Explain why the insurance industry is regulated.
Answer to relevant QuestionsIdentify the principal areas of insurance company operations that are regulated by the states.Briefly describe the major types of rating laws.One requirement for the formation of a valid insurance contract is that the contract must be for a legal purpose.a. Identify three factors, other than the legal purpose requirement, that are essential to the formation of a ...a. Explain the meaning of an insurable interest.b. Why is an insurable interest required in every insurance contract?Andrew owns a commercial office building that is insured under three property insurance contracts. He has $100,000 of insurance from Company A, $200,000 from Company B, and $200,000 from Company C.a. Assume that the pro rata ...
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