Insurers are required to submit annual financial statements to

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Insurers are required to submit annual financial statements to

A. State insurance departments.
B. The National Association of Insurance Commissioners (NAIC).
C. The Insurance Regulatory Information System (IRIS).
D. The state guaranty fund.

Answer: A. Insurers are required to submit annual financial statements to state insurance departments.

Insurance

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

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