Chapter 5 Flashcards

0
Q

State regulations cover

A

Formation and licensing of insurers

Supervision of insurer operations

Rehabilitation and liquidation of insurers

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1
Q

Government methods of regulation

A

Legislative action

Administrative action

Court action

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2
Q

State laws affecting insurance rates

A

Prior approval laws

File and use laws

Use and file laws

Flex rating laws

Open competition expense limitation laws

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3
Q

Criteria for selecting an insurance company

A

Financial strength

Attitude concerning claims

Lines of coverage offered

Service before and after claims

Underwriting standards

Cost of the coverage.

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