General Insurance
An insurer has not been granted authority to transact business in New York. How is it described?
Answer and explanation
Answer: A. Admitted and nonadmitted describe whether an insurer has been granted authority to transact business in the state. Domestic, foreign, and alien describe where the insurer was formed, and reciprocal describes a form of organization, so those answer different questions.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, admitted versus nonadmitted insurers
More general insurance questions
- An application stipulates that coverage will not begin until the policy is delivered, accepted, and the first premium is paid. If the policy is delivered but the initial premium remains unpaid, why is the insurer not liable for a claim?
- An insured has been careless about locking the premises since buying coverage. Which kind of hazard is that?
- An insured pays a single monthly premium and dies the next week, and the insurer pays the full face amount. Which contract characteristic does this illustrate?
- An insurer discovers within the contestable period that a material fact was concealed. What remedy is rescission?
- An insurer formed under the laws of Connecticut writes business in New York. How is it classified in New York?
- An insurer has taken late premiums for two years without comment, then declines a claim for late payment. What doctrine answers the insurer?
621 New York questions like this one.
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