How to deal with risk - Avoid (Don;t fly, hang glide, mountain climb etc)
Retain (Self insure)
Transfer (Social vehicle for insurance)
Share (incorporate or add a partner)
Reduce (install fire alarms, stop smoking, etc)
Essentials of an Insurance Contract - Think LACC
Legal Purpose
Acceptanc...
Wisconsin Insurance- Exam
How to deal with risk - Avoid (Don;t fly, hang glide, mountain climb etc)
Retain (Self insure)
Transfer (Social vehicle for insurance)
Share (incorporate or add a partner)
Reduce (install fire alarms, stop smoking, etc)
Essentials of an Insurance Contract - Think LACC
Legal Purpose
Acceptance offer
-or acceptance counteroffer
Competent Parties
Consideration
-Insurer "promise to pay"
-Applicant's "premium"
Enforcement Procedures - 1. A hearing must be held:
- To revoke, suspend, or limit a producer's license
- before adopting a new or changing an existing law
- Whenever the law requires
- Appeal the denial of an insurance License
2. Anyone aggravated by an insurance Commissioner Order
- Liscensee has 30 days to request a hearing
- OCI has not less than 10 nor more than 60 days to grant
3. No hearing required for:
- Failure to pay license renewal fee
, - Failing to meet continuing education requirements
4. Re-Hearings may be granted if:
- Material fact evidence was overlooked
- New Evidence
- Liscensee has:
- 20 days to request
- The OCI has 20 days to grant, deny, or do nothing
Adhesion (Stick to) - "Take it or leave it"
Can shop around
Aleatory - A contract in which the consideration or monetary value between the parties is not
equal
The policy holder pays a premium and may collect nothing from the insurer is no loss occurs; however if
a loss does occur, the policy holder may collect considerably more than the amount of the premium
Assessable Policy - Policyholder takes risk of loss
Association Insurer - 1. Lloyd's of London
- Not an Insurance company
- Admitted in Two States
- Illinois and Kentucky
- In WI, they are treated as "Surplus Lines"
- Must have $1 billion in assets
- Not to be confused with American Lloyds
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