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14 Cards in this Set
- Front
- Back
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Passed in 1945. Reserved for the federal government, the authority to regulate insurance in areas such as fair labor standards and anti-trust matters. |
The McCarren-Ferguson Act / Public Law 15 |
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Sometimes a company may operate in a state and not be considered an admitted company (Approved to do buisness in an individual state) |
Surplus lines agents |
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Passed in 1981, to give product manufacturers more options when insuring against product liability. |
Liability Risk and Retention Act |
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Represents the insurer |
Agent |
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Represents the insured |
Broker |
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Any authority that anyone thinks that you have |
Apparent Authority |
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Authority that you must assume in order to sell and service the insurance contracts. |
Implied Authority |
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Occurs if the buyer receives any part of the agent's commission or anything of significant value as an inducement to purchase a policy. |
Rebating |
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Agent convinces the consumer to drop insurance but then sells identical policy |
Twisting |
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Higher trust. If we make a mistake we are held to a higher judgement |
Fiduciary |
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No application for insurance can be rejected simply because of environmental hazards that are beyond the control of the insured under which plan? |
FAIR - Fair Access to Insurance Requirements |
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Effectively ensures that terrorism insurance will be available, permitting construction projects, property acquisitions and other real estate transactions to move forward. |
TRIA - Terrorism Risk Insurance Act |
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What lines of insurance does TRIA cover? |
Commercial Property Commercial casualty Directors and officers liability Workers compensation Surety insurance |
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Once an act is declared an act of terrorism, up to what amount will the insurers pay WITHOUT subsidy?
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100 million dollars |
