WA SURPLUS LINES BRO KER EXAM

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WA SURPLUS LINES BRO KER EXAM

CORRECT QUESTIONS &

ANSWERS(GRADED A)

Question :When was the WA State regulatory stamp

changed?

• January 30, 1975
• January 1, 2012
• March 31, 2000
• March 1, 2011

Correct answer:B, January 1, 2012

Question :RE: 48.18.180 'Stated Premium' which

statements are TRUE:

• Premium shall be inclusive of all fees, charges,

premium.

• Each violation of this statute is a gross misdemeanor
• If premium on policy differs from binder by less than

$10, insurer not required to notify insured.

• All of the above

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Correct answer:

Question :Which of the following statements are true

regarding WAC 284-15 'Solvent Insurer'?

• Brokers responsibility to substantiate financial

condition of foreign unauthorized insurer

• Evidence of financial condition must be retained for 5

years

• Any unauthorized insurer listed on quarterly listing of

alien insurers (NAIC) is deemed adequately documented

• All of the above

Correct answer:

Question :As specified in RCW 48.15.150, each policy

issued to an unauthorized insurer as a surplus line contract must designate _______ as the person upon whom service of process may be made.

A. CFO

B. SLB

• Commissioner

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• Attorney

Correct answer:C - Commissioner

Question :Return premiums or claim payments will not be

deemed to have been paid to the insured or claimant until the payments are actually received by the

• Insurance Producer
• Insured/Claimant

C) SLB

Correct answer:B) Insured/Claimant

Question :The certification form must be filed within ___

days of the effective date:

• 30
• 90
• 60
• 20

Correct answer:C - 60 days

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Question :Two key tools within IRIS (Insurance

Regulatory Information System)

• Ratios
• Inspections
• Analyst Team System
• Examinations

E) C, D

F) A, C

Correct answer:F) A, C

Question :What organization decides alien insurers have

fulfilled criteria and can be included on the Quarterly Listing of Alien Insurers'?

A) NAIC

B) IRIS

C) IIDPOD

• Lloyd's

Correct answer:C- International Insurers Department Plan

of Operation