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GA Insurance License / 900+ Exam Questions & Verified Answers. life and health Question Answer What is the form of risk management used to protect the financial well-being of an individual, company or other entity in the event of an unexpected financial $21.99
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GA Insurance License / 900+ Exam Questions & Verified Answers. life and health Question Answer What is the form of risk management used to protect the financial well-being of an individual, company or other entity in the event of an unexpected financial

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GA Insurance License / 900+ Exam Questions & Verified Answers. life and health Question Answer What is the form of risk management used to protect the financial well-being of an individual, company or other entity in the event of an unexpected financial loss insurance Insurance is a type of ...

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  • February 11, 2025
  • 114
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • GA Insurance License
  • GA Insurance License

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GA Insurance License /
900+ Exam Questions &
Verified Answers.
life and health

Question Answer

What is the form of risk management used
to protect the financial well-being of an
insurance
individual, company or other entity in the
event of an unexpected financial loss


Insurance is a type of Legal Contract


Insurance contract is between what 2 insurance company and consumer or
parties? business entity


transfers the risk of a specific financial loss
what does an insurance contract do? from one party to the other in exchange for
payment


What is the legal term for the insurance
insurer
company


what is the legal term for the insurered policy owner or policy holder

,what is the legal term for payment of
premium
coverage


sum of money that is required to keep a
premium payment
policy in force


legal contract between two parties for
insurance policy
insurance is called


when the insured incurs a loss, what must
a claim is made
be done


death of an individual prior to the age of 65
premature death
is called


legal term for overall purpose of insurance
which is to compensate an insured for loss indemnify
or damage


insurance industry is regulated by both state and federal legislation


Each state maintains its own division or regulating officers and an insurance
department of insurance, consisting of commissioner or superintendent.


what is provided to an insurance company
Certificate of Authority
as proof of licensure within the state.


Once certified by the state, the insurer is
admitted (able to do business in the state)
considered to be


term for an insurer that is prohibited from non-admitted
conducting business within a state until it

,becomes licensed by that state.


Authorized insurance companies oftentimes
the state in which the insurance company’s
conduct business in multiple states, and as
home office is incorporated
such, they are authorized based on


refers to the state (or country) in which the
domicile of incorporation
insurance company is incorporated.


The following 3 categories determine the
status of an insurance company based on its
domestic, foreign, alien
location of incorporation in relation to the
location in which it is conducting business


A domestic insurer is an insurance company
that conducts insurance business in the domestic insurer
same state in which it is incorporated


an insurance company that conducts
insurance business in any state that it is not
incorporated, such as an insurance company foreign insurer
that is incorporated in Florida and conducts
insurance business in California or New York


Any insurance company incorporated
alien insurer
outside of the United States


3 U.S. territorial possessions and are within Puerto Rico, Guam, and the U.S. Virgin
U.S. federal law Islands


insurance companies typically invest in low risk bonds

, 2 types of low risk bonds corporate and municipal


To protect against insurer insolvency, each
state’s department of insurance mandates
quarterly basis
company compliance in reporting financial
conditions and results of operations on a


what must be filed with the state
department of insurance and must be
annual audited report
completed by an independent certified
public accountant chosen by the insurer


audited annual report , statement
company’s financial condition, Balance
sheets/statements of cash flow, summary
financial reports must be provided by the
of insurer operations, changes in the
insurer to the department for review (6)
company’s capital/surplus, company’s
notes related to its financial statements
which reconcile any


what represents its financial strength and is
based on its claims experience, investment
performance, and dividend returns, as well insurance company's financial ratings
as an insurer’s management team among
other factors.


3 examples of financial rating companies Standard & Poor’s, Moody’s, and AM Best


Many businesses choose to do what to cover
smaller employee claims that can be paid by
self-insure
the company instead of filing a claim
through the insurer

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