Which of the following is required for an insurer to conduct business in this state?

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. )

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.

What type of insurance is mandatory in some states for business?

Most states require workers' compensation and commercial auto insurance. In most states, businesses must purchase workers' compensation insurance as soon as they hire their first employee.

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.

Which of the following businesses would be eligible for coverage by the home business insurance endorsement of the homeowners policy?

AAIS Home-Based Business Endorsement. Includes businesses such as word processing, tutoring, real estate agents, counseling, and insurance agents. There is no professional liability coverage and the classification does not contemplate any products or completed operations loss exposures.

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.

Which of the four types of auto insurance coverage are legally required in the state of Missouri?

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.

When an insurance company is formed which of the following must occur?

The formation of a new insurance company involves two steps: First, the incorporation, or official recognition of a new juristic person; and second, the authorization of the company to engage in the business of making insurance contracts.

What insurance is required for an LLC?

As an LLC, your business needs liability insurance to protect it financially against claims of property damage, bodily injury, and reputational harm caused by your day-to-day operations. It covers medical payments and legal and settlement costs resulting from lawsuits.

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.

When an insurance producer conducts business under any name?

An insurance producer doing business under any name other than the producer's legal name is required to notify the insurance commissioner prior to using the assumed name.

What document indicates that an insurance company has been approved and is authorized to transact insurance in the state of Oklahoma?

(a) Certificate of authority form. The certificate of authority form, executed under the hand and seal of the Insurance Commissioner and delivered, is evidence of an HMO's authority to transact business within Oklahoma.

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.

Which of the following types of insurance are mandatory?

Compulsory insurance is insurance that must be legally owned to do an activity, such as auto insurance and driving a car. Other types of compulsory insurance include workers' compensation and professional liability insurance.

Can you legally run a business without insurance?

While there is no federal law mandating business insurance, many states and local jurisdictions have specific regulations in place. Additionally, certain types of insurance, such as workers' compensation, may be mandatory at the state level.

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.

How is insurance regulated by states?

Each state government has a department or other entity charged with licensing and regulating insurance companies and those individuals and companies selling insurance products. States regulate the solvency of the companies and the content of insurance products as well as the market conduct of companies.

Which of the following describes an insurance company doing business in a state?

Authorized Company - an insurer licensed or admitted to do business in a particular state.