Property & Casualty Test (Indiana Section) Questions with Answers (All Answers Correct)
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Module
Property & Casualty
Institution
Property & Casualty
Insurance commissioner has the authority to..? - enforce state insurance laws
Department of Insurance has the power to..? - Supervise the organization, regulation,
examination, rehabilitation, liquidation and conservation of all insurance companies doing business
in the state
Insurance laws hav...
Insurance commissioner has the authority to..? - ✔✔ enforce state insurance laws
Department of Insurance has the power to..? - ✔✔ Supervise the organization, regulation,
examination, rehabilitation, liq uidation and conservation of all insurance companies doing business
in the state
Insurance laws have been written to protect - ✔✔ the insuring public
The commissioner has 3 main authorities - ✔✔ 1. Executive Authority
2. Legislative Authority
3. Judicial Authority
Executive Authority - ✔✔ to enforce state laws
Legislative Authority - ✔✔ to create Rules that explain or clarify laws
Judicial Authority - ✔✔ to hold Administrative Hearings
Who appoints the State Insurance Commissioner - ✔✔ state governor; can appoint and also fire
How is commissioner selected? - ✔✔ Solely based off knowledge and skill in insurance; no regard
to his/her political beliefs
Commissioner must post bond, what amou nt? - ✔✔ $50,000; this is to insure that they will
perform faithfully in his/her duties
Commissioner authorized to join what group? - ✔✔ National Association of Insurance
Commissioners (NAIC)
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