Exams / Wyoming Property and Casualty Insurance License / Wyo. Stat. §26-1-102

Wyo. Stat. §26-1-102 — what it says, and how the exam tests it

This section is cited by 3 of our practice questions and is tested on the Wyoming Property and Casualty Insurance License.

The text

26-1-102. Definitions. (a) As used in this act: (i) "Adjuster" means any individual who either investigates and negotiates settlements relative to insurance claims or applies the factual circumstances of an insurance claim to the insurance policy provisions, or both, arising under property and casualty insurance contracts. An attorney-at-law who is licensed to practice law in this state, or a licensed agent or broker who adjusts or assists in adjustment of losses arising under policies issued through that broker or by the insurer represented by that agent, is not an adjuster for the purposes of chapter 9 of this code; (ii) "Agent" means any individual, firm or corporation appointed by an insurer to solicit applications for insurance or annuities or to negotiate insurance or annuities on its behalf; (iii) "Alien" insurer means an insurer formed under the laws of any country other than the United States of America or any of its states; (iv) "Annuity" means a contract under which obligations are assumed with respect to periodic payments where the making or continuance of all or some of the payments, or the amount of the payments, is dependent upon the continuance of human life, and a contract which includes extra benefits of the kinds set forth in W.S. 26-5-102 and 26-5-103 is an annuity if the extra benefits constitute a subsidiary or incidental part of the entire contract; (v) "Authorized" insurer means an insurer authorized by a subsisting certificate of authority issued by the commissioner to transact insurance in this state; (vi) "Broker", except as used in chapter 11 of this code, means a resident individual, firm or corporation organized under the laws of the state of Wyoming who, not being an agent of the insurer, as an independent contractor and on behalf of the insured, for compensation or fee solicits, negotiates or procures insurance or the renewal or continuance thereof for insureds or prospective insureds, other than himself; (vii) "Charter" means articles of incorporation, agreement or association, charter granted by legislative act, or other basic constituent document of a corporation or the power of attorney of the attorney-in-fact of a reciprocal insurer; (viii) "Commissioner" means the insurance commissioner of this state; (ix) "Department" means the department of insurance of this state, unless the context otherwise requires; (x) "Domestic"…

Public record. Read the full, current section at the official source: wyoleg.gov

How it comes up on the exam

Practice questions written from this section — answers and explanations are in the drill.

  1. Under Wyoming law, what type of insurer is defined as one formed under the laws of Wyoming?
    drill Wyoming Statutes and Rules Common to Property and Casualty Insurance →
  2. A licensed attorney in Wyoming adjusts losses arising under policies issued by an insurer. Under Wyoming statute, how is this attorney classified for purposes of chapter 9 of the insurance code?
    drill Wyoming Statutes and Rules Common to Property and Casualty Insurance →
  3. Under Wyoming law, which of the following best defines an "adjuster"?
    drill Wyoming Statutes and Rules Common to Property and Casualty Insurance →

Exams that test this section