Ohio Insurance Laws and Regulations Practice Exam

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Prepare for the Ohio Insurance Laws and Regulations Exam. Dive into essential topics with detailed practice questions designed to enhance your knowledge and readiness. Ace your exam and ensure your success in the insurance field!

Practice this question and more.

What is required for an insurer to conduct business in a state?

Certificate of Incorporation
Business License
Certificate of Authority
Insurance Policy

The correct answer is: Certificate of Authority

A Certificate of Incorporation is a legal document that establishes a corporation as a legal entity, but it is not a requirement for conducting insurance business in a state. Similarly, a Business License is a permit issued by a government authority that allows a company to operate, but it is not specifically related to the insurance industry. An Insurance Policy is a contract between the insurer and the insured, and while it is necessary for conducting insurance business, it is not a requirement for an insurer to be authorized to do business in a state. A Certificate of Authority is the legal document issued by a state's insurance department that grants an insurer permission to conduct insurance business in that state. This is the correct answer because it is a requirement for an insurer to be legally authorized to do business in a state.