General Insurance PrinciplesCâu 192 / 474
The surplus lines market exists so that a risk can be:
a.split among several admitted insurers that each take a share
b.placed with the state guaranty association instead of an insurer
c.written by a non-admitted insurer when the admitted market declines
d.written at a lower rate than any admitted insurer would charge
Giải thích
Surplus lines handles hard-to-place or unusual exposures that licensed insurers will not write, and the placement is made through a specially licensed surplus lines producer after a search of the admitted market. It is not a discount channel, and surplus lines pricing is often higher. A guaranty association pays certain claims of insolvent licensed insurers; it does not write coverage.
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Câu hỏi liên quan cùng chủ đề
- A reciprocal insurance exchange is distinguished from other insurers by being:
- In an insurance course, Lloyd's of London is best described as:
- In the jurisdiction where a policy is being written, an admitted insurer is one that:
- A primary insurer must cede, and the reinsurer must accept, every risk falling in a defined class. This arrangement is:
- Under the McCarran-Ferguson Act, regulation of the business of insurance is:
- Producers who are salaried or commissioned employees of one insurer, and who do not own the renewal rights to their accounts, belong to the:
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