Chapter 5 Flashcards
1
Q
What does NAIC stand for?
A
National Association of Insurance Commissioners
2
Q
What is the NAIC?
A
The Insurance Commissioners of each state form this association and ensure that insurance regulations are somewhat uniform across states
3
Q
Each state has a(n)____________ who is in charge of regulating insurance for that state. What is this called?
A
insurance commissioner
4
Q
Insurance commissioners are elected by the people every ___ years
A
4
5
Q
Insurance commissioners can serve ___ terms, or ___ years in total
A
2,8
6
Q
Issuing rules and regulations to enforce insurance laws, licensing insurers and producers, regulating investment activity, and handling consumer complaints are duties of the ____________.
A
insurance commissioner
7
Q
GA stands for..?
A
Guarantee Association
8
Q
A
