Ch.1 General Insurance Questions and answers latest update
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Course
Certificate of Authority
Institution
Certificate Of Authority
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...
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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