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Refers to legislation that opposes trusts or unfair business practices
Prohibits collusion among businesses to gain monopoly power.
Is a system through which claims of insolvent property and liability insurers are paid.
Risk retention group
Provides limited insurance lines to business organizations.
Is the process of submitting information to state ins dept for approval.
The expected losses related to each exposure unit.
Market conduct exam
Is a review of an insurer’s underwriting and rate making practices
Occurs when an insurer rejects an application
Is a policy cancellation during its term or a policy non renewal at the end of its term.
Are formal financial reports presented to state regulators
Employs a set of rules and procedures for insurance financial reporting.
Insurance Regulation Information System (IRIS)
The early warning system for potential financial failure of an ins. Company.
Is a model for developing the amount of capital an insurer must have available.
Is a certification program for state insurance depts.
Describes any insurance for which there is no licensed insurer within the state.
Is a group of insurance buyers who purchase liability insurance together.