SOUTH DAKOTA LIFE AND HEALTH – EXAM 2024 WITH 100% CORRECT ANSWERS

SOUTH DAKOTA LIFE AND HEALTH – EXAM 2024 WITH 100% CORRECT ANSWERS Insurers (companies/carriers) - correct answer Provide insurance coverage by issuing particular insurance policies or contracts. Insurance Agencies - correct answer Independent sales organizations that provide service and distribute insurance policies to consumers. Agents and Producers - correct answer Licensed individuals representing an insurance company when transacting insurance business. The insurance industry is mostly regulated at the ______ level. - correct answer State This branch writes and passes insurance laws to protect the public - correct answer Legislative This branch interprets the insurance laws. - correct answer Judicial This branch helps to enforce insurance laws - correct answer Executive This association provides resources, research, legislative and regulatory recommendations and interpretations for state insurance regulators. It has no legal authority; the goal is to promote state uniformity. - correct answer The National Association of Insurance Commissioners (NAIC) This type of insurance company is owned by stock holders, where the stock holders can elect board members. The board members then elect officers to run the company. The stock holders share profit and may receive dividends if declared by the directors. The dividends are taxable income. - correct answer Stock Insurance Company.