Chapter 5

To be able to transact insurance business in this state you must meet the states financial requirements and be granted a A. Permission B. Certificate of Authority C. Authorization D. Approval Certificate

B. Certificate of Authority

Domestic Insurer is incorporated in.. A. Out of State B. In the State C. Out of the Country D. Outside the USA

B. In the State

All of the following are charatristics of a Stock Company EXCEPT A. Owned by stockholders B. Issue non-participating policies C. Policyowners share in profit and loses D. Stockholders share in profit and loses

C. Policyowners share in profit and loses

Insurance transactions includes ALL of the following EXCEPT A. Sales of Ins B. Solicitation C. Negotiations D. Obtaining Life Ins License

D. Obtaining Life Ins License

An Alien Insurer is incorporated A. Out of State B. In the State C. New York D. Outside the USA

D. Outside the USA

Mutual Insurers issue participating policies and are owned by who? A. Stockholders B. Insurers C. Underwriters D. Policyowners

D. Policyowners

Which of the following is NOT an example of a company's location of incorporation? A. Authorized B. Alien C. Domestic D. Foreign

A. Authorized

A Foreign Insurer is incorporated A. Out of State B. In the State C. Out of the Country D. Outside the USA

A. Out of State

A Fraternal Benefit Society provides benefits to only who?

Their memebers