Wa Surplus Lines Broker Exam Correct Questions & Answers!!

What can you find on Schedule T in a company's financials? {Ans: Direct Premiums Written, Direct Losses Incurred, PER STATE}A Members Agent does what? {Ans: Advise members on which syndicates to participate in.}Diligent effort must be filed within _____ days from Eff Date {Ans: 60 days}What does IBNR stand for? {Ans: Incurred but not reported}True/False: Stop Loss Reinsurance is a form of Reinsurance where the reinsurer reimburses the ceding Company (if Incurred losses on a specific class of business exceed the loss ratio) {Ans: True (ie. Hail or Medical Stop Loss)}Responsibilities of a Cover Holder include issuing insurance documentation on behalf of the Members of a Syndicate, True or False? {Ans: True - Cover Holders are companies authorized by a Managing Agent}The '______ _______' ratio is the ultimate measure of improvement or deterioration in the insurer's financial condition {Ans: Profitability Ratio 7- Gross Change in Policyholders' Surplus}How many days notice is required to cancel Surplus Line policy (other than non-pay)? {Ans: 20 days}Max amount of time license can be suspended due to conviction of felony? {Ans: Not to exceed 12 months}"All insurance & insurance transactions in this State, all persons having