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Property & Casualty Test (Indiana Section) Questions with Answers (All Answers Correct) $7.99   Add to cart

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Property & Casualty Test (Indiana Section) Questions with Answers (All Answers Correct)

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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...

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  • January 30, 2024
  • 4
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • Property & Casualty
  • Property & Casualty
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ACADEMICMATERIALS
Property & Casualty Test (Indiana
Section)

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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