Naic - Study guides, Class notes & Summaries

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...

Regarding indexed annuities, the participation rate is best described as: - The percentage of increase in the index that will be used to calculate the index-linked interest rate. Mortality and expense risk charges are designed to offset the insurer's risk that the annuitant will outlive his or her - Life expectancy. By creating a shared-risk pool, a fixed annuity evens out the ______ of the participants. - Mortality risk. Kate chooses a payment option that will guarantee payments for her ...

TEST FOR ADJUSTER PRO, FLORIDA STUDY(QUESTIONS AND ANSWERS)A+ GRADED EXAM 2023-2024 - CORRECT ANSWER-Subtract the deductible from covered damages to get indemnification - CORRECT ANSWER-6 unique characteristics of insurance policy 1 Contracts of adhesion (court ez win) 2 Utmost good faith 3 aleatory 4 personal 5 Unilateral (only insurer has obligation) 6 Conditional - CORRECT ANSWER-1945 regulate insurance Naic doesn't give benefits to comissioners 90 day to pay hijacking on...

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...

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...

b - What role is directly responsible for making sure that the policy coverage's in the filing comply with all state laws? a. Filing Clerk b. Filing Reviewer c. Filing Manager d. State Commissioner b - Which type of filing would include expected loss percentages as part of the filing documentation? a. Form Filing b. Rate Filing a - Some filings submitted to a state can be an insurer's response to material filed on its behalf by the company's Advisory Organization. a. True b. False...

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...

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. ...

Regarding indexed annuities, the participation rate is best described as: - The percentage of increase in the index that will be used to calculate the index-linked interest rate. Mortality and expense risk charges are designed to offset the insurer's risk that the annuitant will outlive his or her - Life expectancy. By creating a shared-risk pool, a fixed annuity evens out the ______ of the participants. - Mortality risk. Kate chooses a payment option that will guarantee payments for her ...

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...