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LIC-050 Surplus Line and or Special

LIC-050 Surplus Line and or Special 2025

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The document is a form from the California Department of Insurance for endorsing individuals to exercise agency or brokerage powers on behalf of a business entity. It outlines the necessary information required for endorsement, including types of endorsements, fees, and submission instructions. The form also emphasizes the mandatory disclosure of the endorsee's social security number for processing purposes.

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Versions	Form popularity	Fillable & printable
2023	4.8 Satisfied (27 Votes)
2021	4.7 Satisfied (101 Votes)
2015	4.1 Satisfied (61 Votes)

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Why would a customer purchase surplus lines insurance?

Some people buy surplus lines policies if they cant get homeowners insurance from a standard company. Others buy it to cover very costly items, like an expensive art or classic car collection). [9] Under the NRRA, surplus lines taxes are no longer allocated between states when a policy covers a multi-state risk.

What is surplus lines insurance coverage?

Surplus lines insurance protects against a financial risk that a regular insurance company will not take on. Surplus lines insurance policies are available in a variety of types for both individuals and businesses. Surplus lines insurance is generally more expensive than regular insurance because the risks are higher.

Why would someone place their insurance with a surplus lines broker?

A surplus lines broker specializes in helping consumers find surplus lines insurance coverage in the non-admitted market. Individuals and businesses looking for surplus lines insurance often need coverage for a unique risk that would not be accepted by a typical insurance agency in the admitted market.

How to explain surplus line tax?

Surplus lines tax is a type of tax that is imposed on insurance policies that are not covered by the states admitted insurance market. This means that the insurance policy is not regulated by the states insurance department and is instead placed with a non-admitted insurance company.

What is the California surplus line tax and stamping fee?

Surplus lines tax/Stamping Fee: 3.0% payable by broker to the CDI; stamping fee of 0.18% (effective Jan. 1, 2023), payable by broker to The Surplus Line Association of California (SLA).

Under which circumstance would you need surplus lines coverage?

A surplus lines company is a type of insurer that provides coverage for risks that are unavailable through standard, licensed carriers. These non-admitted companies provide tailored solutions for unusual or high-risk needs, such as: For Individuals/Families: Golf carts/unique recreational Vehicles.

Why would a customer purchase surplus line insurance?

Individuals and businesses buy surplus lines insurance to protect themselves against financial risks that are too large or too rare for a regular insurance company to be willing to take on.

LIC-050 Surplus Line and or Special 2025

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Why would a customer purchase surplus lines insurance?

What is surplus lines insurance coverage?

Why would someone place their insurance with a surplus lines broker?

How to explain surplus line tax?

What is the California surplus line tax and stamping fee?

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People also ask

Under which circumstance would you need surplus lines coverage?

Why would a customer purchase surplus line insurance?

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LIC-050 Surplus Line and or Special 2025

Here's how it works

The best way to modify LIC-050 Surplus Line and or Special in PDF format online

See more LIC-050 Surplus Line and or Special versions

Complete this form in 5 minutes or less

Got questions?

Why would a customer purchase surplus lines insurance?

What is surplus lines insurance coverage?

Why would someone place their insurance with a surplus lines broker?

How to explain surplus line tax?

What is the California surplus line tax and stamping fee?

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People also ask

Under which circumstance would you need surplus lines coverage?

Why would a customer purchase surplus line insurance?

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