Washington Life And Disability Insurance Quiz

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  • 1/743 Questions

    What is the Fair Credit Reporting Act Purpose?

    • A. Establishes Procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant and properly used. 
    • B. Protects consumers against the circulation of inaccurate/obsolete personal/financial information.
    • C. Protects against discrimination
    • D. Both A and B are correct.
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About This Quiz

This Washington Life and Disability Insurance Quiz assesses understanding of the Fair Credit Reporting Act, focusing on consumer rights, reporting accuracy, and legal liabilities. It is essential for professionals dealing with consumer data and legal compliance in the insurance sector.

Washington Life And Disability Insurance Quiz - Quiz

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  • 2. 

    Reports fall into what categories?

    • A. Consumer Reports

    • B. MIB Reports

    • C. Investigative Consumer Reports

    • D. Both A and C

    Correct Answer
    A. D. Both A and C
    Explanation
    Consumer reports and investigative consumer reports are two categories of reports. Consumer reports provide information about products and services to help consumers make informed decisions. Investigative consumer reports, on the other hand, are more in-depth and typically involve background checks or investigations into an individual's character, reputation, or personal habits. Therefore, the correct answer is D, as both consumer reports and investigative consumer reports fall into the categories mentioned.

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  • 3. 

    Consumer Reports include:

    • A. Written or oral information regarding consumer's health, hobbies and job.

    • B. Written or oral information regarding consumer's past medical history.

    • C. Written or oral information regarding consumer's credit, character, reputation and habits.

    • D. Written or oral information regarding consumer's employment history.

    Correct Answer
    A. C. Written or oral information regarding consumer's credit, character, reputation and habits.
    Explanation
    Consumer Reports include written or oral information regarding the consumer's credit, character, reputation, and habits. This information is gathered and compiled by various organizations and companies to assess the consumer's suitability for credit, employment, or other purposes. It helps businesses make informed decisions about whether to extend credit, offer employment, or enter into a business relationship with the consumer. This information is important for evaluating the consumer's financial responsibility, trustworthiness, and overall reliability.

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  • 4. 

    Investigative Consumer Reports:

    • A. Information obtained through the MIB

    • B. Information obtained through an investigation and interviews with associates, friends, neighbors and neighbors.

    • C.  Reports cannot be made unless the consumer is advised in writing about the the report within 3 days of the date the report was requested.

    • D. Both options B and C.

    Correct Answer
    A. D. Both options B and C.
    Explanation
    Option B states that investigative consumer reports involve obtaining information through investigations and interviews with various individuals. Option C states that the consumer must be informed in writing about the report within 3 days of the request. The correct answer, D, states that both options B and C are true. This means that investigative consumer reports do involve investigations and interviews, and the consumer must be notified in writing about the report within 3 days.

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  • 5. 

    Someone unknowingly violating the Fair Credit Reporting Act (FCRA) is liable for?

    • A. Any lawsuits brought upon the insurance company

    • B. For equal loss and attorney fees

    • C. Lawsuit fees against the insured

    • D.

    Correct Answer
    A. B. For equal loss and attorney fees
    Explanation
    If someone unknowingly violates the Fair Credit Reporting Act (FCRA), they are liable for equal loss and attorney fees. This means that they would be responsible for compensating the injured party for any financial losses they suffered as a result of the violation, as well as covering the attorney fees incurred in pursuing legal action. This is a fair and just consequence for violating the FCRA, as it ensures that those who are harmed by the violation are properly compensated and have access to legal representation.

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  • 6. 

    Under FCRA if a policy is declined or modified because of the information obtained in a consumer or investigative consumer report, the consumer must:

    • A. Be notified within 30 days

    • B. Be notified immediately

    • C. Both A and D

    • D. Be notified and provided with the name and address of the reporting agency. 

    Correct Answer
    A. D. Be notified and provided with the name and address of the reporting agency. 
    Explanation
    Under FCRA, if a policy is declined or modified due to information obtained in a consumer or investigative consumer report, the consumer must be notified and provided with the name and address of the reporting agency. This ensures that the consumer is aware of the reasons for the decision and has the opportunity to address any inaccuracies or disputes with the reporting agency. Immediate notification is not required, but the consumer must be notified within a reasonable timeframe, which is typically within 30 days. Therefore, the correct answer is D.

