The naic - Study guides, Class notes & Summaries

Super Duper Texas All Lines Adjuster Test Review Questions & Answers 2024 Insurance History and Regulation: Insurance - ANSWERSCoverage 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 - ANSWERSAn organization whose purpose is to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. Prot...

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 ...

Describe what happened in the case of Paul vs. Virginia. Include proximate dates and court decisions. : This was the first case to regulate insurance. Paul challenged the right of the state to regulate insurance by refusing to obtain a license from the state. When he continued to sell insurance w/o a license, he was arrested and fined $50. The case went all the way to Supreme Court and was finally decided in 1869, that insurance wasn't interstate commerce. Describe the importance of...

How does the Commissioner of Insurance receives their position? A) Appointed by the Legislature. B) Appointed by the Attorney General. C) Appointed by the Governor. D) Elected every 4 years. - Answer C Insurance laws in Wisconsin are made by: A) The Commissioner of Insurance. B) National Association of Insurance Commissioners (NAIC). C) The Attorney General. D) The Legislature. - Answer D To clarify a person's rights and duties under Wisconsin insurance law, the Commissioner ...

WA Surplus Lines Broker Exam Questions And Answers All Verified When are you required to file a premium tax return for the previous calendar year? - ANS March 1st What does statutory accounting mean? - ANS Rules state that certain assets are non-admitted (don't count) as you can't pay claims with them. Bonds rated ___________ and higher are considered investment grade. - ANS 1 & 2 What does IBNR stand for? - ANS Incurred but not reported True or false, individuals whose...

Wisconsin Life Insurance Course with Complete Solutions Stock Companies -private organization focused to make profits for shareholders -Stock dividends are paid to stock holders -policyholders do not participate Mutual Companies -have no stock holders -owners are policy owners -policy holders can vote for members of the board -policy owners receive dividends Lloyd's of London -A syndicate of individuals who underwrite insurance Reinsurers -are a specialized branch of the ins...

Wisconsin Property Insurance Questions and Answers Graded A+ How does the Commissioner of Insurance receives their position? A) Appointed by the Legislature. B) Appointed by the Attorney General. C) Appointed by the Governor. D) Elected every 4 years. C Insurance laws in Wisconsin are made by: A) The Commissioner of Insurance. B) National Association of Insurance Commissioners (NAIC). C) The Attorney General. D) The Legislature. D To clarify a person's rights and duties unde...

How does the Commissioner of Insurance receives their position? A) Appointed by the Legislature. B) Appointed by the Attorney General. C) Appointed by the Governor. D) Elected every 4 years. - C Insurance laws in Wisconsin are made by: A) The Commissioner of Insurance. B) National Association of Insurance Commissioners (NAIC). C) The Attorney General. D) The Legislature. - D To clarify a person's rights and duties under Wisconsin insurance law, the Commissioner will issue a: A) Heari...

National Association of Insurance Commissioners - Answer The acronym NAIC stands for: The acronym NAIC stands for National Association of Insurance Commissioners. Asking for further information - Answer Which of the following is NOT an unfair claim practice? Any of the following acts, if committed without just cause and performed frequently, constitute improper and unfair claim practices: knowingly misrepresenting to claimants pertinent facts, failing to affirm or deny coverage of c...

An organization that transacts insurance only with its own members is a(n): - Fraternal The ____________ has the power to issue rules and regulations to help enforce insurance laws. - Commissioner, Superintendent, or Director All of the following are essential elements of a legal contract, EXCEPT: - Representation Which of the following manufactures and sells insurance coverage in the form of insurance policies or contracts of insurance? - Insurance companies The contract type in which onl...