Property & Casualty Test (Indiana Section) Exam
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Terms in this set (31)
Insurance commissioner has the enforce state insurance laws
authority to..?
Department of Insurance has the Supervise the organization, regulation,
power to..? examination, rehabilitation, liquidation and
conservation of all insurance companies doing
business in the state
Insurance laws have been written to the insuring public
protect
The commissioner has 3 main 1. Executive Authority
authorities 2. Legislative Authority
3. Judicial Authority
Executive Authority to enforce state laws
Legislative Authority to create Rules that explain or clarify laws
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, 4/10/26, 2:13 PM Property & Casualty Test (Indiana Section) Exam || 2026 (Actual Exam) Questions with verified Answers | FREQUENTLY MOST TE…
Judicial Authority to hold Administrative Hearings
Who appoints the State Insurance state governor; can appoint and also fire
Commissioner
How is commissioner selected? Solely based off knowledge and skill in insurance;
no regard to his/her political beliefs
Commissioner must post bond, what $50,000; this is to insure that they will perform
amount? faithfully in his/her duties
Commissioner authorized to join National Association of Insurance Commissioners
what group? (NAIC)
Commissioner has 3 major 1. Assuring that insurance Companies meet basic
responsibilities? standards
2. Assuring applicants meet requirements to be
licensed, and maintain there licenses
3. Assuring/Applicants, Producers and Companies
adhere to both the producer Licensing Law/Unfair
Competition Law
Assuring that Companies Meet Basic When customers purchase insurance, they are
Standards purchasing a promise that their Insurance Company
will pay for claims in future. Meaning they need to
have strict financial standards in order to pay
claims
Companies classified in 3 different 1. Domestic (formed in Indiana ex. Indiana Farmers)
ways based off of origin 2. Foreign (Formed in another state/territory ex.
New York Life)
3. Alien (formed in another country ex. Lloyds of
London)
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