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  • 7. 

    Consumer reports cannot contain:

    • A. Medical history and criminal records

    • B. Bankruptcies more than 10 years old, civil suits, records of arrests, convictions of crimes.

    • Negative information (delinquencies, late payments, insolvency, or any other form of default).

    • D. Both options B and C

    Correct Answer
    A. D. Both options B and C
    Explanation
    Consumer reports cannot contain bankruptcies more than 10 years old, civil suits, records of arrests, convictions of crimes, negative information such as delinquencies, late payments, insolvency, or any other form of default. Therefore, the correct answer is D. Both options B and C.

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  • 8. 

    Anyone engaged in the business of insurance whose activities affect interstate commerce and who knowingly makes false material statements may be:

    • A. Fined or imprisoned

    • B. Fined or imprisoned for up to 5 years

    • C. Fined or imprisoned for up to 10 years, or both.

    • D. Imprisoned for up to 15 years.

    Correct Answer
    A. C. Fined or imprisoned for up to 10 years, or both.
    Explanation
    The question states that anyone engaged in the business of insurance who knowingly makes false material statements may be subject to certain consequences. Option C states that the person may be fined or imprisoned for up to 10 years, or both. This means that if someone in the insurance business is found guilty of making false material statements, they can face a maximum punishment of a fine, imprisonment for up to 10 years, or both.

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  • 9. 

    A 1033 Waiver...

    • A. the consent of the official must specify that it is granted for the purpose of 18 U.S.C. 1033

    • B. Civil penalties and injunctions for violations of section 1034.

    • C. Civil action in the appropriate U.S. district court against any person who engages in conduct that is in violation 

    • D.

    Correct Answer
    A. A. the consent of the official must specify that it is granted for the purpose of 18 U.S.C. 1033
    Explanation
    The correct answer is A because it states that the consent of the official must specify that it is granted for the purpose of 18 U.S.C. 1033. This means that in order for a waiver to be valid, the official granting the waiver must explicitly state that it is being granted for the specific purpose outlined in 18 U.S.C. 1033. This ensures that the waiver is not being granted for any other reason or purpose.

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  • 10. 

    Section 1034...

    • A. States that the Attorney General may bring a civil action in the appropriate U.S. district court against any person who engages in conduct that is in violation of Section 1033 of not more than $50,000 for each violation, or the amount of compensation the person received as a result of the prohibited conduct, whichever is greater.

    • B. Civil Penalties and injunctions for violations of section 1033

    • C. Options both A and B

    • D. There is no Section 1034

    Correct Answer
    A. C. Options both A and B
    Explanation
    The correct answer is C because it states that the Attorney General may bring a civil action in the appropriate U.S. district court against any person who engages in conduct that is in violation of Section 1033, and it also mentions civil penalties and injunctions for violations of Section 1033. Therefore, both options A and B are correct.

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  • 11. 

    What is the Code of Washington?

    • A. Title 48

    • B. Title 248

    • C. Title 50

    • D. Title 68

    Correct Answer
    A. A. Title 48
    Explanation
    The Code of Washington refers to the compilation of all the laws and regulations in the state of Washington. It is organized into various titles, with each title covering a specific area of law. The correct answer, A. Title 48, suggests that Title 48 of the Code of Washington contains the relevant laws and regulations for the state.

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  • 12. 

    What is the Washington Administrative Code (WAC)?

    • A. Title 68

    • B. Title 48

    • C. Title 50

    • D. Title 284

    Correct Answer
    A. D. Title 284
    Explanation
    The Washington Administrative Code (WAC) is a set of regulations and rules that govern the operations and procedures of various agencies and departments in the state of Washington. It covers a wide range of topics including licensing, permits, safety standards, and administrative procedures. Title 284 specifically pertains to the Office of the Insurance Commissioner, which regulates insurance companies and insurance-related activities in Washington state.

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  • 13. 

    Commissioner's main duties are?

    • A. To regulate insurance companies

    • B. To solicit insurance

    • C. Issue cease and desist orders

    • D. Administration and enforcement of the rules of the Insurance Code.

