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1、1Copyright 2011 Pearson Education, Inc.Principles of Risk Management and Insurance, 11e (Rejda)Chapter 8 Government Regulation of Insurance1) Reasons for regulation of insurance include which of the following?I. Maintaining insurer solvency.II. Ensuring reasonable rates.A) I onlyB) II onlyC) both I
2、and IID) neither I nor IIAnswer: CQuestion Status: Previous Edition2) The right of the states to regulate the business of insurance was first established byA) the South-Eastern Underwriters Association case.B) Paul v. Virginia.C) the Financial Modernization Act. D) the Sherman Act.Answer: BQuestion
3、Status: Previous Edition3) The basis for current state regulation of insurance isA) the McCarran-Ferguson Act.B) Paul v. Virginia.C) the South-Eastern Underwriters Association case.D) the National Association of Insurance Commissioners.Answer: AQuestion Status: Previous Edition4) All of the followin
4、g statements about the methods of regulating insurance are true EXCEPTA) All states have insurance laws that regulate the operations of insurers.B) Insurers are totally exempt from regulation by federal agencies and laws.C) The courts regulate insurance in many ways, including the interpretation of
5、policy clauses and provisions.D) State insurance commissioners, through administrative rulings, have considerable power over insurers doing business in their states.Answer: BQuestion Status: Previous Edition2Copyright 2011 Pearson Education, Inc.5) Which of the following statements about the licensi
6、ng of insurance companies is (are) true?I. A new capital stock insurer must meet minimum capital and surplus requirements, which vary by state and line of insurance.II. The licensing requirements for insurance companies are less stringent than those imposed on most other types of firms.A) I onlyB) I
7、I onlyC) both I and IID) neither I nor IIAnswer: AQuestion Status: Previous Edition6) An insurance company incorporated in another state has been licensed to operate in your state. In your state, the insurer would be considered a(n)A) nonadmitted insurer.B) foreign insurer.C) alien insurer.D) recipr
8、ocal insurer.Answer: BQuestion Status: Previous Edition7) An insurance company chartered in another country has been licensed to operate in your state. In your state, the insurer would be considered a(n)A) nonadmitted insurer.B) foreign insurer.C) alien insurer.D) reciprocal insurer.Answer: CQuestio
9、n Status: Previous Edition8) Which of the following is considered a nonadmitted asset for an insurer?A) cashB) preferred stocksC) real estateD) office furnitureAnswer: DQuestion Status: Previous Edition9) The policyholders surplus of an insurer is defined as the difference between itsA) assets and i
10、ts liabilities.B) premium income and its expenses.C) reserves and its liabilities.D) assets and its nonadmitted assets.Answer: AQuestion Status: Previous Edition3Copyright 2011 Pearson Education, Inc.10) Which of the following statements about the use of risk-based capital requirements is (are) true
11、?I. Insurers must have a certain amount of capital depending on the riskiness of their investments and insurance operations.II. Insurers may be required to take certain actions depending on how much capital they have relative to their risk-based capital requirements.A) I onlyB) II onlyC) both I and
12、IID) neither I nor IIAnswer: CQuestion Status: Previous Edition11) Which of the following statements about the regulation of insurance company investments is (are) true?I. The purpose of regulating insurance company investments is to prevent insurers from making unsound investments which could threa
13、ten their solvency.II. Life insurers can invest an unlimited amount of their assets in common stocks.A) I onlyB) II onlyC) both I and IID) neither I nor IIAnswer: AQuestion Status: Previous Edition12) Which of the following statements about the regulation of life insurance companies is (are) true?I.
14、 The percentage of assets a life insurance company may invest in a specific type of asset (e.g., stocks or bonds) is generally limited by law.II. The purpose of limiting the accumulation of surplus is to prevent an insurer from increasing its surplus at the expense of policyowner dividends.A) I only
15、B) II onlyC) both I and IID) neither I nor IIAnswer: CQuestion Status: Previous Edition13) Which of the following statements about state insurance guaranty funds is (are) true?I. They limit the amount that policyowners can collect if an insurer becomes insolvent.II. They are usually funded by genera
16、l revenues of the states.A) I onlyB) II onlyC) both I and IID) neither I nor IIAnswer: AQuestion Status: Previous Edition4Copyright 2011 Pearson Education, Inc.14) Under one type of rate regulation, insurers are not required to file their rates with the state insurance department. However, insurers may be required to furnish rate schedules and supporting data to state officials. A fundamental assumption underlying this type of rating law is tha
