Wa State Property & Casualty Insurance Exam (Latest Questions And Answers)

Market Value {Ans: the amount for which something can be sold on a given market prior to loss}Underwriter's Function {Ans: evaluating applications submitted to the insurer and determining the policy whether a policy should be issued and the terms conditions and rates for that policy}Methods of satisfying financial responsibility {Ans: Split limits: 25/50/25 or combined single: One lump sum to cover bodily injury and property damage.} {Ans: }Homeowners Forms {Ans: HO2- named H0-3 open and named peril H0-4 named (renters) H0-5 Open peril, 1-4 unit owner occupied HO-6 named peril, condos Ho-8 Named peril (historic/elabrit home)}Acceptance {Ans: when underwriting approves the application and approves a policy}Insurer Provisions {Ans: used in the event of loss to repair or replace damaged property with property of like kind and quality or to adjust the loss and make payment to the insured or a person legally entitled to receive payment within 60 days of receiving the insured's proof of loss}If an insurer cancels a contract, written notice must be provided to the insured within what a certain period of time. {Ans: 45 days prior to cancelation *unless from non paid premiums (10 days)}Methods of Handling Risk