A foreign insurance company doing business in Louisiana

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Study for the Louisiana Series 103 – Life, Health, and Accident or Sickness Insurance Exam. Familiarize yourself with key concepts through engaging questions and explanations. Prepare effectively for your exam!

Multiple Choice

A foreign insurance company doing business in Louisiana

Explanation:
In insurance terminology, the terms domestic, foreign, and alien describe where an insurer is formed. A domestic insurer is created under the laws of the state where it does business. A foreign insurer, by contrast, is formed under the laws of another state (or jurisdiction) but is authorized to transact business in Louisiana. An alien insurer would be formed under a country’s laws. So, a foreign insurance company doing business in Louisiana is one that was formed under the laws of another state, not Louisiana. The other statements describe a Louisiana-based (domestic) company or do not address the jurisdiction of formation, or describe ownership type rather than where it’s formed.

In insurance terminology, the terms domestic, foreign, and alien describe where an insurer is formed. A domestic insurer is created under the laws of the state where it does business. A foreign insurer, by contrast, is formed under the laws of another state (or jurisdiction) but is authorized to transact business in Louisiana. An alien insurer would be formed under a country’s laws.

So, a foreign insurance company doing business in Louisiana is one that was formed under the laws of another state, not Louisiana. The other statements describe a Louisiana-based (domestic) company or do not address the jurisdiction of formation, or describe ownership type rather than where it’s formed.

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