General Insurance
What ordinarily distinguishes a government insurer from a private one?
Answer and explanation
Answer: B. Government insurers exist to cover exposures the private market will not take on, such as certain flood or crop programmes. The line of business, the need to fund claims, and the framework of regulation are not what distinguishes them.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, private versus government insurers
More general insurance questions
- What makes an insurance policy a conditional contract?
- What makes an insurance policy aleatory?
- What makes an insurer admitted in a given state?
- What must be shown to establish fraud, beyond an untrue statement of material fact?
- What problem does the term adverse selection describe?
- When a policyowner stops paying premiums, allowing a term life policy to lapse, the insurer cannot take legal action to force the owner to continue making payments. Which characteristic of insurance contracts does this limitation reflect?
621 New York questions like this one.
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