Category: Uncategorized

Bob purchased insurance on his home with an insurer that was not licensed to do business in the state. In this case, which requirement to form a binding insurance contract is lacking?

Under one type of rate regulation, insurers do not have to register their rates with state regulatory authorities. However, insurers may be required to furnish rate schedules and supporting data to state officials. A fundamental assumption underlying this type of rating law is that market forces will determine the price and availability of insurance, rather than discretionary acts of regulators. This type of rate regulation is called

One method of ensuring the solvency of insurers is a periodic review, every three to five years, of insurers that operate on a multistate basis. This review is coordinated by the NAIC. This review is called a(n)

Most insurance companies require their marketing representatives to submit an evaluation of the prospective insured. This important source of underwriting information is called the

The regulation of insurers in areas that affect consumers, which include claims handling, underwriting, complaints, advertising, sales practices, and other trade practices is called

Cathy just started a job with XYZ Manufacturing Company. She attended an orientation and was given a packet providing information about the various employee benefits XYZ offers. One item in the packet was a booklet and application form from an auto insurer. The insurer offers lower premiums to XYZ employees. The insurer’s plan for selling individually-underwritten auto insurance to employees of XYZ Manufacturing Company is called

Which of the following statements about mutual insurers is true?

Match the term with an appropriate definition.

When must an insurable interest legally exist in property insurance for an insured to receive payment for a loss from the insurer?

Which of the following statements about Lloyds of London (are) true? I.The majority of the business underwritten by Lloyds of London is for unusual risks, such as valuable race horses and professional athletes. II.Lloyds of London is a group of underwriters who underwrite insurance, not an insurance company.