INDIANA LIFE AND HEALTH RULES AND
REGULATIONS EXAM QUESTIONS AND
ANSWERS 100% SOLVED
Insurance Commissioner - ✔✔• Appointment by Governor
• Member of NAIC
Insurance commissioner Duties - ✔✔responsible for overseeing the
Department of Insurance, which regulates insurance companies operating
in Indiana. works to promote improvements to insurance laws and the
enforcement of said laws in Indiana.[
Certificate of Authority - ✔✔Licensed companies receive a
_______________________________ to conduct the business of
insurance or operate as a health maintenance organization in the State of
Indiana.
Admitted company - ✔✔insurance company is one that is "admitted" by a
particular state to do business as an insurance company. insurance
company must conform to the regulations of a particular state's Department
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,of Insurance. In addition to meeting minimum regulations for admission,
admitted carriers must also file their rates with the state, which the state
must approve. One of the benefits of working with an admitted carrier is
that the state has the responsibility to pay an insurer's claims, up to state-
specified limits, in the event of the company's insolvency.
Non Admitted Insurance Company - ✔✔insurance company ithat doesn't
operate under an individual state's insurance laws. As a result, a non-
admitted insurance company doesn't enjoy the benefit of having its claims
resolved in the event of a bankruptcy.
Domestic Insurance Company - ✔✔insurer is one formed under the laws of
this state;
Foreign Insurance Company - ✔✔An insurer from any state other than
indiana
Alien Insurance company - ✔✔is one formed under the laws of any country
other than a state of the United States.
Frequency of Fiscal examinations - ✔✔
Waiving examinations for foreign and alien companies - ✔✔
Resident Producer - ✔✔Lives in the state in which business is conducted
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, non resident producer - ✔✔lives in a different state than where business is
conducted (No pre-licensing study course or examination is required. A
non-resident license will grant the same scope of authority as granted by
the producer's home state.)
temporary producer - ✔✔under certain circumstances IDOI may issue a
temporary insurance producer license for not more than 180 days if
deemed necessary for the servicing of an insurance business in the best
interests of the public.
Consultant - ✔✔are sales agents whose main job is to provide information
to people about various insurance plan options. They provide consultations,
discuss fees and set up insurance contracts with customers
Limited Lines producer - ✔✔"Limited line credit insurance producer" means
a person who sells, solicits or negotiates one or more forms of limited line
credit insurance coverage to individuals through a master, corporate, group
or individual policy. o
Flight
o Baggage
o Title
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
REGULATIONS EXAM QUESTIONS AND
ANSWERS 100% SOLVED
Insurance Commissioner - ✔✔• Appointment by Governor
• Member of NAIC
Insurance commissioner Duties - ✔✔responsible for overseeing the
Department of Insurance, which regulates insurance companies operating
in Indiana. works to promote improvements to insurance laws and the
enforcement of said laws in Indiana.[
Certificate of Authority - ✔✔Licensed companies receive a
_______________________________ to conduct the business of
insurance or operate as a health maintenance organization in the State of
Indiana.
Admitted company - ✔✔insurance company is one that is "admitted" by a
particular state to do business as an insurance company. insurance
company must conform to the regulations of a particular state's Department
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,of Insurance. In addition to meeting minimum regulations for admission,
admitted carriers must also file their rates with the state, which the state
must approve. One of the benefits of working with an admitted carrier is
that the state has the responsibility to pay an insurer's claims, up to state-
specified limits, in the event of the company's insolvency.
Non Admitted Insurance Company - ✔✔insurance company ithat doesn't
operate under an individual state's insurance laws. As a result, a non-
admitted insurance company doesn't enjoy the benefit of having its claims
resolved in the event of a bankruptcy.
Domestic Insurance Company - ✔✔insurer is one formed under the laws of
this state;
Foreign Insurance Company - ✔✔An insurer from any state other than
indiana
Alien Insurance company - ✔✔is one formed under the laws of any country
other than a state of the United States.
Frequency of Fiscal examinations - ✔✔
Waiving examinations for foreign and alien companies - ✔✔
Resident Producer - ✔✔Lives in the state in which business is conducted
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, non resident producer - ✔✔lives in a different state than where business is
conducted (No pre-licensing study course or examination is required. A
non-resident license will grant the same scope of authority as granted by
the producer's home state.)
temporary producer - ✔✔under certain circumstances IDOI may issue a
temporary insurance producer license for not more than 180 days if
deemed necessary for the servicing of an insurance business in the best
interests of the public.
Consultant - ✔✔are sales agents whose main job is to provide information
to people about various insurance plan options. They provide consultations,
discuss fees and set up insurance contracts with customers
Limited Lines producer - ✔✔"Limited line credit insurance producer" means
a person who sells, solicits or negotiates one or more forms of limited line
credit insurance coverage to individuals through a master, corporate, group
or individual policy. o
Flight
o Baggage
o Title
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