    Correct Answer
    A. D. Administration and enforcement of the rules of the Insurance Code.
    Explanation
    The main duties of a Commissioner are to administer and enforce the rules of the Insurance Code. This involves ensuring that insurance companies comply with regulations, investigating complaints, and taking appropriate enforcement actions when necessary. The Commissioner is responsible for overseeing the insurance industry and protecting the interests of policyholders.

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  • 14. 

    Title 48 is the Washington Insurance Code and it...

    • A. Protects insurance companies

    • B. Protects the Department of Health

    • C. Protects the public

    • D. Both A and C

    • E. All of the above

    Correct Answer
    A. C. Protects the public
    Explanation
    Title 48, which is the Washington Insurance Code, is designed to protect the public. This means that it contains laws and regulations that aim to ensure fair and ethical practices in the insurance industry, protect consumers from fraud or unfair treatment by insurance companies, and promote transparency and accountability. The code likely includes provisions related to licensing and regulation of insurance companies, consumer rights and protections, dispute resolution mechanisms, and other measures that prioritize the interests and well-being of the public.

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  • 15. 

    General powers, duties and responsibilities include:

    • A. Follow rules and regulations to enforce provisions of the Insurance Code.

    • B. Conduct Examinations, investigations and hearings to determine if anyone has violated any provisions of the Insurance Code.

    • C. Maintain confidentiality of documents, materials, or other information used in regulatory or legal action.

    • D. Issue cease and desist order if any one is believed to have violated rules.

    • E. Issue insurance licenses or certificates of authority, and take action against, fine, or suspend the license of any company and or producers.

    • F. Spread information concerning insurance laws of Washington and provide assistance to the public in obtaining information about insurance products.

    • G. Appoint a Chief Deputy Commissioner (assists the Commissioner) and other deputies

    • H. Answers A, C, and D

    • I. All of the above

    Correct Answer
    A. I. All of the above
    Explanation
    The correct answer is I. All of the above. This is because all of the options listed (A-H) are general powers, duties, and responsibilities that are typically associated with the role of a commissioner in enforcing the provisions of the Insurance Code. These include following rules and regulations, conducting examinations and investigations, maintaining confidentiality, issuing cease and desist orders, issuing licenses or certificates of authority, spreading information about insurance laws, and appointing deputies.

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  • 16. 

    The purpose of examination ensures...

    • A. companies remain solvent and conduct business of insurance in compliance with state laws or regulations in regards to licensing, policy forms, rates, claims and market conduct.

    • B. accounts or transactions records are kept accordingly

    • C. Both A and B

    • D. None of the above

    Correct Answer
    A. A. companies remain solvent and conduct business of insurance in compliance with state laws or regulations in regards to licensing, policy forms, rates, claims and market conduct.
    Explanation
    The purpose of examination ensures that companies remain solvent and conduct business of insurance in compliance with state laws or regulations. This includes licensing, policy forms, rates, claims, and market conduct. The examination process helps to ensure that insurance companies are operating within the legal framework and are financially stable to meet their obligations to policyholders. It also helps to protect consumers by ensuring fair and ethical practices in the insurance industry.

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  • 17. 

    At least every 5 years the Commissioner may...

    • A. Examine Aliens insurers

    • B. Examine Public records

    • C. Examine accounts or transaction records and documents of all authorized insurers, rating organizations, joint underwriting association, and any insurance producer.

    • D. All of the above

    Correct Answer
    A. C. Examine accounts or transaction records and documents of all authorized insurers, rating organizations, joint underwriting association, and any insurance producer.
    Explanation
    The correct answer is C. This is because the question asks what the Commissioner may examine, and option C states that the Commissioner may examine accounts or transaction records and documents of all authorized insurers, rating organizations, joint underwriting association, and any insurance producer. Options A and B are incorrect because they do not cover all the entities mentioned in option C. Therefore, option C is the most comprehensive and accurate answer.

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  • 18. 

    Examination of an Alien insurer may be...

    • A. limited to its amount of insurance

    • B. limited to the amount of insureds

    • C. Both A and D

    • D. limited to its transactions in the U.S.

