CA Insurance License 147 Questions with 100% Correct Answers | Verified | Latest Update

As used in this code the word "shall" is - ️️Mandatory (unless otherwise apparent) As used in this code the word "may" is - ️️permissive (unless otherwise apparent) "Oath" includes - ️️affirmation "Person" means - ️️person, association, organization, partnership, business trust, limited liability company, or corporation Definition of Insurance - ️️Insurance is a contract whereby one undertakes to indemnify another against loss, damage, or liability arising from a contingent or unknown event Contingent - ️️Subject to chance Indemnify - ️️Compensate someone for harm or loss "Nonadmitted," in relation to a person - ️️not entitled to transact insurance business in this State, whether by reason of failure to comply with conditions precedent thereto, or by reason of inability so to comply. "Admitted," in relation to a person - ️️entitled to transact insurance business in this state, having complied with the laws imposing conditions precedent to transaction of such business. The State Compensation Insurance Fund shall be deemed to be admitted pursuant to authority to transact workers' compensation insurance granted by the Legislature. The commissioner shall not revoke or suspend the State Compensation Insurance Fund's authority to transact workers' compensation insurance.