Regulations

Question 1

The commissioner must examine accounts, records, and documents of all authorized insurers in Washington at least every

Answer 1

5 years

Question 2

The purpose of the Washington replacement regulations is to

Answer 2

Protect the interests of policy purchasers by establishing standards of conduct

Question 3

An agent who offers to pay the first insurance premium as an inducement for applicant to purchase a policy may be found guilty of

Answer 3

Rebating

Question 4

If the commissioner issues a cease and desist order and you continue the same activities, you can be fined up to which of the following amounts per violation of that order?

Answer 4

Up to 250$ per violation committed after 10 days of the order being received

Question 5

All the following are qualifications to become a resident producer in Washington EXCEPT

Answer 5

Must be at least 21 years of age

Question 6

The interest rate for unpaid life insurance proceeds is

Answer 6

8%

Question 7

The commissioner may issue a temporary license to the spouse or representative of a deceased or disabled producer for a maximum of

Answer 7

180 days

Question 8

A producer that tells an applicant for insurance that the participating policy is guaranteed to pay dividends every year would be guilty of

Answer 8

Misrepresentation

Question 9

The free-look period for replacement transactions is

Answer 9

20 days

Question 10

An insurer is underwriting twins for insurance. The twins have identical medical history, background, and MIB reports. The insurer decides to rate one of the twins as a preferred risk and the other as a standard risk. The insurer may be guilty of

Answer 10

Discrimination

Question 11

Which of the following is NOT true regarding an investigative consumer report?

Answer 11

It can be omitted from the underwriting process at the request of the applicant

Question 12

Resident producers must complete how many hours of continuing education every 2 years

Answer 12

24 hours, 3 of which must be ethics

Question 13

Replacement regulations applies to which of the following policies

Answer 13

Universal life insurance

Question 14

A buyers Guide contains which of the following

Answer 14

Important information about what to consider when buying a life insurance policy

Question 15

A presentation that includes nonguaranteed elements of a life insurance policy over a period of years is a

Answer 15

Policy illustration

Question 16

When replacing an insurance policy, a producer must present a completed Notice Regarding Replacement to the applicant when the

Answer 16

Producer completes the application

Question 17

Which of the following is not a requirement of group life conversion

Answer 17

Proof of insurability is required

Question 18

the name of the federal law governing the collection and dissemination of consumer and credit information is the

Answer 18

Fair Credit Reporting Act

Question 19

Any person making maliciously critical or derogatory statements about any person engaged in the insurance business is guilty of

Answer 19

Defamation

Question 20

A policy owner that has an irrevocable beneficiary cannot request changes unless the

Answer 20

irrevocable beneficiary signs the change request

Question 21

If a misstatement of age is discovered during the processing of a death claim, the insurer will

Answer 21

Pay an adjusted death benefit based on the premiums that were paid

Question 22

Which of the following will receive the death benefit if the insured and the sole beneficiary die in a common disaster?

Answer 22

Insured’s estate

Question 23

A contingent beneficiary will only receive a policy’s death benefit if

Answer 23

the insured dies and there is no surviving primary beneficiary