45. In the United States, property and liability insurance is distributed by three types of systems. These systems include all of the following EXCEPT a. the exclusive agency system ob. pyramid schemes. oc. the direct writer system. d. the independent agency system 46. Which of the following organizations is NOT a widely recognized provider of standardized policy forms? a. National Council on Compensation Insurance (NCCI) ob. Insurance Policy Forms Association (IPFA) oc. Insurance Services Office, Inc. (ISO) Od. American Association of Insurance Services (AAIS) 47. Rock Steady Commercial Insurers uses standard insurance policy forms in all states instead of drafting and filing its own forms. Their new CEO has substantial financial services experience but not in the insurance industry. He asks Rock Steady's vice president of underwriting why they don't develop their own forms instead of paying fees to others to do it. The vice president tells him that standard forms have many benefits for agents, insurers, and insurance buyers. The benefits include all of the following EXCEPT: O a. The forms make it easier to determine the application of coverage to loss events because most standard forms have been interpreted by the courts. ob. With many insurers using the same forms, their loss data can be shared for ratemaking purposes. OC. The forms remove the need for agents and buyers to compare numerous insurers' policy forms word for word to determine which provides the most favorable coverage. od. They increase competition in the insurance industry by turning insurance into a commodity. 48. Hanson Construction, a new general contractor, needs to buy workers' compensation insurance. Its insurer will use a standard workers' compensation policy developed by O a. National Council on Compensation Insurance. ob. Surety Association of America. oc. Insurance Services Office, Inc. Od. American Association of Insurance Services. 49. All of the following are components of an insurance policy EXCEPT o a declarations. ob.conditions OC. definitions. od supplements