Numbers and Figures Flashcards
Who appoints the Commisioner?
Voters, every four years
How often must the commissioner examine insurance companies?
at least once every 5 years
How long does a producer have to request a hearing, or make an appeal?
90 Days
how soon must the commissoner hold a hearing after one has been requested?
30 days
what ammount must the comissioners bond be?
$25,000
Time to Pass the state exams after completing the PLE?
one year
Time to secure a producers license after passing PLE?
180 days
Maximum duration of a temporary license?
180 days
Producer who represents the consumer/insured?
Broker
Producer who represents the insurance agency?
Agent
a Producer must always serve whos best interest?
The publics
Term a producers license lasts? when must he renew?
2 years (renewal on birthday)
CE hours needed to renew a producers license? how many of which must be in ethics?
24, 3
How long must a licensee keep his CE certificates?
3 years
Minimum bond for a producer to act as a broker?
$2,500
What additional bond must a Surplus lines broker have?
$20,000
When does a Certificate of authority renew for an insurance company in WA?
July 1st
what is the youngest a producer can get a licesnse?
18 yo
after _____ days from an the expiration date of a producers license, all associated appointments and affiliations are terminated.
60 days
After _____ (time) from the expiration date a producrs license, the producer will have begin the entire licensing process again.
1 year
What is the Commisioners maximum fine per violation of the insurance code?
$1,0000
Civil Penalty for transacting insurance without a licencse?
$25,000
Maximum duration of license suspension or revocation
One Year
Time for a producer to pay a fine?
15-30 days
Time for notifying a producer to suspend, reovke, or refuse his license?
15 days
The time for notifying a producer to suspend his license under an emergency action?
3 days
A change of business or residence address must be reported to the comissioner within _____ days.
30
Time for an issuer to acknowlage notice of claim to the claimaint
10 days
time after insurer recieves claim to complete a claim investigation?
30 days
When can the comissioner look at your shit
whenever he wants
Maximum value of a gift or service allowed to be given to a prospect?
$25 bucks
Time the producer must keep insurance transaction records?
5 years
Time for a producer to respond to the commissioner when an inquiry is made?
15 days
coverage limit per policy for Life & disability under the Gauranty Association?
$500,000
Coverage limit for Property & casualty per claim under the Gaurantee Assn?
$300,000
Time that claims will be covered under the Guaranty Assn after a company is liquidated?
30 days
Time for which binders are good
90 days typically
Miminum days notice to non-renew a fire policy
45
Minimum days to notice to renew a fire policy?
20 days
minimum days to cancel due to non payment of policy?
10 days
minimum days to cancel a fire policy other than non-payment.
45 days
days required for return of premium on a short rate basis should the insured cancel the policy?
30
if any notice is sent to an insured from the insurance company a copy if the notice or offer must be provided to the producer of record for the insured within ___ working days.
5
A binder is good for _____ days
90
_____ advance written notice is needed to give in order to end an independant agency contract
120
Pay comissions to the agent for a period of
one year
How much time may pass before you have to update client shit?
30 days
Minimum limit that Must be offered under PIP
10,000
no less than _____ must be offered as a maximum limit under pip
$35,000
Time that medical coverage will continue to pay a loss.
3 years
Maximum coverage per day for loss of services under PIP auto
$40
Funeral Cost Coverage Under PIP
$2,000
Time an insurer must keep the written rejection by an applicant for PIP or UIM coverage?
3 years
Time an insured has to report a loss caused by a phantom vehicle?
72 hours
deductible under UMPD for an accident caused by an underinsured or uninsured motorist?
$100
deductible under UMPD for an accident caused by a hit and run or phantom vehicle
$300
minimum days written notice to send to a guy whose policy is being cancelled for non-payment
10 days
an auto policy may be canneld if in the past ____ days prior to the last policy renewal date there was a suspension or revocation of the driver’s license of a guy.
180
It is an unfair practice to use trafic or accident violations within the last ___ years to determine if they should cover you.
3 years
who is required to meet the WFRL (Washington Financial Responsibility Liability Law)?
Driver And owner
Minimum single limit required to meet liability law?
$60,000
Minimum split limit to meet liability law?
25/50/10
years a license can be suspended for not meeting the liability law
3
State of washington Workers compensation law is known as
L&I (labor and industries)
On what are preiums based for workers comp?
Hours worked
the max limit of coverage which may be placed through the FAIR plan on any one property is
$1,500,000 ($1.5M)
policy or binders must be deliveered within ___ days under FAIR
2 days
under the FAIR plan policies are effective for___
1 year