    Correct Answer
    A. D. limited to its transactions in the U.S.
    Explanation
    The correct answer is D. limited to its transactions in the U.S. When examining an Alien insurer, the scope of the examination is restricted to its transactions within the United States. This means that the examination focuses only on the insurer's activities, operations, and financial transactions that occur within the U.S. It does not extend to the amount of insurance provided, the number of insureds, or any other factors unrelated to the insurer's U.S. transactions.

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  • 19. 

    A person with a temporary or suspended license may request to have a hearing and the Commissioner must have a hearing within ___ days, or within ____ days of the effective date of temporary license suspension issued after such demand, unless postponed by mutual consent

    • A. 15 days and 10 days

    • B. 30 days and 30 days

    • C. 30 days and 15 days

    • D. 10 days and 15 days

    Correct Answer
    A. B. 30 days and 30 days
    Explanation
    A person with a temporary or suspended license may request to have a hearing and the Commissioner must have a hearing within 30 days, or within 30 days of the effective date of temporary license suspension issued after such demand, unless postponed by mutual consent.

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  • 20. 

    Any insurance policy form or written application issued, delivered or used in Washington must be first...

    • A. filed with and approved by the Commissioner

    • B. Filed by the Commissioner

    • C. Approved by the Commissioner

    • D. None of the Above

    Correct Answer
    A. A. filed with and approved by the Commissioner
    Explanation
    In Washington, any insurance policy form or written application must go through a process of being filed with and approved by the Commissioner. This means that before an insurance policy can be issued, delivered, or used in Washington, it must first be submitted to the Commissioner for review and approval. This ensures that the policy meets all the necessary legal requirements and provides adequate coverage for policyholders. The Commissioner's approval is necessary to protect the interests of consumers and maintain the integrity of the insurance industry in the state.

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  • 21. 

    If extension period is over and notice of disapproval is not given, the form is deemed to be

    • A. Approved

    • B. Disapproved

    Correct Answer
    A. A. Approved
    Explanation
    If the extension period is over and there is no notice of disapproval given, it means that the form has not been rejected. Therefore, it is deemed to be approved.

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  • 22. 

    Commissioner can withdraw approval at...

    • A. 10 days

    • B. anytime

    • C. 15 days

    • D. None of the above

    Correct Answer
    A. B. anytime
    Explanation
    The correct answer is B. anytime. This means that the Commissioner has the authority to withdraw approval at any given time, without any specific time frame or restrictions. This implies that the Commissioner has full discretion and can revoke the approval whenever they deem it necessary or appropriate, without being bound by any specific timeline or conditions.

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  • 23. 

    Every Insurer or Rating organization must file with the Commissioner every...

    • A. Policy, Provision and Riders 

    • B. Classification manual, manual of rules and rates, rating plan, and rating schedule

    • C. Both A and D

    • D. Minimum rate, class rate, rating rule, and any rate modification, and must indicate the type of coverage, and have sufficient information.

    Correct Answer
    A. C. Both A and D
    Explanation
    The correct answer is C. Both A and D. This is because every insurer or rating organization must file with the Commissioner every policy, provision, and rider, as well as the minimum rate, class rate, rating rule, and any rate modification. They must also indicate the type of coverage and provide sufficient information. Therefore, both options A and D are correct in this context.

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  • 24. 

    An insurer or rating organization must offer support of any filing:

    • A. An exhibit detailing the major elements of operating expense for the types of insurance affecting by the filing.

    • B. Experience of insurer or rating organization making the filing

    • C. Explanation on how investment income has been taken into account in the proposed rates

    • D. Any other information that the insurer or rating organization deems relevant.

    • E.  Both A and C

    • F. All of the above

    Correct Answer
    A. F. All of the above
    Explanation
    The correct answer is F. All of the above. This means that an insurer or rating organization must offer support for any filing by providing an exhibit detailing the major elements of operating expense for the types of insurance affected by the filing, presenting the experience of the insurer or rating organization making the filing, explaining how investment income has been taken into account in the proposed rates, and providing any other information that the insurer or rating organization deems relevant.

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  • 25. 

    An insurance contract is...

