Regulation of Insurance Products (APIR) exam 2024 with correct answers

Regulatory Review correct answersRegulatory review of filings is very important for consumer protection. State Regulation correct answers-Comply with state laws -Rates are adequate, and not excessive or discriminatory Adequate Rates correct answersAre sufficient to determine a normal anticipated loss and company expenses. Excessive Rates correct answersMake it hard on consumers and allows insurance companies to make an unreasonably large profit. Purpose for Filing Review Process correct answersEnsures protection for the public (Consumers) and the insurance companies making filings (filers). Regulators must review forms to ensure they contain the necessary elements. Some states also include a review of advertising material. Benefit to Insurers correct answersState Contract Review Analyst: -Assures compliance with state law(s). -Provides quality assurance. -Assures contract is acceptable for intended audience. Policy Forms include: correct answers-Policies -Certificates -Applications