100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Ch.1 General Insurance Questions and answers latest update $10.59   Add to cart

Exam (elaborations)

Ch.1 General Insurance Questions and answers latest update

 0 view  0 purchase
  • Course
  • Institution

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...

[Show more]

Preview 1 out of 2  pages

  • June 27, 2024
  • 2
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
avatar-seller
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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICAIDSTORE. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.59. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

76462 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.59
  • (0)
  Add to cart