When an insurer has met the qualifications necessary to transact?
Asked by: Cordelia Hayes | Last update: July 6, 2025Score: 4.1/5 (73 votes)
When an insurer has met the qualifications necessary to transact business?
admitted ( an admitted carrier has met the conditions required to transact business in the State of California.)
What must an insurer obtain to transact insurance?
A certificate of authority is a legal document issued by the state that authorizes an insurer to conduct insurance business within the state. It ensures that the insurer meets all regulatory standards and is legally permitted to operate.
When an insurer meets the state's financial requirements and is approved to transact business in the state it is considered to be?
Insurers who meet the state's financial requirements and are approved to transact business in the state are considered authorized or admitted into the state as a legal insurer.
Which of the following must an insurer obtain in order to transact?
To operate in California, all insurers must gain admittance by obtaining a Certificate of Authority.
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What does it mean to transact insurance?
(4) "Transacting insurance business" or "transact insurance business" means: a. The making of or proposing to make, as an insurer, an insurance contract.
What document must an insurer receive in order to transact insurance in this state?
Certificate of Authority [699 - 728] ( Article 3 enacted by Stats. 1935, Ch. 145. )
Do you legally transact insurance in the state an insurer must obtain which of the following?
Which of the following must an insurer obtain in order to transact insurance within a given state? All insurers (domestic, foreign, or alien) must obtain a Certificate of Authority before transacting insurance within a given state.
How can an agent determine if an insurer is authorized to transact insurance in the state of Florida?
The Office of Financial Regulation (OFR) oversees securities regulation. To check licensing/registration status you can call the OFR at 1-850-487-9687 or use their online search. View the list of unauthorized entities that have had action taken against them in the state of Florida.
What type of insurer is licensed to transact business in a state and has submitted its policies forms and rates to the state's insurance department for approval?
Admitted insurance carriers are licensed by the State Department of Insurance or insurance commissioners where they operate. This means that these insurance carriers comply with their state's regulations. The state also verifies their: Policy forms.
When may an agent transact for an insurance company?
(a) Any person acting as a licensee under this chapter shall not act as an agent of an insurer unless the insurer has filed with the commissioner a notice of appointment, executed by the insurer, appointing the licensee as the insurer's agent.
What are the 4 requirements of an insurance contract?
Requirements of an Insurance Contract
To be legally enforceable, an insurance contract must meet four basic requirements: offer and acceptance, exchange of consideration, competent parties, and legal purpose.
When transacting business in this state, an insurer?
Final Answer: When transacting business in this state, an insurer formed under the laws of another country is known as an alien insurer. Explanation: An insurer formed under the laws of another country is termed an "alien insurer" when conducting business in a different state.
When the insured must accept the entire contract with all of its terms and conditions?
The doctrine of adhesion: The doctrine of adhesion states that you must accept the entire insurance contract and all of its terms and conditions without bargaining.
Which is required before an insurance producer can act as a representative of an insurer?
An insurance producer shall not act as an agent of an insurer unless the insurance producer becomes an appointed agent of that insurer. An insurance producer who is not acting as an agent of an insurer is not required to become appointed.
What is the approval obtained from an insurer before services are rendered called?
Sometimes called prior authorization, prior approval or precertification. Your health insurance or plan may require preauthorization for certain services before you receive them, except in an emergency.
What must an insurer have to be an authorized insurer?
An authorized insurer is an individual or company that meets a state insurance department's standard and is authorized by the responsible authority to do business in the given state, also known as an admitted insurer. The authorities oversee all features of an authorized or admitted insurer's companies' operations.
What is an example of rebating?
An example of rebating is when the prospective insurance buyer receives a refund of all or part of the commission for the insurance sale.
What is the process used by an insurance company to determine whom to insure and how much to charge called?
Insurance Underwriting
In the past, medical underwriting for health insurance looked at the applicant's pre-existing conditions to determine how much to charge an applicant, or whether to offer coverage at all, often based on the applicant's pre-existing conditions.
What is an insurer required to have in order to conduct business in the state of New York?
In order to transact an insurance business in this state, any person firm, association, corporation or joint-stock company must have a license issued and in force. The requirements for licensing are specified in N.Y. Ins.
Which of the following is not considered transacting insurance?
Final answer: Selling stocks, bonds, and mutual funds is not considered transacting insurance, as it pertains more to investment and finance, whereas transacting insurance typically involves activities directly related to an insurance policy.
What is an insurer seeking a certificate of authority normally required to submit to the insurance department?
Is there anything else needed to file for a Certificate of Authority? Most states require a certificate of good standing from the home state to accompany the application. Other requirements may include articles of incorporation and the signature of the registered agent.
What must an insurer obtain to transact insurance?
A certificate of authority is a legal document issued by the state that authorizes an insurer to conduct insurance business within the state. It ensures that the insurer meets all regulatory standards and is legally permitted to operate.
Is an insurer meets the states financial requirements and is approved to transact business in the state it is considered to be?
Insurers who meet the state's financial requirements and are approved to transact business in the state are considered authorized or admitted into the state as a legal insurer.
Which of the following must an insurer obtain in order to transact?
To operate in California, all insurers must gain admittance by obtaining a Certificate of Authority.