Answered

Question 190

A Buyer's Guide MUST:

A. Display year-by-year cash surrender values
B. Have its content approved by the Insurance Commissioner
C. Include the name of the Insurance Commissioner
D. Explain the company's specific underwriting procedures

Select the appropriate response.



Answer :

GinnyAnswer

Final answer:

The Insurance Commissioner regulates insurance companies, admitted companies operate under their approval, and states have guaranty funds for claim settlements.


Explanation:

Insurance Commissioner plays a crucial role in regulating insurance companies. They approve rates, monitor financial strength, and ensure companies can pay claims. An admitted insurance company is licensed by the commissioner, while nonadmitted companies operate through surplus line brokers.

States like Washington have guaranty funds to help settle claims against broke insurance companies. These funds are financed by admitted companies and have monetary limits. Overall, the interaction between states and insurers impacts the insurance industry.


Learn more about Insurance Commissioner regulation and impact on insurance industry here:

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