Which of the following must an insurer obtain in order to transact insurance within a given state quizlet?

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Which of the following must the insurer obtain in order to transact insurance within a given state?
What must an insurer have to be admitted quizlet?
Which of the following individuals must have insurable interest in the insured?
Which of the following is not an essential element of an insurance contract quizlet?

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An insured has a special form dwelling policy written for $100,000 on a dwelling. The dwelling's replacement cost is $115,000. Fire causes $75,000 in damage to the dwelling, $15,000 damage to a separate garage, and kills 10 trees valued at $600 each. How much will the policy pay for the trees?
A$5,000
B$10,000
C$60,000
D$75,000

Answer: A. $5,000
In the broad and special form, Coverage B (Other Structures) is an additional amount of insurance, limited to 10% of Coverage A (in this example, $10,000). Trees, shrubs, and plants are covered, limited to not more the $500 for any one tree or plant, and not to exceed 5% of Coverage A in total (in this example, $5,000).

An insured has $5,000 of medical coverage on a personal auto policy at the time of a covered accident. The insured and two passengers are injured. Medical treatment costs $7,000 for the insured, $4,000 for the first passenger, and $8,000 for the third passenger. How much will the policy pay under medical payments coverage?
A. $5,000 maximum for the accident
B. $5,000 minus the policy deductible
C. $14,000
D. $15,000

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Which of the following must the insurer obtain in order to transact insurance within a given state?

Which of the following must an insurer obtain in order to transact insurance within a given state? All insurers (domestic, foreign, or alien) must obtain a Certificate of Authority before transacting insurance within a given state.

What must an insurer have to be admitted quizlet?

What must an insurer have to be admitted? Admitted, or authorized, insurers must have a certificate of authority to transact insurance in a particular state.

Which of the following individuals must have insurable interest in the insured?

In the case of a life insurance policy, the owner of the policy must always have an insurable interest in the life of the insured. Also, if the owner of the policy is not the beneficiary then the beneficiary named in the contract would also need an insurable interest in the insured person.

Which of the following is not an essential element of an insurance contract quizlet?

Which of the following is NOT an essential element of an insurance contract? In order for insurance contracts to be legally binding, they must have four essential elements: agreement (offer and acceptance), consideration, competent parties, and legal purpose. Counteroffer is not required.