Chapter 8 Flashcards
Forceful act or threat aimed to influence one to act against their wil
Exempt
Coercion
Insolvent
Coercion
Payment to agent by ins company for placing ins usually percentage of policy premium
Coercion
Commission
exempt
Commission
Not subject to obligation
Exempt
Statute
Coercion
Exempt
Attempts to influence other party
Inducement
Insolvent
Statute
Inducement
Unable to meet financial obligations
Statute
Insolvent
coercion
Insolvent
Restoration to original condition or repayment
Restitution
Statute
Coercion
Restitution
Formal written law enacted by leg
Statute
All considered ins transaction except
Soliciting a policy
Advising a policyholder regarding a claim
Negotiating coverage
Obtaining a license
Obtaining a license
When transacting business in this state an insurer formed under laws of another country is known as an
Admitted insurer
Alien insurer
Domestic insurer
Alien insurer
An ins company is domiciled in Montana and transacts ins in Wyoming. Which term best describes insurer’s classification in Wyoming
Foreign
Alien
Domestic
Unauthorized
Foreign
Best describes an ins company that has been formed under the laws of this state
Admitted
Domestic
Sovereign
Local
Domestic
Insurer=
Principal
When doing biz in this state an ins company formed under the laws of another state is known as
Foreign
Domestic
Alien
Non admitted
Foreign
in this state/formed another state
Foreign
Transacting biz in this state formed another country
Alien