insurance market

Card Set Information

Author:
Anonymous
ID:
178227
Filename:
insurance market
Updated:
2012-10-18 18:12:19
Tags:
insurance marketplace
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Description:
the insurance marketplace
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  1. qualified institutional buyer is
    one that owns and invests at least 100 million in securities and is allowed by the sec to trade in unregistered securities
  2. if the insurer issues a policy, the insuruer must forward to the commissioner a notice of appointment of the agent as teh insurer's agent not more than
    14 days after the agent submitted the insurance application
  3. what type of insurance must you already have to be a surplus line broker?
    fire (property) and casualty insurance
  4. how much of a bond is required for a surplus line broker?
    $50,000
  5. how many days must legible records be produced once a request is made from the department of insurance
    30 days
  6. when are insurance licenses renewed
    every two years
  7. what is the grace period for conducting business after the expiration date if the licensee completes all requirements and submits the license renewwal fee no later than the expiration date?
    60 days
  8. adverse selection is
    an imbalance of risks or the selection of poor risks
  9. how many days prior to the release to the public must the commissioner give a description of any complaint to the insurer
    30 days

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