III IC-45 Practice Questions - III IC-45 General Insurance Underwriting Exam

What is the primary function of a 'File and Use' guideline set by the insurance regulator?

To require insurers to file product details with the regulator before marketing, then use them under prescribed timelines or deemed-approval rules To enforce standard pricing for all general insurance products To allow insurers to launch products immediately after filing without waiting for approval To require agents to file a report before selling a policy

Correct Answer:

To require insurers to file product details with the regulator before marketing, then use them under prescribed timelines or deemed-approval rules

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