Surplus Lines Licensing Exam Prep-Questions with
100% Correct Answers| Verified|
Eligible surplus lines insurer - ✔a nonadmitted insurer with which a surplus lines
licensee may place surplus lines insurance under section 1604
export - ✔to place surplus lines insurance with either a nonadmitted insurer or an
eligible surplus lines insurer in accordance with their home state
home state - ✔come back
independently procured insurance - ✔any insurance directly procured by an insured
from a nonadmitted user
insurance producer - ✔a person that is licensed to sell solicit or negotiate contracts of
insurance with admitted insurers
kind of insurance - ✔one of the types of insurance required to be reported in the
annual statement which must be filed with the department by admitted insurers
nonadmitted insurer - ✔an insurer not authorized and not licensed to do an insurance
business in this Commonwealth. The term includes insurance exchanges as authorized
under the laws of various states. The term does not include a risk retention group.
person - ✔a natural person or business entity
, purchasing group - ✔an entity formed to purchase liability insurance under the Risk
Retention Amendments of 1986
risk retention group - ✔an insurer organized to do business under the Risk Retention
Amendments of 1986
State - ✔any state of the United States, the District of Columbia, the Commonwealth
of Puerto Rico, Guam, the Northern Marianas Islands, the Virgin Islands, and American
Samoa
surplus - ✔the term, as used in the financial requirements of section 1605, means
funds over and above liabilities and capital of the company for the protection of its
policyholders
surplus lines insurance - ✔a person licensed as a surplus lines producer under section
1615 to place surplus lines insurance with nonadmitted insurers eligible t accept such
insurance
type of insurance - ✔coverage afforded under the particular policy that is being placed
wet marine and transportation insurance - ✔1. insurance upon vessels, crafts or hulls
and of interests therein or with relation thereto
2. insurance of marine builder's risks, marine war risks, and contracts of marine
protection and indemnity insurance
3. insurance of freights and disbursements pertaining to a subject of insurance coming
within this definition
4. insurance of personal property and interest in the course of export/import, in the
coarse of transportation coast wise or on inland water (including land, water or air
travel)
100% Correct Answers| Verified|
Eligible surplus lines insurer - ✔a nonadmitted insurer with which a surplus lines
licensee may place surplus lines insurance under section 1604
export - ✔to place surplus lines insurance with either a nonadmitted insurer or an
eligible surplus lines insurer in accordance with their home state
home state - ✔come back
independently procured insurance - ✔any insurance directly procured by an insured
from a nonadmitted user
insurance producer - ✔a person that is licensed to sell solicit or negotiate contracts of
insurance with admitted insurers
kind of insurance - ✔one of the types of insurance required to be reported in the
annual statement which must be filed with the department by admitted insurers
nonadmitted insurer - ✔an insurer not authorized and not licensed to do an insurance
business in this Commonwealth. The term includes insurance exchanges as authorized
under the laws of various states. The term does not include a risk retention group.
person - ✔a natural person or business entity
, purchasing group - ✔an entity formed to purchase liability insurance under the Risk
Retention Amendments of 1986
risk retention group - ✔an insurer organized to do business under the Risk Retention
Amendments of 1986
State - ✔any state of the United States, the District of Columbia, the Commonwealth
of Puerto Rico, Guam, the Northern Marianas Islands, the Virgin Islands, and American
Samoa
surplus - ✔the term, as used in the financial requirements of section 1605, means
funds over and above liabilities and capital of the company for the protection of its
policyholders
surplus lines insurance - ✔a person licensed as a surplus lines producer under section
1615 to place surplus lines insurance with nonadmitted insurers eligible t accept such
insurance
type of insurance - ✔coverage afforded under the particular policy that is being placed
wet marine and transportation insurance - ✔1. insurance upon vessels, crafts or hulls
and of interests therein or with relation thereto
2. insurance of marine builder's risks, marine war risks, and contracts of marine
protection and indemnity insurance
3. insurance of freights and disbursements pertaining to a subject of insurance coming
within this definition
4. insurance of personal property and interest in the course of export/import, in the
coarse of transportation coast wise or on inland water (including land, water or air
travel)
