Wa Life and Disability Insurance - Washington Laws and Rules

How many days after a disability policy is delivered does a consumer have to return it for a full refund 1. 20 2. 10 3. 45 4. 31

10 days

Before the Commissioner will issue a license, a person must be at least 1. 19 2. 20 3. 21 4. 18

18 years old

A licensee who is required to take continuing education must include how many ethics coursework hours? 1. 4 2. 3 3. 2 4. 1

3

If an insurer terminates a producer's appointment, the Commissioner must be notified within how many days? 1. 25 2. 15 3. 60 4. 30

30

The required grace period for a life insurance policies in Washington is 1. 10 days 2. 20 days 3. 45 days 4. 30 days

30 days

The Commissioner is REQUIRED to examine admitted insurers AT LEAST every 1. 5 years 2. 4 years 3. 2 years 4. 6 years

5 years

A life insurance policy loan shall bear interest at a specified rate, NOT in excess of 1. 6% 2. 12% 3. 8% 4. 10 %

8%

Written proof of loss must be given to the insurance company within 1. 60 days 2. 90 days 3. 30 days 4. 45 days

90 days

A company that is chartered and organized in any country other than the United State is called a(n) ____ company 1. Domestic 2. Foreign 3. Nonadmitted 4. Alien

Alien

Which of these procedures do insurers have the right to perform where it is not forbidden by law 1. Autopsy 2. Interrogation of family members 3. Financial audit 4. Review of tax returns

Autopsy

What enables applicants to compare different life insurance policies and helps them choose which policy is best for their needs? 1. Policy guide 2. Policy summary 3. Buyer's guide 4. Buyer's summary

Buyer's guide

An outline of _____ is required for long term care policies and provides a brief description of the important features of the policy 1. Coverage 2. Summary 3. Benefits 4. Policy

Coverage

According to the Fair Credit Reporting Act, an Insurer does NOT need to 1. Notify the applicant if an application is denied 2. Inform the applicant that an investigation is being conducted 3. Discuss any credit history inconsistencies with the applicant 4. Inform the applicant about the scope of an investigation

Discuss any credit history inconsistencies with the applicant

Which of the following is an example of an Unfair Claim Settlement Practice 1. Failure to settle a claim based on all available information 2. Failure to make an offer on coverage on a claim 3. Failure to provide a reasonable basis for the denial of a claim upon request 4. Failure to notify a claimant of her right to make claim

Failure to provide a reasonable basis for the denial of a claim upon request

All insurers issuing long-term care insurance policies must offer, as an optional benefit a(n) ____ rider 1. Inflation 2. Accidental 3. Deflation 4. Disability

Inflation

An insurer would be committing Unfair Discrimination if coverage was denied based upon 1. Marital status 2. A mental disorder 3. Diabetes 4. HIV positive result

Marital Status

A policy illustration given at time of sale does NOT typically include the 1. names of the beneficiary 2. cash value of the policy 3. 10th and 20th year cost surrender value 4. effective interest rate for policy loans

Names of the beneficiary

Annuity suitability information specifically includes all of the following EXCEPT 1. Age 2. Financial Experience 3. Number of dependents 4. Annual Incom

Number of dependents

The document that describes policy features, benefits, exclusions and riders in a long-term care policy is known as the 1. Shoppers guide 2. MIB report 3. Buyer's guide 4. Outline of Coverage

Outline of Coverage

The PRIMARY purpose of the Fair Credit Reporting Act is to 1. Protect consumers from insurers who filed bankruptcy 2. Protect consumers with guidelines regarding credit report and distribution 3. Forewarn an insurer about an applicant's recent bankruptcy 4. Alert insurers regarding applicants who may have poor credit histories and may be adverse risks to the company

Protect consumers with guidelines regarding credit reporting and distribution

What is considered the purpose of the Guarantee Association 1. Protect insureds from insolvent insurers 2. Guarantee policy loans 3. Pay premiums for insolvent insureds 4. Provide coverage for uninsured residents

Protect insureds form insolvent insurers

In the state of Washington, a licensed producer 1. Represents the insurer 2. Approves the insurance contracts 3. May modify insurance contracts 4. Represents the insured

Represents the insurer

A producer found to have engaged in an unfair method of competition may be 1. Charged 30% of the claim as punitive damages 2. Subject to license suspension or revocation 3. Barred from seeking an appeal 4. Imprisoned for a maximum of 90 days

Subject to license suspension or revocation

Replacing an insurance policy from one insurer to another based on misrepresentation is called: 1. Misrepresentation 2. Unfair discriminating 3. Twisting 4. Rebating

Twisting