on Docsity! Page 1 WA State Laws and Regulations for Life and Disability Insurance Latest Exam The commissioner serves a term of __ years. - Correct answer 4 The Commissioner must execute a bond of $_____ per year. - Correct answer 25,000 The commissioner must examine each insurer at least every ___ years. - Correct answer 5 ___ Days’ notice required for the Commissioner to suspend or revoke a license. - Correct answer 15 Suspension or revocation is effective no less than ___ days after a hearing. - Correct answer 10 ___ days' notice to temporarily suspend a license, if emergency action is needed. - Correct answer 3 Maximum length of license suspension - Correct answer 12 months Persons violating any provision will be fined up to $___. - Correct answer 1,000 Civil penalty for persons knowingly engaging in insurance activities without a license is $_____. - Correct answer 25,000 ___ Days is needed from licensees time to notify the Commissioner of address change. - Correct answer 30 A surplus lines affidavit must be filed with the Commissioner within ___ days after the insurance transaction. - Correct answer 60 Washington Life and Disability Guaranty Association (protects insureds from impaired or insolvent insurers) limit is $___. - Correct answer 500,000 Applicant needs to be at least ___ years old. - Correct answer 18 A temporary insurance producer license may be issued for up to ___ days. - Correct answer 180 A nonresident producer must file a change of address within ___ days. - Correct answer 30 Appointment: P a g e 1 | 4 Page 2 Days from the agency contract date, or the date that the first insurance application is submitted than an insurer must file a notice of appointment is ____ days. - Correct answer 15 Appointment: When terminating a producer appointment for cause, an insurer must inform the Commissioner within ___ days of the termination. - Correct answer 30 Unless suspended or revoked, licenses renew every ___ years. - Correct answer 2 License renewal fee is $___. - Correct answer 55 Continuing Education: CE requirement for each 2 year licensing term is ___ credit hours. Number of hours required for ethics CE is ___. - Correct answer 24 and 3 Late license renewal fee to reinstate the license: Up to 30 days late is ___% of the license renewal fee. 31 to 60 days late: __% of the license renewal fee. 61 to 12 months late: ___% of the license renewal fee. - Correct answer 50%, 100%, and 200% License, appointments, and affiliations will be terminated ___ days after expiration of a license if not reinstated. - Correct answer 60 After ___ months, the licensee must retake and pass all applicable relicensing insurance education courses and the applicable license examination. - Correct answer 12 Insurers must complete their investigations of claims within ___ days after being notified of a claim. - Correct answer 30 The compensation disclosure must be retained by the insurance producer for ___ years. - Correct answer 5 Any goods worth more than $___ are considered a rebate. - Correct answer 100 Producers must reply within ___ days to Commissioner inquiries. - Correct answer 15 Borrowing more than ___% of the loan value of a life insurance policy to purchase a new policy is considered a replacement. - Correct answer 25 Period of time within receiving an application that the replacing insurer must notify any other existing insurer - Correct answer 3 days P a g e 2 | 4