    • A. An agreement between the insurance company and insured 

    • B. An agreement between the policyowner and the insured

    • C. An agreement between the policyowner and an insurer

    • D. None of the above

    Correct Answer
    A. C. An agreement between the policyowner and an insurer
    Explanation
    An insurance contract is an agreement between the policyowner and an insurer. The policyowner is the person who owns the insurance policy, while the insurer is the company that provides the insurance coverage. This agreement outlines the terms and conditions of the insurance policy, including the coverage provided, the premium to be paid, and any exclusions or limitations. The insurer agrees to provide the specified coverage in exchange for the policyowner paying the premium.

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  • 26. 

    The insurer agrees for a ___, to compensate for ___of the insured by specific events.

    • A. license, peril

    • B. payment, loss

    • C. Both A and B

    • D. None of the above

    Correct Answer
    A. B. payment, loss
    Explanation
    The correct answer is B. payment, loss. In insurance, the insurer agrees to make a payment to the insured in the event of a loss. This payment is meant to compensate for the financial impact of the loss experienced by the insured. Therefore, the agreement between the insurer and insured involves a payment being made by the insurer to cover the loss suffered by the insured.

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  • 27. 

    In Washington state any of the following is considered transacting insurance:

    • A.Fiduciary Responsibility, and insuring of a contract

    • B.Solicitation, Negotiations preliminary to execution, and put into effect of an insurance contract

    • C. Transaction of a contract under consideration, to the execution of the contract, and insuring

    • D. Both B and C

    Correct Answer
    A. D. Both B and C
    Explanation
    The correct answer is D. Both B and C. This means that in Washington state, transacting insurance includes both the solicitation, negotiations preliminary to execution, and putting into effect of an insurance contract (option B), as well as the transaction of a contract under consideration, to the execution of the contract, and insuring (option C). In other words, any activities related to the sale and execution of an insurance contract fall under the definition of transacting insurance in Washington state.

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  • 28. 

    Any person or company engaged as the main party in the business of entering into the insurance contracts is?

    • A. The policyowner

    • B. The Insured

    • C. The beneficiary

    • D. The Insurer

    Correct Answer
    A. D. The Insurer
    Explanation
    The correct answer is D. The Insurer. The insurer is the main party engaged in the business of entering into insurance contracts. They are responsible for providing insurance coverage and assuming the financial risk associated with the policy. The insurer collects premiums from policyholders and pays out claims when necessary.

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  • 29. 

    Domestic mutual insurers must be owned by and operated in the interest of?

    • A. Their insurance producers

    • B. Their members

    • C. Their employees

    • D. None of the above

    Correct Answer
    A. B. Their members
    Explanation
    Domestic mutual insurers are required to be owned by and operated in the interest of their members. This means that the policyholders of the mutual insurer are also the owners of the company. The company's profits are distributed among the policyholders in the form of dividends or reduced premiums. This ownership structure ensures that the company's operations and decision-making are aligned with the best interests of its members, rather than external stakeholders such as insurance producers or employees.

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  • 30. 

    Types of licenses include?

    • A. Life and Health

    • B. Property and Casualty 

    • C. Individual and Group

    • D. Individual and Temporary

    Correct Answer
    A. D. Individual and Temporary
    Explanation
    The question asks for types of licenses, and the correct answer is "D. Individual and Temporary." This suggests that there are different types of licenses, and two of them are individual and temporary licenses.

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  • 31. 

    Individual licenses are:

    • A. Foreign and Domestic

    • B. Valid for 180 days

    • C. Resident and nonresident

    • D. Commercial and noncommercial

    Correct Answer
    A. C. Resident and nonresident
    Explanation
    Individual licenses are categorized as either resident or nonresident. A resident license is issued to individuals who are permanent residents of a particular state or country. On the other hand, a nonresident license is issued to individuals who reside outside of the state or country but still require a license to operate in that specific jurisdiction.

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  • 32. 

    License must be renewed every?

    • A. 1 year

    • B. 2 years

    • C. 3 years

    • D. 5 years

    Correct Answer
    A. B. 2 years
    Explanation
    A license must be renewed every 2 years. This means that after 2 years, the license holder needs to go through the renewal process to ensure that they are still eligible and meet the requirements for holding the license. This renewal process helps to ensure that license holders are up to date with any changes or updates in regulations, laws, or qualifications that may affect their ability to hold the license. Renewing the license every 2 years also helps to maintain the integrity and validity of the license.

