Licensed: An insurer that holds a valid Certificate of Authority that allows it to transact business in a state. One or more states may license an insurer.
What is authorized insurer?
Authorized insurer means an insurer that is authorized by the [State entity for regulating insurance] to write insurance under a certificate of authority issued by the [State entity for regulating insurance] to transact insurance in this State.
Which of the following is another term for an authorized insurer?
Uninsured motorist coverage. Which of the following is the closest term to an authorized insurer? Admitted. 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 type of insurer is incorporated owned by its policyholders but does not have capital stock?
An incorporated insurance company that does not have permanent capital stock is a mutual insurer.
Which of the following entities has the power to issue a cease and desist order?
A cease and desist order is issued by a court or government agency and has legal power. A cease and desist letter may be sent by an individual or a company. It is a request but it may be followed by legal action if ignored.
Which of the following is indicated on a certificate of insurance?
In addition to coverage levels, the certificate includes the policyholder’s name, mailing address, and describes the operations the insured performs. The address of the issuing insurance company is listed, along with contact information for the insurance agent or the insurance agency’s contact person.
Which authority is not stated in an agents contract?
Implied authority is an authority that is not express or written into a contract, but it is authority an agent is assumed to have in order to transact the business for a principal.
What’s a domestic insurer?
Domestic Insurer — an insurer admitted by and formed under the laws under the state in which insurance is written.
Which of the following are authorities that an agent can hold?
Which of the following are the authorities that an agent can hold? The powers and authorities that an agent holds are express and implied. Apparent authority is the appearance of, or the assumption of, authority based on the actions, words, or deeds of the principal or because of circumstances the principal created.
What is a surplus line insurer?
Surplus lines insurance protects against a financial risk that is too high for a regular insurance company to take on. Unlike normal insurance, this insurance can be bought from an insurer not licensed in the insured’s state. However, the surplus lines insurer requires a license in the state where it is based.
What type of insurer is incorporated?
Mutual insurers are incorporated insurers with no permanent capital stock. Unlike stock insurers, mutual insurers are owned by the policyholders. A mutual company exists to serve the insurance needs of those policyholders.
What is the corporations owned by policyholders called?
A mutual company is a type of company wherein the ownership is held by the depositors, customers, or policyholders of an institution.
Which of the following insurance companies is owned by its policyholders?
A mutual insurance company is an insurance company that is owned by policyholders.
What is a cease and desist order example?
I demand that you immediately cease the use and distribution of all infringing works derived from the Work, and all copies, including electronic copies, of same, that you deliver to me, if applicable, all unused, undistributed copies of same, or destroy such copies immediately and that you desist from this or any other
Which of the following entities has the power to issue a cease and desist order quizlet?
if the commissioner has determined that a producer is guilty of engaging in an unfair trade practice or other deceptive act, the commissioner can issue a cease and desist order. this order specifies the practice in violation and legally requires the person to stop committing it.
What qualifies for a cease and desist order?
A cease and desist order is given by a judge to order a person to stop a certain act. Therefore, one must first petition the court and make a strong argument that the alleged offender’s actions are in fact illegal—either in a criminal or civil manner.