All States Also Have Guaranty Funds That Provide Partial or Complete

question 65

Multiple Choice

All states also have guaranty funds that provide partial or complete coverage in cases of insurance company failure from all insurers in the market.This ensures that the results of insolvencies are not borne solely by certain policyowners.Financing is provided on a postloss assessment basis (except for in New York) by:

• A)contributions from the federal government.
• B)contributions from the state government.
• C)involuntary contribution of the reinsurer insuring the insurer.
• D)voluntary contributions of the charity organizations located in the state.
• E)involuntary contributions from all insurance companies licensed in the state.

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Definitions:

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Authority's Social Power

The influence and control exerted by an individual or group in a position of authority, affecting the behavior or opinions of others within a social structure.

Online Groups

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