0
Are the rates regulated by the insurance commissioner for admitted insurance companies?
Wiki User
∙ 9y ago
Yea, all admitted insurance companies are to follow the guidelines of the insurance regular of the respective country. they can not raise the premia rates whimsically and any enhancement of rates are to be accepted and confirmed by them before their implementation.
Wiki User
∙ 9y ago
Wiki User
∙ 9y agoNo
Add your answer:
Earn +20 pts
What is an admitted insurance carrier?
The Insurance Companies have their admitted Ship Carriers who fulfills the various conditions specially sea worothiness of the vessel. In Marine policies, sometimes the Insurance Companies stipulates that claims will only be entertained only if the merchandise was carried in their approvied ship carrier company.
What is Nonadmitted insurance for business?
A non-admitted insurance company is not licenced in the state they reside in. Admitted is licenced and regulated by the state and files their rates with the state regulator. the non-admitted company has the freedom of rate and form, they can charge whatever they want and do not have to file their rates with the state. the non-admitted company is there to cover risks that admitted companies will not cover. these include professional liability, unique risks, high capacity risks. Ex. you have a large office building on the coast in a hurricane prone area. it is needed because if you cannot find coverage anywhere in the admitted(standard) market for your business you need to goto the nonadmitted market
If an insurance company is admitted does the state guarantee payment?
Virtually every state in the Union has what is called a guaranty association. There are usaually separate ones for life insurance companies and property/casualty companies. Guaranty funds provide for the payment of the claims, subject to some limitations, of insurance companies that have been licensed and admitted to do business in that state and are found to be insolvent. For more information you might go to the website of the National Association of Insurance Comissioners.
What is the term unadmitted insurance company mean?
Admitted insurance is an insurance company that has been approved by a state's insurance department. Admitted insurance varies by state.
What is surplus lines insurance?
Surplus Lines Insurance is insurance that is not written through the admitted market. The insurance companies that are approved to write Surplus Lines business are not considered "admitted" or "licensed" by the states. The insured is not covered by the state Guarantee fund which means that if a surplus lines insurer becomes insolvent; the insured has no recourse in the event of a claim.
Does the Department of Insurance have control over all insurance company's?
They do have control over all companies unless the company can prove they are governed by another state agency like department of social security. Also if a company is non-admitted. That means they don't meet all the requirements of the state. All the major companies (bankers, blue cross, gieco, state farm) are all admitted.
Is Geico Insurance Company an admitted Florida insurance carrier?
Yes
What will health insurance do?
Your health insurance will help you financially whenever you get admitted into hospital. It will take care of your all medical bills.
A nonadmitted insure who provides insurance coverages that are not available from an admitted insure is called?
A non admitted insurer is somettimes referred to as a surplus lines carrier.
What is an admitted insurer?
Admitted or standard insurers are regulated by the State while non-admitted (aka non-standard or Excess & Surplus Lines / E&S) insurers are not. Non-admitted therefore have a lot of freedom with rates and underwriting that the standard carriers don't have. Admitted insurers also participate in the State Guaranty Fund which pays claims when insurers become insolvent while non-admitted insurers do not. Those are the main differences.
Can people afford obamacare?
The idea about obamacare is to make health insurance more affordable and easily attainable for individuals not covered by any insurance companies or to make companies provide health insurance to employees to ensure no man, woman, or child avoids medical attention due to costs. So the answer is yes, people will be able to afford obamacare when it is instated. No. Many have found the "coverage" to be extraordinarily expenses, unlike we were told. Also, the architect of the Bill Jonathan Gruber admitted it was full of lies.
What are the companies mechanical engineeres can be admitted?
Mechanical Design Companies Engineering Design Companies Consumer product manufacturing Coampanies Industrial product manufacturing companies any design to manfucaturing comapnies can admit.
