Which of the following statements is (are) true regarding insurance agents and insurance brokers? I.A property and liability insurance agent has the authority to bind the insurer for certain types of coverage. II.A licensed broker who is not a licensed agent has the legal authority to bind an insurer.

All of the following statements about life insurance company investments are true EXCEPT

Bob purchased insurance on his home with an insurer that was not licensed to do business in the state. In this case, which requirement to form a binding insurance contract is lacking?

Which of the following statements about life insurance marketing systems is true?

One method of ensuring the solvency of insurers is a periodic review, every three to five years, of insurers that operate on a multistate basis. This review is coordinated by the NAIC. This review is called a(n)

An insurance company incorporated in another state has been licensed to operate in your state. In your state, the insurer would be considered a(n)

Most insurance companies require their marketing representatives to submit an evaluation of the prospective insured. This important source of underwriting information is called the

The regulation of insurers in areas that affect consumers, which include claims handling, underwriting, complaints, advertising, sales practices, and other trade practices is called

Jacob sold his house to Shelia for $140,000 in cash. Jacob “threw in” insurance on the house as part of the deal and did not bother telling the insurer that there was a new owner. Four months after Shelia purchased the home, a windstorm damaged the roof. Which of the following legal characteristics of insurance contracts could the insurer use to legally deny payment for the damage to the roof?

Key components of a standard risk register template include Condition, Consequence and Contingency.