Best answer: What must an insurer obtain in order to transact insurance?

Which of the following must an insurer obtain in order to transact insurance?

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What of the following must an alien insurer obtain in order to transact insurance within a given state? Certificate of Authority
All of the following statements are true EXCEPT Social Insurance seeks to be equitable.

Which of the following must be an insurer obtain in order to transact insurance within a given state?

Which of the following must an insurer obtain in order to transact insurance within a given state? … Consideration on the part of the insured is the payment of premiums and the health representations made in the application. Consideration on the part of the insurer is the promise to pay in the event of loss.

What is the mandatory part of an insurance policy?

The part of an insurance contract that varies with each individual policy, but is still a mandatory part of the policy, is the: Declarations – The Declarations section of the policy contains specific information about the insured, and thus will vary by policy, even when the type of coverage provided is the same.

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Which of the following is the basis for a claim against an insurance policy?

Which of the following is the basis for a claim against an insurance policy? … Damage to a third-party property for which the insured is legally liable.

When an insured makes truthful statements on the application for insurance and pays the required?

When an insured makes truthful statements on the application for insurance and pays the required premium, it is known as what? Consideration. And insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable.

Which of the following must be included in all life insurance advertisements?

Which of the following must be included in all life insurance advertisements? Correct! The identity of the actual insurer must be stated in all advertisements.

Which of the following is a required provision in health insurance policies?

All health insurance policies must include a proof of loss provision. According to this provision, the insured must furnish a completed claim form to the insurer within 90 days of the date of loss. The entire contract comprises the insurance policy provisions, a copy of the application, and any riders or attachments.

What is a participating insurance policy?

A participating policy enables you, as a policyholder, to share the profits of the insurance company. These profits are shared in the form of bonuses or dividends. It is also known as a with-profit policy. In non-participating policies, the profits are not shared and no dividends are paid to the policyholders.

Which of the following produces evaluations of insurer financial status?

Five independent agencies—A.M. Best, Fitch, Kroll Bond Rating Agency (KBRA), Moody’s and Standard & Poor’s—rate the financial strength of insurance companies.

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Which insurances are required by law?

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State Type of Required Coverage
Colorado Bodily Injury and Property Damage Liability
Connecticut Bodily Injury and Property Damage Liability, Uninsured/Underinsured Motorist
Delaware Bodily Injury and Property Damage Liability, Personal Injury Protection