Property & Casualty Test (Indiana Section)
$100,000 per claim; $300,000 per occurrence; any claim for return of unearned premium, the
Association will pay 80% of the unearned premiums paid/$650 per month for up to 12 months
(7,800), whichever is less - ANS-Property & Casualty (P&C insurance company)
$50,000; this is to insure that they will perform faithfully in his/her duties - ANS-Commissioner
must post bond, what amount?
1. Assuring that insurance Companies meet basic standards
2. Assuring applicants meet requirements to be licensed, and maintain there licenses
3. Assuring/Applicants, Producers and Companies adhere to both the producer Licensing
Law/Unfair Competition Law - ANS-Commissioner has 3 major responsibilities?
1. Cheating
--COMMON SENSE - ANS-Violations of Exam
1. Domestic (formed in Indiana ex. Indiana Farmers)
2. Foreign (Formed in another state/territory ex. New York Life)
3. Alien (formed in another country ex. Lloyds of London) - ANS-Companies classified in 3
different ways based off of origin
1. Executive Authority
2. Legislative Authority
3. Judicial Authority - ANS-The commissioner has 3 main authorities
All admitted insurers must belong to the appropriate association; to pay policyowner claims of
an insolvent insurance company - ANS-Life and Health and Property & Casualty Guarantee
Associations
Company-Certificate of Authority; Producer-insurance licenses - ANS-Once granted to conduct
business in a certain state, company will receive?
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