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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICMATERIALS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
