Indiana Property and Casualty Insurance Exam Complete Questions & Answers(RATED A)

National Association of Insurance Commissioners (NAIC) - ANSWER is an association of all of the state insurance commissioners active in insurance regulatory problems and in forming and recommending model legislation and requirements. The NAIC does not directly MAKE laws, as laws are made at the state level. They do work on suggesting standards for states to adopt with the goal of a standardizing the insurance industry throughout the United States of America. State Guaranty Association - ANSWER is established by each state to support insurers and protect consumers in the case of insurer insolvency, guaranty associations are funded by insurers through assessments. All authorized insurers are legally required to participate in the State Guaranty Association for any state they are authorized to do business in regardless of where their corporate office is. Consideration - ANSWER something of value exchanged for something else of value