Insurers

An insurer who offers rates for insurance coverage to insured who have an average or better than average loss exposure is called

standard market insurer

The department responsible for evaluation, selection and distribution

the underwriting department

Which of the following would be considered on alien insurer

A company located England and doing business in California

In California, an insurer organized under the state of laws of Nevada is Considered

A foreign Insurer

Coverage cannot be obtained from admitted insurer. Therefore an entity identified that can sell insurance not underwritten in California. What is this entity?

A surplus lines broker

what is the penalty for unlawfully acting as an agent or broker for, or aiding a insurer without a certificate of authority?

Any penalty for applicable misdemeanor plus $500 plus $100 per month the agent continues the violation

An insurance company can transact class of insurance:

Authorized by its articles of incorporation or charter and is admitted to transact that class by the insurance commissioner

What is the penalty or unlawfully acting an insurer without a certificate of authority

Both up to one year imprisonment and a fine not exceeding $100,000

The process whereby a mutual insurer becomes a sock company is called?

Demutualization

An insurer organized under the laws of state of California is a?

Domestic Insurer

the state laws that equate insurer practices regarding underwriting sales, rate-making and claims handling are called:

Market conduct regulation

An Insurer owned by policyholder is a

Mutual insurer

The Insurance term used for an insurer who has not complied with the requirements to obtain a certificate of authority from the California insurance commissioner:

Non admitted

What must a surplus line broker do before procuring insurance from a non admitted insurer?

Perform a diligent search that establishes that three admitted insures have declined the risk or that fewer than three admitted insurers actually write the particular type of insurance sought.

In a reinsurance agreement the insurer that transfers its loss exposure to another is called the

Primary Insurer

the insurance term for an insurer which has met the conditions equipped to transact insurance in the sate of California

admitted

Subject to the restrictions of the CA Insurance Code, any person capable of making a contract may be considered:

an insurer

A contract that an insurer obtains to insure itself against loss to its book of business is known as

re insurance