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Ch.1 General Insurance Questions and answers latest update $10.19   Add to cart

Exam (elaborations)

Ch.1 General Insurance Questions and answers latest update

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Ch.1 General Insurance Questions and answers latest update Certificate of Authority Permits an insurance company to transact business in this state Marketing and distribution systems used by insurers Captive Agency System, General Agency System, Independent Agency System, Direct Writers,Dir...

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  • May 22, 2024
  • 2
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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Ch.1 General Insurance Questions and
answers latest update
Certificate of Authority
Permits an insurance company to transact business in this state


Marketing and distribution systems used by insurers
Captive Agency System, General Agency System, Independent Agency System, Direct Writers,Direct
Mail/Response


Insurance Agencies
Responsible for recruitment, contracting, training and supporting insurance producers


Admitted
An insurer authorized to do business within the state; could be domestic, foreign or alien


Representations
Statements made on the application by the applicant that are believed to be true to the best of
his/her knowledge


Independent Agency
Owner of an agency, sells and places business with different insurers representing them by contract.
Marketing and distributing business


Risk Management
Process of analyzing risk exposures and designing programs to handle them


Apparent Authority
Created when a producer/agent exceeds the authority stipulated in his/her contract and the insurer
does nothing to counter the public impression that such authority exists (the producer/agent
accepting premiums on lapsed policies)


Formation
What contract law pertains to as well as the enforcement of legal contracts


FIO
Job is to monitor the insurance industry and identify issues and gaps in the state regulation


Not an insurance risk
Intentional loss


McCarran-Ferguson Act 1945
Gave states the authority to regulate insurance without interference from federal regulation, unless
federal law specifically provides otherwise

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