insurance law supplement (Idaho) SOLVED

authorized insurer correct answers also known as admitted insurer certificate of authority is issued to an authorized insurer this allows insurer to transact specific kinds of insurance business within the state of Idaho. stock insurer correct answers An insurer that is owned by its stockholders and formed as a corporation for the purpose of earning a profit for the stockholders. mutual insurer correct answers An incorporated insurer without capitol stock. reciprocal Insurer correct answers -unincorporated -members are assessed the amount they have to pay if a loss to any member of the group occurs -run by an attorney-in-fact transacting insurance correct answers The transaction of any of the following, in addition to other acts included under applicable provisions of the state code: solicitation or inducement, preliminary negotiations, affecting a con- tract of insurance, and transacting matters subsequent to effecting a contract of insurance and arising out of it. limited lines insurance correct answers restricts the authority of the license to less than the total authority associated with the major lines Insurance agent correct answers represents the insurance company and sells insurance policies to individuals and businesses insurance broker correct answers independent contractor who is not employed by any one insurance company insurance producer correct answers A person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance limited lines producer correct answers A person authorized by the Commissioner to sell, solicit, or negotiate limited lines insurance. insurance adjuster correct answers People who determine the value of property that was damaged or destroyed GLBA correct answers Gramm-Leach-Bliley Act director of insurance is appointing by correct answers governor for a 4 year term Continuing education correct answers resident producers are required to earn 24 hours of CE every two years certificate of authority correct answers illegal to transact insurance business in Idaho w/o one.