The naic - Study guides, Class notes & Summaries

Arkansas Property and Casualty License ExamThe National Association of Insurance Commissioners (NAIC) - correct answer Consists of all State and territorial insurance commissioners or regulators. The NAIC provides resources, research, legislative and regulatory recommendations and interpretations for state insurance regulators. The NAIC has no legal authority to enact or enforce insurance laws. The Federal Insurance Office (FIO) - correct answer This office monitors the insurance industry ...

2024 FP 512 ACTUAL EXAM TEST BANK WITH 300 EXAM QUESTIONS AND CORRECT ANSWERS WITH DETAILED EXPLANATIONS (100% CORRECT VERIFIED ANSWERS) GRADED A (NEW!!) Which of the following gave states the authority to regulate the insurance industry? - ANSWER-The McCarran-Ferguson Act of 1945 Under the McCarran-Ferguson Act of 1945, insurance is regulated primarily at the state level. The NAIC issues model insurance legislation that individual states are free to adopt if they choose, but the NAIC...

SOUTH DAKOTA LIFE AND HEALTH – EXAM 2024 WITH 100% CORRECT ANSWERS Insurers (companies/carriers) - correct answer Provide insurance coverage by issuing particular insurance policies or contracts. Insurance Agencies - correct answer Independent sales organizations that provide service and distribute insurance policies to consumers. Agents and Producers - correct answer Licensed individuals representing an insurance company when transacting insurance business. The insurance industr...

Mutual Insurance Companies - organized and incorporated under state laws. No stockholders Mutual companies - Participating, they pay dividends Stock company - Owns Stock. Nonparticipating (no dividends) Risk Retention Group - Mutual company formed to insure ppl in the same business, occupation, profession (pharmacists, dentists, engineers) Fraternal Benefit Societies - Non profit organization, lodge system that includes ritualistic work, and maintain a rep form of gov with elected officers. ...

C. The insurer may increase the premium rate after the policy is in effect provided it does so by classes of insureds - Answer-All of the following statements about non-cancellable policies are true EXCEPT A. A noncancellible police is also called a noncancellible and guaranteed renewable policy B. The only right to cancel the noncancellable policy is for nonpayment of premiums C. The insurer may increase the premium rate after the policy is in effect provided it does so by classes of...

Insurers and claim representatives must keep the promises specified in insurance policies, as well as those created by the law. In insurance transactions, the insured pays a premium for the insurer's promise to A. Handle claims in good faith. B. Comply with federal insurance laws. C. Compete fairly in the insurance market. D. Settle all losses in the insured's best interests. - A. Handle claims in good faith. In insurance transactions, the insured pays a premium for the insurer's promi...

SUPER-DUPER TEXAS ADJUSTER LICENSE EXAM 2024 WITH 100% CORRECT ANSWERS Insurance History and Regulation: Insurance - correct answer Coverage by contract whereby one party undertakes to indemnity (hold harmless) or guarantee another against loss by a specified contingency or peril. Insurance History and Regulation: NAIC - correct answer An organization whose purpose is to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United Stat...

State Farm Property Exam | Questions and Answers Graded A+ Latest 2024/2025 preferred, standard, substandard, or decline - CORRECT ANSWER The four ways risks are classified. primary insurance amount (PIA) - CORRECT ANSWER Amount equal to covered workers full Social Security retirement benefit or disability benefit. probationary period - CORRECT ANSWER A period of time between the issuance of a policy and the date coverage begins. proof of loss - CORRECT ANSWER A mandatory NAIC provis...

WebCE: Long-Term Care: Programs, Policies, and Partnerships 100% Pass What is the Primary Goal of Long Term Care To maintain functionality Which of the following most precisely defines the fundamentals of self-care and the basic tasks of life? Activities of daily living Long Term Care occurs only in nursing facilities. False On what basis are benefits payable under a long term care insurance policy typically triggered? the inability to perform defined ADLs A long-term care ombudsman represen...

In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? - 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed. - general buyer's guide; policy summary The Incontestable Clause states that the insurer cannot contest the validity of a life insurance pol...