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Commercial Lines 101

QuestionAnswer
What are the 4 key principles common to all contracts? Offer & Acceptance; Consideration; Legal Capacity; Legal Purpose
What are the important components of the Doctrine of Good Faith? Representation, Concealment, and warranties.
What are the benefits of insurance? Stability, peace of mind, facilitates credit transactions, risk control, source of investment capital
Types of Insurance Property, casualty, life and health
What are the cost to society of operating an insuracne system? Cost arising from increased losses due to the moral and moral hazards; Cost of the resources utilized by the system.
Property insurance deals with 1st party insuracne that indemnifies the owner or user of property for their loss, if caused by a covered peril.
Casualty insurance deals with the 3rd party insuracne that is generally concerned with the losses caused by injuries to persons and legal liability imposed on the insured for such injury or for damage to property of others.
Life and Health insurance focuses on life, disability, and health
Reasons for Regulation Preserve insurer solvency; Complex product & unequal knowledge; Ensure fair rates; Promote social objectives
The commissioner has the authority to... conduct hearings; stop insures, agents & brokers from engaging in a particularly unfair or unethical activity; suspended an insurer's, agent's or broker's license to conduct business
NAIC National Association of Insurance Commissioners
Created by: jcmartinez,jm4
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