Considered unacceptable in standard insurance market

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Reference no: EM132197726

1. Which one of the following presents the three types of risks that are often considered unacceptable in the standard insurance market?

a. Expensive, large, and profitable risks

b. Distressed, unique, and high-capacity risks

c. Commercial, unique, and liability risks

d. Unique, acceptable, and commercial risks

2. Which one of the following is a U.S. insurer that is licensed to operate in a U.S jurisdiction but incorporated in another U.S. jurisdiction?

a. Surplus lines insurer

b. Foreign insurer

c. Alien insurer

d. Admitted insurer

3. Which one of the following is the type of state insurance rating law that allows rates to be determined by market prices driven by the economic laws of supply and demand, rather than regulatory decisions?

a. Mandatory rate law

b. File-and-use law

c. Open competition law

d. Flex rating law

4. Before obtaining insurance in the surplus lines market for an insurance customer, surplus lines intermediaries must do which one of the following?

a. Conduct a diligent search for admitted lines insurance and determine it is not available

b. Obtain regulatory approval

c. Review the insurance application and determine that surplus lines insurance is the best choice

d. Receive the recommendation of three customers that surplus lines insurance is the best insurance available

5. Which one of the following is an information and early-warning system established and operated by the National Association of Insurance Commissioners (NAIC) to monitor the financial soundness of insurers?

a. Insurance Regulatory Information System (IRIS)

b. NAIC Annual Statement

c. Insurance Solvency Warning System (ISWS)

d. NAIC reserve central system

6. Which one of the following works directly with retail producers to assist them in obtaining insurance for their insurance customers in the surplus lines insurance market?

a. Surplus lines intermediary

b. Admitted insurer

c. Insurance agent

d. Surplus lines insurer

7. Which one of the following initiates a surplus lines insurance transaction?

a. Surplus lines insurer

b. Managing general agent

c. Retail producer

d. Wholesale producer

Reference no: EM132197726

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