Insurance regulation Study guides, Class notes & Summaries

Explain the economic laws of Supply and Demand, and explain why these laws do not strictly apply to automobile insurance. - pages 3-3 and 3-13. the economic theory of supply and demand proposes that more resources will be allocated to a product that increases revenue. The law of supply provides that the higher the price, then more will be supplied. the law of demand provides that, with all other factors equal, less will be demanded as the price rises. For the insurance market, supply is rep...

The West Virginia Insurance Commissioner attains office in which of the following ways? - Gubernatorial appointment (Governor of WV) An offer of life insurance by an insurance company in West Virginia to individuals who are personally invited to apply on the basis of the offer is known as what type of solicitation? - Direct response When a producer is soliciting a client to effect a contract of insurance, the producer is engaged in - transacting insurance Courses are approvedfor continu...

RRLLB81 ASSIGNMENT 02 SEMESTER 02 ANSWERS DUE 26 SEPTEMBER 2024 MERCANTILE LAW TOPIC 1: INSURANCE LAW LIABILITY INSURANCE IN SOUTH AFRICAN LAW AS A COMPLEX FORM OF INDEMNITY INSURANCE Background There are several classifications of insurance; the most common is the distinction between indemnity insurance (also referred to as non-life insurance) and non-indemnity insurance (also referred to as life insurance). With indemnity insurance, the insurer indemnifies the insured for loss or da...

Solution Manual for Financial Markets And Institutions 8th Edition Anthony Saunders TABLE OF CONTENTS Part 1: INTRODUCTION AND OVERVIEW OF FINANCIAL MARKETS Chapter 1: Introduct ion Chapter 2: Determinants of Interest Rates Chapter 3: Interest Rates and Security Valuation Chapter 4: The Federal Reserve System, Monetary Policy, and InterestRates Part 2: SECURITIES MARKETS Chapter 5: Money Markets Chapter 6: Bond Markets Chapter 7: Mortgage Markets Chapter 8: Stock Markets Chapter 9: Foreign Ex...

Arizona Life and Health Insurance Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A Q: Which statement concerning the Entire Contact provision in an individual accident and health insurance policy is TRUE? Answer: The agent doesn't have the authority to change the policy or waive its provisions Q: Under the Fair Credit Reporting Act, which statement is true? Answer: The consumer who was investigated must be advised that credit, insurance...

Which type of insurance protects an agent and even pays claims if a lawsuit is brought against the agent as a result of failing to provide a service to a client? - Errors and Omissions Insurance Which of the following terms is known as the voluntary relinquishment of a given right or privilege? - Waiver This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance as a form of interstate commerce? - United States v. Southeast...

Multi-Line Insurers - CORRECT ANSWER-________-______ Insurers are insurance carriers that offer more than one line of insurance. False - CORRECT ANSWER-True or False? Stock Insurance Companies are "participating" in that the policyholders receive dividends. Attorney-In-Fact - CORRECT ANSWER-Reciprocal Insurers are managed by an ___________________. Association - CORRECT ANSWER-Contrary to popular opinion, Lloyd's of London is not an insurer but rather an ____________. Limits Catas...

Oklahoma Insurance Exam (State Regulations) Questions and Answers Rated A+ Actuary a mathematician employed by the insurer who develops the rates for the insurer. Underwriter (Home Office Underwriter) and employee of the insurer What three things do Underwriters do? Gathers information analyses exposures (determines risk) selects risk for the insurer underwriting the process of selecting risks Producer (agent) (field underwriter) (agent underwriter) a person licensed to soli...

What is the purpose of licensing? - correct answer Reinforces the purpose of insurance regulation - that the public is treated fairly and equitably by those who sell and distribute insurance. Licensing prerequisites - correct answer 24 credit hours of study in approved course (must have 3hrs ethics). Once your certificate is obtained you have 1yr to pass your exam followed by 1yr to have your license issued. *Passing does not guarantee you will get your license. What are the qualifications...

Lesson 1: Louisiana Insurance Regulation Latest Update Graded A Objectives: ◦ List requirements of obtaining and maintaining a Louisiana Insurance License ◦ Recognize Louisiana laws governing the business of insurance ◦ Name important Federal laws that apply to insurance producers and insurers ◦ Recognize statutory time limits and dollar amounts from Louisiana Insurance Code This topic is 24% of the 150 questions on the P&C Exam Key Terms: Producer Certificate of Authority Control...