Which of the following insurance carriers are required to participate in Illinois Worker’s Compensation Assigned Risk Pool? All companies authorized to write insurance in Illinois Only the 10 companies that write the most worker’s Compensation policies in Illinois All companies licensed to write Worker’s Compensation All companies writing over $1000,000 in annual premiums

Which of the following insurance carriers are required to participate in Illinois Worker’s Compensation Assigned Risk Pool? All companies authorized to write insurance in Illinois Only the 10 companies that write the most worker’s Compensation policies in Illinois All companies licensed to write Worker’s Compensation All companies writing over $1000,000 in annual premiums

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter16: Information, Risk, And Insurance

Section: Chapter Questions

Problem 17RQ: How might adverse selection make it difficult for an insurance market to operate?

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Which best describes workers’ compensation insurance? It is federally mandated but administered by the states. It is not federally mandated but administered by the states. It is federally mandated and administered. It is optional.
Insurance companies are regulated under federal insurance laws. True False
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How does adverse selection impact the pricing and sustainability of insurance markets?
Which of he following sections of an insurance contract limits coverage? A.Waiver of Premium B.Conditions C.Exclusions D.Declarations
insurance is pure liability coverage over and above the coverage provided by other types of policies.
An employee who owns an individual Disability Income policy is injured in an automobile accident and files Proof of Loss with the insurance company. Under he Payment of Claims provision in the policy, the company will likely pay the policy benefits to the A.insured's employer b.insured's attending physician if the insured has assigned the benefits c.insured's beneficiary D.insured
Which of the following statements regarding a nonresident insurance producer is CORRECT? 1.The producer must hold a similar license in the state of residence. 2. Policies the producer writes in Illinois must be countersigned. 3.The producer must complete pre-licensing and continuing education courses in Illinois. 4.The producer must maintain a minimum surety bond of $10,000.
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