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  • 33. 

    No license is required for people who do not receive ___?

    • A. Salary

    • B. Profit

    • C. Both A and D

    • D. Commissions

    Correct Answer
    A. D. Commissions
    Explanation
    No license is required for people who do not receive commissions. This means that individuals who do not earn any income through commissions are exempt from needing a license.

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  • 34. 

    Disciplinary actions include:

    • A. Denial of license, suspension, revocation, or refusal to renew

    • B. Cease and desist order

    •  C. Fines

    • D. All of the above

    Correct Answer
    A. D. All of the above
    Explanation
    The correct answer is D. All of the above. Disciplinary actions in this context refer to the consequences that can be imposed on an individual or entity for violating certain rules or regulations. These actions can include denial of license, suspension, revocation, or refusal to renew, as well as the issuance of a cease and desist order, and imposition of fines. Therefore, the correct answer is D, as it encompasses all the options mentioned in the question.

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  • 35. 

    Minimum age for a producer license is?

    • A. 18 years old

    • B. 21 years old

    • C. 16 years old

    • D. There is no minimum age required

    Correct Answer
    A. A. 18 years old
    Explanation
    The minimum age for a producer license is 18 years old. This means that individuals must be at least 18 years old in order to obtain a producer license.

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  • 36. 

    License reinstatement period is?

    • A. 6 months

    • B. 12 months

    • C. 8 months

    • D. 24 months

    Correct Answer
    A. B. 12 months
    Explanation
    The license reinstatement period refers to the duration of time that a person must wait before their driver's license can be reinstated after it has been suspended or revoked. In this case, the correct answer is B. 12 months, which means that the individual would have to wait for a year before they can regain their driving privileges.

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  • 37. 

    To notify Commissioner of termination of producer appointment (employment) you have?

    • A. Must be immediately

    • B. 30 days

    • C. 60 days

    • D. 15 days

    Correct Answer
    A. B. 30 days
    Explanation
    To notify the Commissioner of termination of a producer appointment, one must provide the notice within 30 days. This means that the termination should be reported to the Commissioner within a month of the producer's appointment being terminated.

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  • 38. 

    Time period to complete Continuing Education (CE) requirements?

    • A. 24 hours

    • B. 1 year

    • C. 2 years

    • D. 3 years

    Correct Answer
    A. C. 2 years
    Explanation
    The correct answer is C. 2 years. Continuing Education (CE) requirements typically need to be completed within a certain time period to maintain a professional license or certification. In this case, the requirement must be fulfilled within a span of 2 years.

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  • 39. 

    How many hours of CE credit are required for each licensing period?

    • A. 15 hours

    • B. 30 hours

    • C. 3 hours

    • D. 24 hours

    Correct Answer
    A. D. 24 hours
    Explanation
    Each licensing period requires 24 hours of CE credit. This means that license holders must complete 24 hours of continuing education courses or activities in order to renew their license.

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  • 40. 

    How many CE credit hours are required in ethics?

    • A. 24 hours

    • B. 3 hours

    • C. 30 hours

    • D. 15 hours

    Correct Answer
    A. B. 3 hours
    Explanation
    In order to maintain professional ethics and standards, professionals in certain fields are required to complete continuing education (CE) credits in ethics. The correct answer is B. 3 hours, as this is the number of CE credit hours that are typically required in ethics.

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  • 41. 

    Producers must retain CE certification of completion for?

    • A. 2 years

    • B. 10 years

    • C. 3 years

    • D. 5 years

    Correct Answer
    A. C. 3 years
    Explanation
    Producers must retain CE certification of completion for 3 years. This is because CE certification ensures that a product meets the necessary health, safety, and environmental protection standards required within the European Economic Area. By retaining the certification for 3 years, producers can demonstrate compliance with these standards and ensure that their products are legally allowed to be sold within the European market.

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  • 42. 

    The maximum length of a temporary license is?

