Indiana State Life and Health Insurance Practice Exam

Disable ads (and more) with a membership for a one time $4.99 payment

Prepare for the Indiana State Life and Health Insurance Exam. Study with comprehensive flashcards and multiple-choice questions, each featuring detailed hints and explanations. Achieve success and ace your exam!

Practice this question and more.

A domestic insurance company in Indiana must?

Own real estate in Indiana
Write insurance on risks located only in Indiana
Be incorporated and formed in Indiana
Honor the charter of the NAIC

The correct answer is: Be incorporated and formed in Indiana

A domestic insurance company in Indiana must be incorporated and formed in Indiana to be classified as a domestic entity. This means that the insurance company is created under the laws of the state of Indiana and is regulated by state laws and the Indiana Department of Insurance. Being domestically formed signifies that the company adheres to the specific regulations and requirements established by Indiana, such as financial stability guidelines, legal compliance, and operational standards. Owning real estate in Indiana, writing insurance only on risks located in Indiana, or adhering to the charter of the NAIC does not determine the status of a domestic insurer. While companies may operate under the jurisdiction of the NAIC, it is not a requirement for being classified as domestic in Indiana. Also, although many insurers provide coverage in various states, domestic status is not contingent on the geographical limits of their insurable risks.