Term
| WHO IS RESPONSIBLE FOR REGULATING THE INSURANCE INDUSTRY? |
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Definition
| Both the federal government and the state government. |
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Term
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Definition
Declares that the regulation of insurance companies should remain with the individual states. |
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Term
| WHAT DOES THE FEDERAL GOVERNMENT HAVE THE AUTHORITY TO REGULATE? |
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Definition
Insurance in areas such as fair labor standards and anti-trust matters. |
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Term
| WHAT IS THE MAIN ROLE OF THE INSURANCE COMMISSIONER/DIRECTOR? |
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Definition
To promote the welfare of the general public and protect the public's interest. |
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Term
| WHAT ARE THE 2 MOST IMPORTANT COMPONENTS OF AN INSURANCE RATE? |
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Definition
Combined loss and expense ratios. |
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Term
| WHAT IS THE OLDEST FORM OF RATING? |
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Definition
Judgment rating-premium is determined by considering the individual risk. premiums are established through careful judgment. |
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Term
| WHY MIGHT THE INSURANCE COMMISSIONER/DIRECTOR ISSUE A CEASE AND DESIST ORDER? |
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Definition
To make sure that agents, adjusters and companies committing unlawful acts immediately stop until further investigation. |
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