    • A. 30 days

    • B. 15 days

    • C. 90 days

    • D. 180 days

    Correct Answer
    A. D. 180 days
    Explanation
    The maximum length of a temporary license is 180 days. This means that individuals who are granted a temporary license are allowed to use it for a period of up to 180 days before it expires. This could be applicable in various situations where a temporary license is needed, such as for certain types of permits or certifications.

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  • 43. 

    How many days for a licensee to reply to an inquiry from the Commissioner regarding the business of insurance?

    • A. 10 days

    • B. 15 days

    • C. 30 days

    • D. 60 days

    Correct Answer
    A. B. 15 days
    Explanation
    A licensee is required to reply to an inquiry from the Commissioner regarding the business of insurance within 15 days. This time frame allows the licensee enough time to gather any necessary information or documents and provide a timely response to the Commissioner. It ensures that the Commissioner receives the requested information in a reasonable amount of time, allowing for efficient communication and oversight of the insurance business.

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  • 44. 

    True or False? Prizes, goods or merchandise is allowed and not considered rebating as long as they are no more than $100?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Prizes, goods, or merchandise that are valued at no more than $100 are allowed and not considered rebating. This means that businesses can offer these items as incentives or rewards without violating any rules or regulations. However, it is important to note that this may vary depending on the specific laws and regulations of a particular jurisdiction.

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  • 45. 

    True or False. A person who sells insurance, on behalf of an unauthorized insurer will not be held personally liable?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    A person who sells insurance on behalf of an unauthorized insurer can be held personally liable. Selling insurance on behalf of an unauthorized insurer means that the insurer is not licensed or authorized to sell insurance in a particular jurisdiction. In such cases, the person selling the insurance may be held personally responsible for any claims or damages that arise from the insurance policy. It is important for insurance agents to ensure that they are working with authorized insurers to avoid personal liability.

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  • 46. 

    The Commissioner may also order a ___ of policies improperly issued with an ___ ____ to a ___ ___.

    • A. copy, authorized insurer, unauthorized insurer

    • B. replacement, authorized insurer, unauthorized insurer

    • C. replacement, unauthorized insurer, authorized insurer

    • D. copy, unauthorized insurer, authorized insurer

    Correct Answer
    A. C. replacement, unauthorized insurer, authorized insurer
    Explanation
    The Commissioner may order a replacement of policies improperly issued with an unauthorized insurer to an authorized insurer. This means that if policies were issued by an unauthorized insurer, the Commissioner has the authority to order those policies to be replaced with policies from an authorized insurer. This ensures that policyholders are protected and that they are covered by a reputable and authorized insurance company.

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  • 47. 

    True or False. If certain coverages cannot be obtained through authorized insurers these coverages are considered "surplus lines?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    If certain coverages cannot be obtained through authorized insurers, they are considered "surplus lines." This means that these coverages are not available from regular insurance companies and must be obtained from specialized insurers who are not authorized or licensed in the state where the coverage is needed. Surplus lines insurance is typically used for unique or high-risk situations where traditional insurers are unwilling or unable to provide coverage.

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  • 48. 

    True or False? Washington Life and Disability Insurance Guaranty Association protects insurance companies from financial losses, to prevent insolvency.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The Washington Life and Disability Insurance Guaranty Association does not protect insurance companies from financial losses, but rather protects policyholders in the event that an insurance company becomes insolvent. This association provides a safety net by paying outstanding claims and continuing coverage for policyholders if an insurance company fails. Therefore, the statement is false.

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  • 49. 

    Washington Life and Disability Insurance Guaranty Association protects policyowners, insureds and beneficiaries from financial losses caused by insurers who become unable to pay or meet contractual agreements. 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The Washington Life and Disability Insurance Guaranty Association provides protection to policyowners, insureds, and beneficiaries in the event that an insurance company is unable to fulfill their financial obligations. This means that if an insurer becomes insolvent or unable to pay claims, the association steps in to cover the losses. Therefore, the statement that the association protects policyowners, insureds, and beneficiaries from financial losses caused by insurers who become unable to pay or meet contractual agreements is true.

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Quiz Review Timeline (Updated): Jan 30, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Jan 30, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 01, 2020
    Quiz Created by
    Mikaylakleinsass

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