Ohio Insurance Laws and Regulations Practice Exam

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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.