Washington- Ethics for the Financial Svcs Practitioner

Total Hrs / Order Price
1-5 $15.95
6-17 $24.95
18-24 $39.95
25-50 $49.95
51+ $49.95 + $2.00 per
additional hour over 50

Pricing based on total number of
hours in order.

Approved For:

  • Ethics

Credit Hours
3

Course Type
Online

DOI Number
612031

Publisher
Paul Winn

State
Washington

State
State CE Requirements

CE Course Description

Ethics for the Insurance Practitioner examines the nature and scope of ethics, as the foundation of integrity and honesty, and its relationship to compliance in the insurance practice. It considers the tools and practices used in the sale of insurance, and it applies the principles of ethics and compliance to them. The nature and consequences of misleading sales practices are discussed.

The common law concept of agency is examined, and its application to compliance is considered. In addition, the legal concepts of “course of conduct and custom,” waiver, estoppel and election are examined and their effect on both agent and insurer liability is addressed.

Compliance and ethical guidelines are applied to the reviewing of sales tools, including the agent’s:

  • Stationery and business cards
  • Advertising and direct mail
  • Personal brochures
  • Articles written for publication

In addition to the agent’s sales tools, the sales process itself is examined with the intent of ensuring its compliance with legal and ethical standards. The areas in which ethical or compliances lapses may occur are detailed in each of the steps of the sales process.

Common ethical and compliance problems are examined, including churning, twisting, abuse of the “free look” privilege, rebating and misrepresentation. Particular consideration is given to the ethical and compliance requirements present in replacement cases, including the need for a complete comparison and a full and fair disclosure.

Required CE Hours for Renewal

  • All licenses (except resident adjusters)

    • Complete a minimum of 24 approved credit hours for that license type per each two-year license term, including three hours of ethics continuing education training.
  • Resident Adjusters

    • Complete 24** hours of CE, including 3 hours of ethics training. Must be completed during each license renewal period of two years.

      **24 hours of CE goes into effect 7/1/2022

Special Training/Education Requirements (LTC, Flood, Ethics, others)

  • Long Term Care -LTC

    • Agents wishing to sell Long Term Care are required to take a one time only 8 hour Department of Insurance certified course
    • Each license term thereafter each agent must complete a 4 hour Long Term Care Partnership CE course that is approved by the department.
  • Flood Insurance Training

    • An insurance producer who sells flood insurance may satisfy the minimum training and education requirements by completing a 3-hour course related to the National Flood Insurance Program (NFIP).

How are Hours Reported

  • We will notify the Department of Insurance electronically completed hours within one business day. The licensee will also be rquired to self-report their completed hours to WAOIC. The licensee is required to print and keep the certificate of completion in their files for three years.

License Term

  • License term is every two years on the last day of the licensed agents birth date.

Course Type approved for Continuing Education

  • Online courses
  • Independent Self-study
  • Classroom Study

Final Exam

  • Non-Monitored Open Book Exam
  • Must answer at least 70% of the questions correct to pass.

Carryover CE Hours

  • CE credits may not be carried over from one term to the next.

Repeating Courses

  • Courses can not be repeated in a three year period.

Completion Certificates

  • Certificates of completion are available as soon as a course is completed with a passing grade. Certificates should be printed and kept on file for 3 years.

Non-residents (except for LTC)

  • Nonresident agents wanting to sell LTC products will have to complete the same courses as resident agents.

State of Washington, Office of Ins. Commissioner
Agents/Brokers Division

CE information (360) 725-7146 or (800) 725-7146
Renewal information (360) 725-7144
Fax (360) 586-2019
Email: licinfo@oic.wa.gov

Mailing Address:
State of Washington, Office of Ins. Commissioner
Agents/Brokers Division
P.O. Box 40255
Olympia, WA 98504-0255