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What are the requirements for the establishment of an insurance business?
Wiki User
∙ 12y ago
The answer to the question depends upon what aspect of the insurance business that you wish to enter, and what state in which you are located. However, in general, there are some common aspects:
1. An insurer is the entity that assumes the risk of loss of the people or businesses whom/which it insurers. Insurers are licensed by the states in which they conduct business. Every state has requirements as to the assets and financial stability that the insurer must demonstrate in order to conduct business. Among the variables include the kind of risks that the company will assume. An insurer will also have to demonstrate the honesty, integrity and experience of the people who will have ultimate managerial control of the company.
2. An insurance agent is a person who sells insurance on behalf of an insurer. He/she must be licensed by the state insurance department where business will be conducted. Licensure involves a background investigation as to honesty and integrity. It also involves testing as to knowledge about the kinds of insurance products that he/she will sell and concerning which advice will be given.
3. An insurance adjuster is a person who assesses claims made against an insurance policy. He/she also is licensed by the state insurance regulator. The licensing process also includes an investigation of honesty and integrity and knowledge of the subject matter of the kinds of insurance policies and claims that the person will adjust.
Wiki User
∙ 12y ago
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