Jim Would Like to Start a Business Raising Thoroughbred Racehorses

question 8

Multiple Choice

Jim would like to start a business raising thoroughbred racehorses.Obtaining insurance on the horses is a key concern,and he was dismayed to learn that none of the insurers authorized to operate in his state offer this specialty insurance.What is the name of the intermediary that Jim can use to place this coverage with an insurer not admitted to his state?

• A)alien insurer
• B)general agent
• C)surplus lines broker
• D)direct writer

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Definitions:

Liability

The state of being legally responsible for something, particularly for any losses or damages that may result.

Environmental Review Process

A systematic assessment conducted to determine the potential environmental impacts of proposed projects, policies, or legislation before they are allowed to proceed.

Federal Legislation

Laws enacted by the federal government or Congress that apply to the entire country and supersede state laws in areas of federal jurisdiction.

Fixtures

Items that are attached to the property in such a way that they become part of the real estate and are legally considered to be a part of the property.