Naic - Study guides, Class notes & Summaries

SOUTH DAKOTA LIFE AND HEALTH – EXAM 2024 WITH 100% CORRECT ANSWERS Insurers (companies/carriers) - correct answer Provide insurance coverage by issuing particular insurance policies or contracts. Insurance Agencies - correct answer Independent sales organizations that provide service and distribute insurance policies to consumers. Agents and Producers - correct answer Licensed individuals representing an insurance company when transacting insurance business. The insurance industr...

Arkansas Property and Casualty License ExamThe National Association of Insurance Commissioners (NAIC) - correct answer Consists of all State and territorial insurance commissioners or regulators. The NAIC provides resources, research, legislative and regulatory recommendations and interpretations for state insurance regulators. The NAIC has no legal authority to enact or enforce insurance laws. The Federal Insurance Office (FIO) - correct answer This office monitors the insurance industry ...

SUPER-DUPER TEXAS ADJUSTER LICENSE EXAM 2024 WITH 100% CORRECT ANSWERS Insurance History and Regulation: Insurance - correct answer Coverage by contract whereby one party undertakes to indemnity (hold harmless) or guarantee another against loss by a specified contingency or peril. Insurance History and Regulation: NAIC - correct answer An organization whose purpose is to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United Stat...

Insurers and claim representatives must keep the promises specified in insurance policies, as well as those created by the law. In insurance transactions, the insured pays a premium for the insurer's promise to A. Handle claims in good faith. B. Comply with federal insurance laws. C. Compete fairly in the insurance market. D. Settle all losses in the insured's best interests. - A. Handle claims in good faith. In insurance transactions, the insured pays a premium for the insurer's promi...

C. The insurer may increase the premium rate after the policy is in effect provided it does so by classes of insureds - Answer-All of the following statements about non-cancellable policies are true EXCEPT A. A noncancellible police is also called a noncancellible and guaranteed renewable policy B. The only right to cancel the noncancellable policy is for nonpayment of premiums C. The insurer may increase the premium rate after the policy is in effect provided it does so by classes of...

Mutual Insurance Companies - organized and incorporated under state laws. No stockholders Mutual companies - Participating, they pay dividends Stock company - Owns Stock. Nonparticipating (no dividends) Risk Retention Group - Mutual company formed to insure ppl in the same business, occupation, profession (pharmacists, dentists, engineers) Fraternal Benefit Societies - Non profit organization, lodge system that includes ritualistic work, and maintain a rep form of gov with elected officers. ...

State Farm Property Exam | Questions and Answers Graded A+ Latest 2024/2025 preferred, standard, substandard, or decline - CORRECT ANSWER The four ways risks are classified. primary insurance amount (PIA) - CORRECT ANSWER Amount equal to covered workers full Social Security retirement benefit or disability benefit. probationary period - CORRECT ANSWER A period of time between the issuance of a policy and the date coverage begins. proof of loss - CORRECT ANSWER A mandatory NAIC provis...

An organization that transacts insurance only with its own members is a(n): - Fraternal The ____________ has the power to issue rules and regulations to help enforce insurance laws. - Commissioner, Superintendent, or Director All of the following are essential elements of a legal contract, EXCEPT: - Representation Which of the following manufactures and sells insurance coverage in the form of insurance policies or contracts of insurance? - Insurance companies The contract type in which onl...

Super Duper Texas All Lines Adjuster Test Review Questions & Answers 2024 Insurance History and Regulation: Insurance - ANSWERSCoverage by contract whereby one party undertakes to indemnity (hold harmless) or guarantee another against loss by a specified contingency or peril. Insurance History and Regulation: NAIC - ANSWERSAn organization whose purpose is to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. Prot...

How does the Commissioner of Insurance receives their position? A) Appointed by the Legislature. B) Appointed by the Attorney General. C) Appointed by the Governor. D) Elected every 4 years. - C Insurance laws in Wisconsin are made by: A) The Commissioner of Insurance. B) National Association of Insurance Commissioners (NAIC). C) The Attorney General. D) The Legislature. - D To clarify a person's rights and duties under Wisconsin insurance law, the Commissioner will issue a: A) Heari...