
2007-2025 Form
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People also ask
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What is the term for an insurance company that is incorporated under the laws of another country?
Alien Insurer: An insurer formed under the laws of a country or jurisdiction other than the United States of America, its states, districts, territories, and commonwealths.
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What type of insurer is formed under the laws of a state other than Florida?
Foreign Insurer: An insurer formed under the laws of another state, district, territory or commonwealth of the United States.
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What is insurer in insurance law?
Definition: Insurer also called 'insurance company' is the entity that accepts the risk and promises to pay for the losses that arise within the policy term. The insurer commits to pay for loss in exchange of the premiums, paid regularly.
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Which of the following best describes an insurance company that has been formed under the laws of this state: a. admitted b. sovereign c. domestic d. local?
The correct answer is: A. Domestic Explanation: 1. A domestic insurance company is one that has been formed under the laws of a specific state within the United States.
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What is an example of an alien insurer?
One of the prime real-life examples of an alien insurer operating in the US is Lloyd's of London. This insurer comes to mind when US insurers think of an internationally domiciled insurance company. The 335-year-old specialty insurance market is based in London, UK. Lloyd's has a huge amount of business in the US.
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What is known as an insurer formed under the laws of this state?
Domestic Insurer A domestic insurer is an insurer that is licensed to operate in a specific state. The insurance company is admitted by and formed under the laws of that state in which insurance is written.
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