IBC 1-3

3. insurer that uses the direct writing system to market insurance (they do not depend on individual producers to locate consumers and sell insurance
5. insurance mainly protects a person or business against legal liability for losses caused by injury to other people or damage to the property of others
7. is Insurer’s right to recover its claim payment to an insured from the party responsible for the loss
9. premium paid may be more than amount paid by insurer and vice-versa.
10. Guaranty fund is a system to pay the claims of insolvent insurers in the state.
11. consists of several different documents, none of which by itself forms a complete contract. Commercial Package Policies (CPPs) are modular policies.

1. agreements is a statement that the Insurer will, under certain circumstances, make a payment or provide a service.
2. is a legally enforceable agreement, the losses are transferred through the contract.
4. Access to Insurance Requirements Plans or more commonly known as Fair Plans are state programs sometimes subsidized by private insurance companies
6. is an association that provides physical and procedural facilities to its members to write insurance
8. is the fundamental concept governing Insurance: compensation for loss or injury sustained
12. requires complete honesty and disclosure of all relevant facts from both parties