Which of the following must an insurer obtain in order to transact insurance?
Asked by: Maryjane Kshlerin | Last update: April 30, 2025Score: 4.4/5 (48 votes)
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.
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.
What documents 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. )
Which of the following is considered transacting insurance?
In California, the individuals or entities that are considered to be transacting insurance, for which a license is required, include insurance brokers, insurance agents, and insurance adjusters. However, the option that is not considered to be transacting insurance is D) Insurance policyholders.
Which Of The Following Policy Provisions Prohibits An Insurance Company? - InsuranceGuide360.com
What is transact in insurance?
(4) "Transacting insurance business" or "transact insurance business" means: a. The making of or proposing to make, as an insurer, an insurance contract.
Which of the following is considered a covered transaction?
The term “covered credit transaction” includes all business credit (including loans, lines of credit, credit cards, and merchant cash advances) unless otherwise excluded under § 1002.104(b).
Which documentation does an insurance company require to process claims?
You can prepare for the process by gathering relevant documents (think receipts, original invoices and proof of ownership), gathering photos and accounts of the event or damage, and familiarizing yourself with the steps below.
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 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 situations is considered an insurance transaction?
This refers to any transaction between the insurer and the insured or any person acting on behalf of them. It includes buying and selling of insurance, claims, reinsurance, negotiations, premium collection, solving disputes regarding policy, etc.
Which of the following provisions requires an insurer to receive an insured approval prior to paying out a professional liability policy claim?
consent to settlement clause. A consent to settlement clause is a provision (also known as the "hammer clause" and "blackmail settlement clause") found in professional liability insurance policies that requires an insurer to seek an insured's approval prior to settling a claim for a specific amount.
What is compliance in insurance?
Insurance compliance regulations are designed to protect consumers — and the overall insurance market. They provide guidelines on how insurance companies need to operate, and set standards they need to follow that keep customer information secure from threats like money laundering and fraud.
Which of the following must an insurer obtain in order to?
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.
What is transactional insurance?
Transactional risk insurance generally includes tax insurance or tax indemnity coverage to help remove the burden of tax uncertainties from the business deal. Tax insurance covers known tax exposures uncovered during the sale's due diligence process.
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 does it mean to transact insurance?
Transacting insurance refers to the activities and practices involved in executing an insurance contract.
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 first thing an insurer must investigate before taking on a claim?
Insurance companies must search for and consider evidence that supports coverage for the claim. Thus, insurance companies cannot close their eyes to evidence that supports coverage and focus solely on the evidence that denies coverage. Too narrow a focus of investigation?
What is required for an insurance claim?
Whether you file your car insurance claim over the phone, online, through a mobile app, or with an agent, your insurer will likely request the following details: Location, date, and time of accident. Name, address, phone number, and insurance policy number for all involved in the accident.
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.
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.
Which one of the following items is included in the transaction cost?
Transaction costs can include things like brokers' commissions and spreads, which are the differences between the price the dealer pays for a security and the price the buyer pays. Other examples are commissions paid to professionals such as real estate agents.
Which is considered a covered entity?
Covered entities are defined in the HIPAA rules as (1) health plans, (2) health care clearinghouses, and (3) health care providers who electronically transmit any health information in connection with transactions for which HHS has adopted standards.